Flipkart owned PhonePe launched India’s First UPI (Unified Payments Interface) app. PhonePe UPI app is a payment system that allows money transfer between any two bank accounts via smartphone. The UPI app allows users to pay directly from a bank account to different merchants both online and offline. No need to enter credit/debit card details, one-time password, IFSC code or any other passwords.
The best thing about the Flipkart’s PhonePe App is, users don’t have to load funds in the wallet and can use money directly from the bank account. The UPI Wallet is very safe, and the users only share a virtual address. No sensitive information will be shared. Users can transact a maximum of Rs one Lakh per transaction.
Flipkart had already announced that “Flipkart Money Wallet” and Myntra’s “My Cashback” will be converted into PhonePe wallet.
PhonePe has partnered with Private sector Lender YES Bank for this UPI-based mobile payments app that is currently available on GooglePlay store. Very soon, the PhonePe App will be available for iOS and other platforms.
Steps To Get Started On PhonePe App
1. First, Download and install the PhonePe App.
2. Open the app and follow the initial set of instructions.
3. Verify your mobile number. Standard SMS charges apply. In case you own a Dual Sim smartphone, select the SIM that is linked to your Bank account.
4. Enter Name, email and set your 4 Digit password and activate your wallet.
5. Proceed to the next step and click on Create New VPA.
6. In the next step, you have to select your Bank, and the app will automatically fetch the details.
Important: Your mobile number with Phonepe and the one registered with your bank account should be same.
Features of the PhonePe App
- Send, Request Money from friends/family by entering their number, name or VPA. Split Bills with your friends for movies or dinners.
- Recharge your Mobile, Data Card, DTH and Pay Postpaid Bills, Landline, Electricity, and Gas Bills.
- Check your bank account balance
- Merchant Cashback and Refunds added to your wallet instantly.
- Net banking, Debit & Credit card top up not allowed.
- You can withdraw wallet balance instantly to your Bank account. No additional charges.
Frequently Asked Questions
1. What is VPA?
VPA is a virtual private address which uniquely associate a user’s identity with his/her bank account. You can just share your VPA with any merchant site, and it can make a payment request to you. You can also send money to anybody by using their VPA instead of their mobile number. You don’t have to share private and confidential information like mobile number, bank account number, IFSC codes, etc.
2. What is the difference between PhonePe and Paytm, Freecharge Wallet?
Unlike Paytm and Freecharge Wallets, users don’t have to load funds to the Phonepe UPI wallet. Customers can use money directly from their bank account.
You No longer have to worry about running out of wallet balance to go through the annoyance of topping up your wallet before a transaction. You can make payments from your bank account using just a mobile number or a virtual ID.
3. What payment options are available on Phonepe?
You can make transfers via two options one Phonepe
- Bank Account
- PhonePe wallet
4. Can I use PhonePe if My Bank account is not live on UPI?
If your Bank account is not live on Unified Payment Interface (UPI), you can still add your bank account to the PhonePe app. But, you will only be able to receive payments or withdraw your balance into it.
5. What are the transactions limited in PhonePe?
- For Wallet Transactions: A maximum of Rs 10,000 Wallet Transactions per month.
- For Bank account transactions: Transfers through your bank account have a limit of Rs. 1 Lakh per transaction.
- For Wallet Balance withdrawal: you can withdraw up to Rs. 5000 from your wallet balance into your bank account per transaction. Maximum withdraw limit per month is Rs 25,000.
6. Can I send money to anyone using PhonePe?
- Transfers using PhonePe wallet can only happen between PhonePe customers.
- You can send money from your Bank account using PhonePe, only if your bank is live on UPI.
- If your bank is live on UPI, you can send money from your bank account to anyone who linked their bank account to any UPI-Enabled app.
- Send Money from Bank account to other’s PhonePe wallet is not allowed. So, if you send money to a PhonePe user who has not linked a bank account with PhonePe, the transaction will fail.
7. Are there any charges for using PhonePe?
PhonePe doesn’t charge you anything for using PhonePe to make transactions. Even withdrawal of wallet balance into your bank account is free.
8. How safe is PhonePe?
PhonePe is very safe. You have to enter your MPIN for every transaction which is known only to you. Do not share your MPIN with anyone.
9. Does my PhonePe wallet balance expire?
Your wallet will be active, and the balance will not expire as long as you transact at least once in 2 years.
10. Can I link multiple Bank accounts with Phonepe?
Yes, you can. Go to Main Menu >> Bank Accounts >> Add new Bank account.
However, at any point of time, only one bank account can be the default with your Phonepe account. You can set your preferred bank account as the default account.
11. How can Phonepe get all my bank account details when I just provide my mobile number.
Phonepe can’t see or store all your Bank account details. The UPI payment platform (built by NPCI – a RBI regulated entity) retrieves the account details linked with your mobile number in a masked manner. As long as your mobile number is registered to your bank account, Phonepe will pre-fetch the details from your bank over a secure network.
According to NPCI (National Payments corporation of India), the UPI application of 19 banks will be available at Google Play Store.
Here is the list of Banks with UPI: Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank, YES Bank, IDBI and RBL Bank.