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.
Table of Contents
- PhonePe App
- How to Make Payments Through the PhonePe App
- How to Remove Your Bank Account Details from PhonePe
- How to Delete PhonePe Account from Your Mobile Phone
- How to Make PhonePe UPI Payments
- PhonePe KYC Process
- How can you Buy 24K Gold on PhonePe
- How to View Your Gold Balance on PhonePe
- How to Sell Gold on PhonePe
- How to Deliver Gold to Your Doorstep Via PhonePe
- PhonePe Business
- Process to Create a PhonePe Merchant Account
- Investment Solution at PhonePe
- Why Choose Super Funds on PhonePe?
- Coronavirus Insurance Policy at PhonePe
- Savings Product at PhonePe
- All-In-One Travel Insurance on PhonePe
- Get International Travel Insurance at PhonePe
- Benefits of Phonepe
- Features of PhonePe
- PhonePe Customer Care Number
- How does PhonePe Work
- How to Download PhonePe
- How to Register and Set Up PhonePe on Your Mobile
- How to Add Bank Account to PhonePe
- How to Transfer Money through PhonePe
- How to Collect Money through PhonePe
- FAQ's of PhonePe
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.
How to Make Payments Through the PhonePe App
You can carry out transactions in the PhonPe app by following any of these methods:
- UPI Debit Card
- UPI Credit Card
- Via linked Bank account
- Using PhonePe Wallet
How to Remove Your Bank Account Details from PhonePe
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.
How to Delete PhonePe Account from Your Mobile Phone
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
How to Make PhonePe UPI Payments
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.
PhonePe KYC Process
It is mandatory to complete the Know Your Customer, or KYC, process if you want to use PhonePe for all your financial transactions. This can easily be done online using your smartphone and the PhonePe mobile application. There are no charges for this and it is completely free.
Steps to Complete Your PhonePe KYC:
Here are the steps you need to follow to successfully complete your PhonePe KYC process:
Step 1: Open the PhonePe mobile application on your smartphone
Step 2: Using your login credentials, log into your PhonePe account
Step 3: On the bottom of the app interface, tap on the tab called "My Money"
Step 4: Under the menu for Wallets/Gift Vouchers, tap on "PhonePe Wallet"
Step 5: Tap on ''Continue'' on the ''Complete Your KYC'' pop-up
Step 6: Click on "Provide Basic Details"
Step 7: A list of documents you can choose as verification option will be displayed under the drop-down menu- select one of them
Step 8: Enter the required details for confirmation
Step 9: Once complete, "Basic Details Updated Successfully" will be displayed on the screen.
You will get a notification on your registered mobile number that confirms that KYC has been successfully completed for your PhonePe account.
How can you Buy 24K Gold on PhonePe
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
How to View Your Gold Balance on PhonePe
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
How to Sell Gold on PhonePe
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
How to Deliver Gold to Your Doorstep Via PhonePe
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.
Process to Create a PhonePe Merchant Account
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
Investment Solution at PhonePe
- The PhonePe Super Fund helps you choose the best fund from multiple Mutual Fund Companies. You can choose from Moderate Fund, Aggressive Fund and Conservative Fund. A professional fund manager will track your portfolios and will make adjustments in your allocations based on the market conditions.
Why Choose Super Funds on PhonePe?
- The Super Fund will easily classify and help you invest in top funds.
- This will help you have flexibility between Moderate, Aggressive, and Conservative funds.
- You only need to concentrate on the best fund and then, the professional fund managers, will track the investment and adjustments as and when the market conditions change.
Coronavirus Insurance Policy at PhonePe
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:
- You do not need health screening before buying the policy via PhonePe
- This covers 30 days of pre-hospitalisation and also post-hospital costs
- The PhonePe policy can be bought at anytime and anywhere
- The documents for the policy will be issued immediately
Savings Product at PhonePe
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.
All-In-One Travel Insurance on PhonePe
The ‘all-in-one travel policy' will cover the costs which come from travel accidents.
- Fraud at home, up to Rs 1,00,000 while travelling
- Trip cancellations cover up to Rs. 20,000
- Cover up to Rs.10,000 lost checked-in baggage
- Cover up to Rs.10,000 for missed connecting flights
- Cover up to Rs. 1,50,000 for accidental hospitalization expenses Cover up to Rs. 10,000 for OPD expenses
Get International Travel Insurance at PhonePe
You can now avail international travel insurance from PhonePe, making it the first digital payment channel in India to provide this. PhonePe has entered into a partnership with Bajaj Allianz General Insurance, which is one of India’s leading general insurance companies, for the same. You can buy travel insurance on the app whether you are a business traveller or a tourist. You can also save your travel insurance policy certificate along with other details on PhonePe which will facilitate easier renewal of payment in future.
Benefits of Phonepe
- Safe to use
- Available in many local Indian languages such as Hindi, Kannada, Tamil, Malayalam, Assamese, Gujarati, etc
- Available round the clock
- Immediate money transfer
- Instant discounts and cashbacks on transactions
- No hassle of remembering bank account details such as IFSC code
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.
Features of PhonePe
- Recharge and pay bills: Just like other mobile wallet apps in the market, it is possible to pay utility bills and recharge your mobile number through PhoenPe. It is very easy to recharge your phone using this app. To do so, go to the ‘Recharge’ tab, enter the amount, choose the bank account and pay for the same at the click of a button.
- Split a bill with a friend with PhonePe: Going for dinner, the movies, or a trip and wondering how to split the bill? This feature is available on PhoenPe. To split a bill, go to the ‘Split a bill’ option. This is a very easy and convenient option to split expenses when you go out as a group.
- Send, transfer funds using QR code: One of the other features of the PhonePe app is the option to send and receive money using a QR code option. You can simply scan the QR code using the camera of your smartphone.
- Single app for UPI: The main advantage of the app is that it is one stop solution for all UPI transactions. This means that you can have a bank account with any bank and still use the PhonePe app to link multiple bank accounts in the same app. This eliminates the need to install multiple apps.
Some Points to Remember
- As a precautionary measure and for safety reasons, please do not share the UPI pin with anyone at any point of time
- It is also possible to top up your PhonePe wallet, for which users are eligible to get top ups
- However, please note that wallet balances have an expiry date unlike bank balances!
PhonePe Customer Care Number
- In case, you need any assistance regarding PhonePe, you can call on080 – 68727374 or 022 – 68727374
- To escalate any existing complaints, you can send them a message to support.phonepe.com
- You can also direct your complaint to the regulatory authority by sending a message at support.phonepe.com
How does PhonePe Work
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:
- Shop online on a list of e-commerce platforms and pay through UPI
- Pay utility bills
- Send and receive money from your phone contact list using UPI
- Recharge mobile and DTH connections
- Check bank account balance
- Register beneficiary
- Handle more than one bank account
- Become eligible for cashbacks
- Split bills
How to Download 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.
How to Register and Set Up PhonePe on Your Mobile
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
How to Add Bank Account to PhonePe on Your Mobile
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.
How to Transfer Money through PhonePe
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
How to Collect Money through PhonePe
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
Check IFSC Code for Top Banks:
|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|
FAQ's of PhonePe
What is a VPA?
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.
Is IFSC code required for sending money?
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.
What are the various payment options in PhonePe?
Ans: There are two payment options in PhonePe: Bank Account and PhonePe wallet
In case a customer's bank account is not live with UPI can he/she transact?
Ans: Transactions cannot be made in the PhonePe app unless the user adds his/her bank account in the app.
What is the transaction limit in PhonePe?
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
Are there any transaction charges for PhonePe users?
Ans: No. At present there are no charges levied.
Is it possible to link multiple bank accounts in PhonePe?
Ans: Yes. This can be done by going to the main menu, bank accounts and clicking on ‘add new bank account’.
Can I split a bill using PhonePe? If yes, how?
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:
- Click on the ‘Split a bill’ option
- Key in the VPA
- Key in the amount to be payed
- Verify details and confirm the transactions
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.
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