PhonePe is a digital payments company that makes it easy for you to send and receive money. Digital payments have become very popular following the increase of demonetization in various parts of the world. PhonePe is the first payment app in India that is UPI-based.
PhonePe makes it easy for its users to make safe transactions in all parts of India. Using the UPI platform, it is possible to transfer money from one bank to another instantly. You may use your Virtual Payment Address or mobile number.
The best thing about the app is that you do not need to use a credit or debit card when making your payments. You can send money directly from one bank account to another. You do not need a One-Time Password (OTP) or any security password.
PhonePe does not require you to have a balance on your wallet before sending or receiving money. If you wish to send money to someone else, the balance will be debited directly from your bank account.
Using the App
The PhonePe app is only available on Android. You may download it from the Google Play Store. It allows you to do the following;
1. To send or request money from others. You can do that by entering their VPA or number
2. Check the balance in your bank account
3. To recharge your Data Card, DTH, mobile, gas and electricity bills, landline, and postpaid bills
4. Withdraw wallet balance to your bank account with no extra charges
5. Merchant Cashback and Refunds
Setting up the App
If you have an Android phone, you can install the app. You will be required to enter your phone number, email, and name to create your account. You will receive an SMS to verify your number. When setting up your app, you do not need to enter any personal information.
You should come up with a unique VPA for your account. It will be important when you are receiving payments. The VPA is a lot like a username for your account. It is difficult to receive your payments if you do not have a VPA. If you have entered a phone number that is connected to your bank account, the app will automatically collect details of your account.
Sending and Receiving Money
You can transfer or receive money from your friend or merchant using their QR code.
Scan the QR code using your smartphone camera. You may use it to make payments to any merchants. It is at the bottom of your app screen. You can find your QR code by swiping from the left and clicking on 'My QR Code.'
If you have received money on your app, you can withdraw it by dragging and dropping the wallet. Your money will be sent to your bank account instantly.
PhonePe does not require you to make any payments when withdrawing your money. The transaction is completely free.
The Transaction Limits
1. For wallet transactions, the maximum is ₹10,000 per month
2. The wallet balance withdrawal can go up to ₹5,000 per transaction. The maximum is ₹25,000 per month.
3. For bank account transactions, transactions can go up to ₹1,00,000 per transaction.
You can receive money from PhonePe even if your bank account is not live on UPI. The app is completely safe so you can make your transactions with confidence.
If you have trouble receiving money from your PhonePe account, you may contact the customer support team for help. If you contact them by phone, you should be connected with an agent in less than 10 minutes. The agents are polite and helpful.