After the announcement of banning Rs. 500 & Rs. 1000 notes by Honourable Prime Minister Narendra Modi, the life of people has changed and everyone facing cash problem. To overcome the cash problem, there is a PhonePe app which helps you to make payments by just connecting your bank account. The good thing about PhonePe app is that, there is no need to load money into it like all payment wallets. For your information, the PhonePe is owned by Flipkart, which is already a trusted name in the industry.
PhonePe has launched its UPI based payment app, created in collaboration with YES Bank, and it is available for download in Google Play Store. There iOS version will be out soon as well. The PhonePe app can be used to pay for services like mobile, datacard, DTH recharges and bill payments like landline payments, electricity bill payments and gas payments. The good thing about PhonePe app is that, it can used to receive refunds, cash backs and promotional credits from partner merchants. Additionally, the Flipkart Money and Myntra Cashback will be converted into PhonePe wallet.
By choosing PhonePe app you can make all your payments pretty easily and when compared to other e-wallets and digital payment applications, PhonePe is the most secure payment platform in the country which offers direct bank-to-bank transfers using recipients’ mobile numbers.
I’m sharing a step-by-step guide which helps you in getting started with PhonePe App.
How to get started
Step 1: Download the PhonePe App from Google Play Store. Once installed on your smartphone, tap on the app to open it.
Step 2: Once the app is open, verify your mobile number (your registered mobile number should be the same as the one registered with your bank account)
Step 3: Enter your name, email address and set your 4-digit password and activate your wallet.
Step 4: In the next step, click on ‘Create New VPA’.
Step 5: Link your bank account to the app by selecting your bank, and the app will automatically fetch the details. You have to confirm your bank details, and start using the app to send or receive money or transact online with ease.
Features of PhonePe App
The PhonePe App from Flipkart comes with number of features and all of them shared in detail.
1) Exchange of Bank Details Not Required
As of now, there are 30 major banks that are already registered with UPI platform and all you have to link your bank account with PhonePe app. To link your account with PhonePe app, you have to share your mobile number and bank name. As soon as you share these details, the UPI will retrieve your account details from your bank over a secure network.
2) Authentication Method
The PhonePe app allows you to use the VPA (Virtual Payment Address) or registered mobile number with bank account and pay directly from your bank account to both online & offline merchants. The good thing about UPI based payment is that, there is no need to enter credit or debit card details, one-time password, your bank IFSC code or any other details.
3) No need to Add Money In your wallet
With PhonePe app, there is no need to load money as it makes payments from your bank account by using your mobile number or with a virtual ID. This facility is not available in mobile wallets and you can save yourself from adding money into your wallet every time, whenever it runs out of cash.
4) Paying Bills And Sending Money Become Easy
You can use PhonePe app to pay your postpaid bills, recharge your prepaid mobile number, utility bills, data card and DTH. In addition to this, you can send or receive money from your loved ones by just entering their mobile number or VPA. In addition to this, you can split a bill whenever you are eating out with your friends. You can also pay bill by just scanning OR codes too.
5) PhonePe App is secure and it’s free
There is no transaction fee is involved while making payments. All the payments are safe & secure as it is powered by Yes Bank. All payments happen over a secure banking networks and the app does not store any user data or passwords. For every transaction, you have to enter your MPIN and for security purpose, it is recommended to you, never ever share your MPIN with anyone.
The good thing about PhonePe App is that you can exchange or return your order to Flipkart and receive refund in your PhonePe wallet. You can even withdraw the PhonePe wallet balance into your bank account without paying any extra charges.
6) Validity and Transaction Limit
With PhonePe app, you can spend a maximum of Rs. 1 lakh per transaction, with a limit of upto 30 lakh per month, and the validity is long which means the balance will not expire.
PhonePe App vs Other E-wallets:
- Higher transaction limits (30L/month as compared to 20K for wallets)
- No need to pre-load money in wallet since the bank balance is used directly
- Zero transaction charges for lifetime (Wallets will have to pay transactional charges post December 31)
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