PhonePe - India's Payment App

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. 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.

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.

phonepe

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

Benefits of Phonepe

  • Safe to use
  • User-friendly
  • 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

  1. As a precautionary measure and for safety reasons, please do not share the UPI pin with anyone at any point of time
  2. It is also possible to top up your PhonePe wallet, for which users are eligible to get top ups
  3. However, please note that wallet balances have an expiry date unlike bank balances!

FAQ's of PhonePe

  1. What is a VPA?
  2. 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.

  3. Is IFSC code required for sending money?

  4. 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.

  5. What are the various payment options in PhonePe?

  6. There are two payment options in PhonePe: Bank Account and PhonePe wallet

  7. In case a customer's bank account is not live with UPI can he/she transact ?

  8. Transactions cannot be made in the PhonePe app unless the user adds his/her bank account in the app.

  9. What is the transaction limit in PhonePe?

  10. 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

  11. Are there any transaction charges for PhonePe users?

  12. No. At present there are no charges levied.

  13. Is it possible to link multiple bank accounts in PhonePe?

  14. Yes. This can be done by going to the main menu, bank accounts and clicking on ‘add new bank account’.

  15. Can I split a bill using PhonePe? If yes, how?

  16. 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
  17. What if funds are debited from my account but due to some error it does not reach the payee?

  18. 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.

  19. Is it necessary to have a bank account to use PhonePe?

  20. Yes. One cannot use PhonePe without having an active and valid bank account.

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News About PhonePe

  • PhonePe Bags Majority Share in UPI

    The well-known Bengaluru-based mobile payment application company PhonePe has managed to become one of the largest players in the Unified Payments Interface (UPI) market. According to reports, the payments app has bagged as much as 40% of the market share.

    As per information obtained from the National Payments Corporation of India (NPCI) the total number of transactions made through the UPI system was reported to be Rs.236 million for the month-ended July, 2018. In this, the number of transactions made using the PhonePe app during the same period added up to Rs.94 million. With this, it has now beaten competitors such as Google Tez and Paytm, as per reports.

    Speaking on these lines, the CEO and co-founder of the payment app Sameer Nigam said that the wait now if or the new and improved version - UPI 2.0. Talks are also on expanding the reach of UPI for allowing ‘international remittances’. Using UPI, a user will be able to initiate fund transfers without the need of giving the beneficiary/payee account number or IFSC code. One can use a virtual payment address, also referred to as a VPA. In June, the app went on to hit the 100 millionth mark.

    24 August 2018

  • PhonePe Reaches Highest Position for UPI Transactions

    The popular digital and app-based payment system PhonePe has become a leader in the market as far as the number of Unified Payment Interface (UPI) transactions are considered. With this other rivals in the market have been pushed out. These players include Paytm, Google Tez, etc.

    As per reports obtained, Paytm had managed to get around 40% of all the UPI transactions in the payment network. This added up to around 94 million for July, 2018. With this, the company has successfully crossed the 100 million mark as far as monthly transactions are concerned.

    Even as PhonePe allows UPI-based payments, there are also a number of other types of digital payments that can be made through this platform. PhonePe has seen immense transaction volume growth in the last couple of months.

    According to the National Payments Corporation of India (NCPI), the total UPI transaction volume in July stood at a whopping 235.65 million as opposed to June’s 246.37 million. The decrease in June has been attributed to the fact that certain transactions were debited and credited to the same account.

    6 August 2018

  • Zopper Retail Acquired by PhonePe

    As part of its strategy to ramp up offline business, digital payments company PhonePe today acquired Zopper Retail. Zopper Retail is a hyper-local Point of Sale (PoS) platform for small and medium businesses. While the terms of the acquisition were not revealed by PhonePe, the company informed that the CEO and co-founder of Zopper Neeraj Jain will join digital payments company as the Head of Product, Offline Merchant Solutions. It needs to be mentioned that Zopper Retail had managed to raise over 20 million dollars in fundings from investors.

    The digital payments company in a statement added that by combining PhonePe payments with certain capabilities of Zopper will enable them to greatly enhance the adoption of digital payments for merchants. It is noteworthy to mention that PhonePe is currently accepted as a payment option across three lakh online and offline merchant outlets. It had also crossed the 100 million user mark and the annual total payment volume run rate of 20 billion dollars in the month of May this year.

    19 July 2018

  • PhonePe Gets 100 Million Users

    PhonePe has gone on to become one of the biggest names in the ‘consumer payments’ sector for a high ‘Total Payment Volume (TPV)’.

    The popular digital payment platform has managed to cross the 100-million u8ser landmark and has an estimated 218 million user base according to recent reports. The platforms claims to have higher than 70% of UPI transactions in the market.

    21 June 2018

  • PhonePe Gets More than 10 Million Downloads

    Post the demonetization scene that happened in November 2016, all banks were looking for some sort of digital payment method. Post this, many banks actively started becoming part of the Unified Payments Interface (UPI) system. Since this, there has been as many as 10 million downloads as far as the PhonePe app is considered.

    As early as February 2016, the National Payments Corporation of India (NPCI) came out with a number of UPI hackathons that were held across the country.

    1 June 2018

  • Over 42 Million UPI Transactions on PhonePe

    Popular payments platform PhonePe has recorded 42.4 million UPI transaction in the month of April.

    The total amount that has been sent via this platform in April stands at R.8,100 crore when compared to Rs.6,600 crore in March. This is an increase by 22% when compared to the previous month.

    15 May 2018

  • Foodpanda Enters into a Partnership with PhonePe

    In a bid to enable seamless digital payments for all its users, Foodpanda has entered into a partnership with PhonePe. The partnership will enable people ordering food through Foodpanda to pay using payment options like PhonePe wallet, Unified Payment Interface (UPI) as well as credit and debit cards. It needs to be mentioned that as an introductory offer users paying through PhonePe for their orders can avail a cashback of 50 percent of up to Rs.100 on the first order.

    Anuj Sahai, Head of Partnerships and New Initiatives, FoodPanda while commenting on the partnership stated that the development was in sync with the country’s swift movement towards digital payments. He added that courtesy the partnership, Foodpanda is working on making the customer experience better by providing the customer more payment options and easing the food ordering process. Sahai signed off by saying that more such partnerships are likely in the future in a bid to create a robust food tech ecosystem.

    30 April 2018

  • Rs.518 to PhonePe from E-commerce Portal

    Popular mobile-based payments platform PhonePe has received around Rs.518 crore from Flipkart Payments, which happens to be one of the subsidiaries of the popular e-commerce portal Flipkart.

    The e-commerce giant has agreed to send in around $500 million to the popular digital payments startup PhonePe. This recent funding is also part of this initiative. On the other hand it has also come to light that PhonePe has assigned as many as 24.5 lakh shares to Flipkart Payments and the recent funding of Rs.518 crore was given out by Flipkart Payments in exchange for this.

    28 March 2018

  • PhonePe Dubs Paytm’s Claims as Misleading

    PhonePe, the mobile payments arm of Flipkart has hit out at Paytm after the latter claimed to be largest player on the Unified Payments Interface (UPI) platform. In a blogpost, PhonePe termed Paytm’s claim as misleading as according to them Paytm was yet to add the broad-based adoption of UPI. In the blog, PhonePe also stated that a balanced scorecard of UPI should also include ‘total transactions, number of unique customers as well as implied metrics of Average Transaction Value (ATV) and Average Transactions per Customer (ATPC)’. This came as PhonePe felt that currently too much emphasis was put on only UPI transaction volumes. The first two months of the year has seen a lot of activity in the digital payments arena. First, it was Paytm who lashed out at Whatsapp accusing it of ‘unfair play’ following its entry into the landscape of digital payments and and now PhonePe targeting Paytm. It needs to be mentioned that Paytm had contributed 68 million UPI transactions to the overall volume of UPI transactions in February 2018.

    15 March 2018

  • PhonePe Ties With Indian Oil Corporation Limited

    In a recent development, PhonePe has entered into a partnership with Indian Oil Corporation to deploy its own Point of Sale(PoS) machines at all the IOCL outlets. The PoS machines will enable customers who use the IOCL outlets for refuelling their vehicles to pay the amount using credit and debit cards, UPI, PhonePe wallet or any other wallets like freecharge or JIO money.

    It needs to be mentioned that PhonePe had launched PoS devices in November after it was acquired by Flipkart. The e-commerce company had committed the to expand PhonePe’s operations by investing USD 500 dollars.

    Apart from the new partnership, PhonePe also had partnerships with Freecharge and JIO Money. It had also teamed up with McDonald’s and Metro Cash & Carry. It is also planning to introduce applications that are in line with mobile banking features and working on offering financial products as in insurance and loans.

    20 February 2018

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