PhonePe is established in the month of December 2015 in the city of the center of India’s high-tech industry “Bangalore” that aims to make the transaction cashless between any two intermediate. Digital wallet that supports UPI(Unified Payment Interface) payments from which you can transfer money from PhonePe using BHIM UPI between any two-person.
It is an uprising payment method introduced just after the historical demonetization period which alleviates the process of cashless transactions like electricity bill payment, water bill payment, buy gold, and many top PhonePe features.
Pro Tip: You can also read our step by step guide on PhonePe QR Code | Generate QR Code | Scan & Pay and How To Complete PhonePe KYC
8 Things You Need To Know About PhonePe App
It is a very safe and secure app that you can use for all your payment needs in one place just like their well-known features from which you can use your favorite apps on PhonePe Switch. After lots of research, I have listed the eight things which might be interesting for you to read about India’s payment app PhonePe which competes with digital wallet giants Paytm. Here is the list of all 8 things which you need to know about India’s payment app that makes payment easy.
#1 No Need To Add Balance To Your PhonePe Wallet (Wallet Top-up)
No need to add money to the PhonePe wallet before making any transaction. It means you don’t have to worry about your wallet balance before initiating the transaction. Don’t have to worry about running out of balance or going through the process of topping up your wallet. You can directly pay from your bank account to another bank account by using a mobile number, VPA(Virtual Payment Address), and PhonePe QR Code.
#2 PhonePe Speak Your Language (Support Multiple Language)
Whenever you open your app you can see the default language is English. You can explore the app in your native language by changing the language from the list of languages supported due to its being multilingual. As of now, it supports 11 languages supported and you can change PhonePe language to the available languages according to your requirements.
#3 All In One UPI Payment App
PhonePe is based on the UPI payment system which is built over IMPS that allows you to transfer money directly from bank accounts between any two-person by using a mobile number, VPA(Virtual Payment Address) without using account details like account number & IFSC code. No need to remember bank account details. Only you need to add your bank account with PhonePe and make payment directly from your bank using UPI PIN.
#4 One App For All Problems
A single platform to provide various services that can help to solve our daily needs. No need to visit an outlet to pay your utility bill. Here I have listed the top features of PhonePe which you can use and earn rewards on every eligible transaction.
- BSES Electricity Bill Payment
- Water Bill Payment
- Buy Gold Online From PhonePe
- Sell Gold From PhonePe
- LIC Premium Payment Online
- Transfer Money From PhonePe
- Withdraw Cash From PhonePe ATM and many more Top PhonePe features.
#5 No Need To Exchange Bank Details
You can manage multiple bank accounts like SBI, HDFC, Yes Bank, and support 100+ banks on a single platform. But the best part is you don’t need to exchange your bank details. No need for multiple authentications that make the process of linking bank account with PhonePe hassle-free. Your bank account is all you need.
Enter your mobile number and select your bank name from the list and it will retrieve all details from your bank server after authentication of your mobile number with OTP.
#6 Multiple Ways To Pay From PhonePe
Suppose you are initiating payment and due to any reason it got canceled. How painful is it and sometimes it becomes very hectic? The twist is here, it has various top features that include multiple ways to pay or complete the transaction whether it is transferring money to your friend or any merchant. Here is a list of various payment methods in the PhonePe app.
#7 Wallets/ Bank Limits And Validity
Want to make higher transactions than is possible with the PhonePe app, you can make a maximum of Rs 1 lakh per transaction. The validity of your wallet balance is very long so don’t worry your wallet balance will be safe. But you need to keep your wallet active.
The PhonePe app supports various payment methods so the minimum and maximum limits are different for each payment method.
- UPI Transactions: The UPI limit is the same as the limit of UPI transactions.
- Wallet To Wallet: You can send Rs 10,000 in a single transaction while your PhonePe monthly top-up limit is Rs 10,000.
- Debit/Credit: Same limit according to bank/card norms.
- Balance Withdrawal: You can withdraw a maximum of Rs 5000 per month (If PhonePe KYC is Completed).
#8 Safety, Security, And Free
Safety is the topmost priority for PhonePe because it has set up multiple validations at various stages. Starting from account creation to the payment process. When a user registers on PhonePe, the mobile number is verified with OTP, and a UPI pin is required to complete any transactions whether it is for the transaction of Rs 1.
Best PhonePe features are it is free of cost and gives you various rewards on the eligible transactions. All payments are done in a safe way and the app doesn’t store any details. Although you can set up PhonePe Lock so that no one can access your details.
FAQ (Frequently Asked Questions)
PhonePe is a digital wallet that is working on the UPI(Unified Payment Interface) that has been developed by NPCI. Almost every digital wallet is supporting the UPI payment methods and whenever you want to make any transactions using UPI the money is directly debited from your account and will be credited to the receiver bank account instantly. You need to enter your UPI pin for every transaction you made, this will make the transaction more secure.
No, that’s an old method for sending money from one account to another account. PhonePe supports multiple payment methods from which you can transfer money without remembering bank account details like IFSC. Although it supports this feature from which you can send money using bank account details like account number, name, and IFSC code. Here is a list of multiple payment options which is easier as compared to send money using bank account details.
1. Transfer Money Using Mobile Number
2. Send & Receive Money Using VPA
3. Scan & Pay Using QR Code
No, you cannot use PhonePe on a PC. But you can use it with the help of third-party software.
1. Blue Stack
2. YouWave Emulator
3. Android SDK Emulator
4. Android for PC Emulator.
Note: You cannot make the Payment by UPI however you can make your payments by Debit/Credit Card.