PhonePe is a UPI-based App launched by e-commerce giant Flipkart, to provide a cashless and a seamless payment experience. PhonePe Wallet is powered by PPI license issued by the Reserve Bank of India. PhonePe is backed by UPI (Unified Payment Interface) platform which is built over the IMPS (Immediate Payment Service) infrastructure and allows you to transfer money between any two parties.
You can make payments via three options on PhonePe:
- Using PhonePe wallet
- Linked Bank account over UPI
- Debit / Credit Card
PhonePe wallet helps you get instant refunds for online purchases, it allows to get cash back and promotional money from partnered merchants. Using the app, you can transfer your refunds from the wallet into your linked bank account.
Know how to add your bank account to the PhonePe app.
Open the PhonePe app from your mobile and open menu by tapping on the icon at the top right corner of the screen. Go to Bank Account section, and click on the " Add New Bank " button. PhonePe runs on the UPI payment platform. UPI is supported by almost all popular banks in India. As of now, only accounts from the UPI enabled banks can be linked with PhonePe to send and receive money.
Select the bank which you want to link with PhonePe from the list of available banks. If your bank is not on this list, you can still manually link your bank account by selecting the "Link Another Bank" button and entering the account number and IFSC code. Using this account, you can receive money, but can not send money. What Is PhonePe App? Seven Things To Know
PhonePe will fetch your account details and will link it to your account. Click on proceed to set up UPI PIN by tapping on the set UPI PIN button. By using UPI, you can make seamless payments without loading money into your wallet. You will be sending money directly from your bank account.
Enter the " last six digits " of your Debit or ATM card number and " Expiry Date ." If your debit card does not have an expiry date, then try entering 00/49. You will get an OTP or one-time password on your mobile number registered with the bank account. Use the OTP which you received from your bank, to set your UPI PIN. How To Set Or Reset UPI Pin Using Phonepe Wallet?
Now you have added your bank account successfully. You transact directly from your bank account by authenticating using your UPI PIN. With few clicks Phonepe allows you to recharge your phone, DTH, Data cards, pay bills, pay merchants, fund transfer, split bills, etc. Flipkart Phonepe Wallet: How To Use Phonepe UPI Based Wallet To Make Payments?