PhonePe is a mobile payment platform using which you can transfer money using UPI, recharge phone numbers, pay utility bills, etc. PhonePe works on the Unified Payment Interface (UPI) system and all you need is to feed in your bank account details and create a UPI ID. There is no need to recharge the wallet, because the money will be directly debited from your bank account at the click of a button in a safe and secure manner.
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The best thing about UPI is that it is a 24/7 service and can be used even on bank holidays and weekends. The app can be downloaded on both Android and Apple phones.
This is a safe and secure application that will help cater to all your banking needs under one roof in a convenient manner. Thee will be no need to go through the cumbersome process of registering a beneficiary, entering bank account details such as account number or IFSC code . All that is required is a Virtual Payment Address (VPA), using which money can be sent at anytime and from anywhere.
PhonePe Private Limited is a leading e-commerce payment platform in India. The digital wallet company was founded in December 2015. This platform offers services in over 11 Indian regional languages. As a user, you can use the app and book cabs, book hotel services, order food online, pay for your Redbus tickets, and also pay for your flight tickets.
You can carry out transactions in the PhonPe app by following any of these methods:
Step 1: Open the PhonePe app
Step 2: Click on ‘Account Section’
Step 3: Select ‘Bank accounts’
Step 4: You will be able to see all of your bank accounts. Select the account you want to delete.
Step 5: You will see a pop-up message. Click on the message to unlink
Step 6: The bank account which you have selected will be removed from the app.
Step 1: Open the PhonePe app
Step 2: Click on ‘My Account’
Step 3: Select ‘Help’
Step 4: Choose the topics and tap on ‘PhonePe account’
Step 5: Choose the account, and click on ‘deleting an account’
Step 6: Select ‘contact us’
Step 7: Key in the details that you want to delete
Step 8: The support team from PhonePe will confirm the reason for deleting the account
Step 9: After the verification is complete, your account will be deactivated within 2 to 3 days
Step 1: Open the PhonePe app. Click on 'My Money' and tap on 'UPI Bank Accounts'
Step 2: Select 'Add New Bank Account' and choose your bank
Step 3: Choose the mobile number which you have registered with the bank
Step 4: After the bank account has been verified, you will see all details of your bank account
Step 5: Click on 'Set BHIM UPI PIN'. Key in the last 6-digits of your card and also the expiry date.
Step 6: After your card has been verified, you will receive an OTP on your mobile number. Type in the OTP and PIN of your card
Step 7: Generate a new UPI PIN. Your bank account will become linked to the BHIM UPI ID.
Step 1: Open the app. Log into your account
Step 2: Click on ‘My Money’
Step 3: Click on ‘PhonePe Wallet’
Step 4: You will see ‘Complete your KYC’. Click on ‘Continue’
Step 5: Select ‘PROVIDE BASIC DETAILS’
Step6: Choose the document that you want to verify. Key in your details.
Step 7: After you enter the details, you will see ‘Basic Details Updated Successfully’
Step 8: You will get a message of confirmation on your mobile number
Step 1: Open the app and click on ‘My Money’ and tap on ‘Gold’
Step 2: Choose a gold provider from MMTC-PAMP or SafeGold
Step 3: Key in the amount of gold you want
Step 4: Select ‘PROCEED TO PAYMENT’ and choose your payment option.
Step 5: After your transaction is successful, you will get a confirmation message
Step 1: Open the app
Step 2: Click on ‘My Money’ and choose ‘Gold’
Step 3: Select the provider
Step 4: You will be able to see the selling value and also the weight of the gold you have purchased
Step 1: Open the PhonePe app and choose ‘My Money’
Step 2: Choose ‘Wealth Management’ and select ‘Gold’
Step 3: Choose the gold provider
Step 4: Confirm the amount and also the weight of gold that you want to sell
Step 5: The amount will be credited to your account
Step 1: Open app and select ‘My Money’.
Step 2: Choose ‘Wealth Management’ and click on ‘Gold’
Step 3: Choose your gold provider and select ‘Deliver’
Step 4: Select the gold coin you want
PhonePe for Business allows payments across over 70 BHIM UPI apps. As a BHIM UPI App user, you can trigger a merchant payment by using the "PhonePe for Business - Accept all digital payments". The merchant account for PhonePe is stable and convenient.
Step 1: First, install the PhonePe Business app
Step 2: Tap on ‘Sign up’ and key in your name and mobile number. Click on 'Get OTP’
Step3: Type in the OTP on and your address. Click on ‘Save’
Step 4: Type in your business name and the category. Select ‘Submit’
Step 5: Choose your bank account for accepting payments
Step 6: A message will be generated from your mobile's message application
Step 7: Once you submit the message, the bank's details will be updated to your PhonePe Merchant account
Step 8: You will receive a PhonePe Merchant QR code
The ‘Corona Care’ is an affordable coverage program which has been launched by PhonePe. The insurance package gives you financial assistance in case you might need treatment for Coronavirus. The insurance plan at Rs.199. This comes with a cover of Rs.50,000 and it is now available at any hospital which provides Coronavirus treatment.
Benefits of the insurance:
The 'Liquid Fund' tool was released on the PhonePe app and it comes with simplicity and accessibility just a Savings Account. Within a few minutes, you can invest by making a deposit of Rs.500 every month.
The ‘all-in-one travel policy' will cover the costs which come from travel accidents.
PhonePe has also launched international travel insurance in partnership with Bajaj Allianz General Insurance. PhonePe has now become the first digital payment platform in India to introduce an overseas travel insurance.
As per new rules it is mandatory to complete the KYC verification process to continue using all services offered by digital payment applications such as this. Each user will have a unique password and no transaction can be authenticated without providing the valid passport. Apart from sending money, users will also be able to generate a ‘Collect’ request through this application. Remember it is required to keep in mind that you should not share your UPI pin with anyone at any point of time to be safe. UPI is a type of payment system that is coined by NPCI in an effort to drive digital growth as far as payments are concerned.
Some Points to Remember
This mobile application works on the UPI system that has been developed by the National Payments Corporation of India (NCPI). The service as of now is powered in collaboration with Yes Bank. When a user downloads PhonePe, he/she will have to key their registered mobile number to register. Once this is done, all information necessary for a transaction becomes live and a user will have a UPI ID, through which all transactions can be carried out. The money will get deducted per transaction through the UPI interface. This app allows users to transact up to Rs.1 lakh in one go.
Here is a list of what you can do with PhonePe:
The app can be downloaded from Google Play Store. The app can be downloaded on all Android platforms. The app is also available on iOS platforms.
Step 1: Download the app and launch it
Step 2: Follow the initial instructions to allow SMS-based mobile verification. Click on ‘Let’s Get Started’
Step 3: Key in details such as name, email id and choose a 4-digit password
Step 4: Go on to choose a VPA by clicking on ‘Create New VPA’
Step 5: Proceed to choose the bank, after which the app will auto detect bank account details
Step 1: Open the PhonePe app
Step 2: Go to the menu and the Bank Account tab. Click on ‘Add New Bank’.
Step 3: Choose the bank account from which money needs to be debited from the available bank list
Step 4: PhonePe will auto detect account details immediately and link the account with the app
Step 5: The next step is to set up the UPI pin. To do this click on the ‘set UPI pin’ option
Step 6: Key in the last 6 digits of the ATM/debit card pin and choose the expiry date. Use OPT and set up UPI pin.
Step 1: Open the PhonePe app
Step 2: Go to the ‘Send’ option on the main screen
Step 3: Key in the VPA of payee
Step 4: Enter the transaction amount
Step 5: Select the bank account from which you want the money to be debited
Step 6: Verify details and send
Step 1: Log on to the app
Step 2: Navigate to the home screen and click on the ‘Request’ option
Step 3: Enter the VPA of the person from whom you want to request money.
Step 4: Enter the transaction amount and also enter the deadline within which the request has to be cleared
Step 5: Click on the request option after verifying details
| State Bank of India IFSC Code | HDFC Bank IFSC Code | Indian Bank IFSC Code |
| Axis bank IFSC Code | Canara bank IFSC Code | ICICI Bank IFSC Code |
Ans: VPA or Virtual Payment Address is like an email id or type of identification that is used to specifically initiate both collect and send requests in the UPI platform. A VPA is a unique id that a user can choose during the registration process.
Ans: No. There is no need for any bank details to send or receive money. The only piece of information that is required is the VPA.
Ans: There are two payment options in PhonePe: Bank Account and PhonePe wallet
Ans: Transactions cannot be made in the PhonePe app unless the user adds his/her bank account in the app.
Ans: The upper limit for PhonePe wallet transactions is Rs.10,000 on a monthly basis. The cap for bank account transactions is Rs.1 lakh per transaction
Ans: No. At present there are no charges levied.
Ans: Yes. This can be done by going to the main menu, bank accounts and clicking on ‘add new bank account’.
Ans: When you go out with friends and you want a split a bill, PhonePe can be used to split the bill easily. The following is the procedure:
Ans: In such a case, the funds will be credited back into the account of the payee. If the funds are not credited back within 48 hours, please contact the customer care.
Ans: Yes. One cannot use PhonePe without having an active and valid bank account.
| NEFT | RTGS | UPI |
| IMPS | BHIM | AEPS |
| NEFT Timing | Digital Wallet | Mobile Wallet |
| SBI UPI | Demand Draft |
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.