The PhonePe (PhonePe Private Limited) is currently, one of the leading Indian e-commerce payment system and digital wallet company which was founded in December 2015. The company’s headquarters is located in the Silicon Valley of India – Bangalore. PhonePe was initially founded by Rahul Chari and Sameer Nigam.
The digital wallet company went live from August 2016 and it is touted as the first payment app which is built on the Unified Payments Interface (UPI).
Currently, the app provides its services in regional language as well and is available in over 11 Indian regional languages. Using this digital payment app, the users can receive money, send money, pay for shopping bills, recharge mobile packs, recharge DTH services, make utility, electricity, water bill payments, pay for data cards, purchase gold online and offline mode, instantly.
Apart from this, the users can also use the app and book for cab rides, order food online, avail hotel services, pay for Redbus tickets, make payments for flight tickets and so on.
Around 5 million online and offline transactions have been accepted so far using the Phonepe app which has covered groceries, food, movie tickets, travel and so on.
The country’s Central Bank – RBI had licensed for issue and operation of a Semi-Closed Prepaid Payment System to Phonepe.
PhonePe is one of the mobile payment platforms which can be used to transfer money via UPI, pay utility bills, groceries, recharge mobiles, DTH services and so on.
The app works on Unified Payment Interface system and the user has to provide bank account details and should create a UPI ID. The app can be downloaded on both Apple and Android-based phones.
The user need not have to recharge the wallet, as the money will be directly debited from the user’s respective bank account just at the click of the button securely and safely.
This service is available round the clock, throughout the year and the services of this e-wallet can be utilized even on weekends and bank holidays.
As per RBI guidelines completing the KYC verification process is mandatory in order to avail all the services provided by Phonepe. In addition to sending money, users will also be able to generate a ‘Collect’ request through the Phonepe app. It is essential to bear in mind that in order to be safe, you should not share your UPI pin to anyone at any time. Each user can generate a unique password for their transaction for security purposes, which means no transaction can be initiated without providing the correct password.
From energy bills, mobile & DTH recharges, transfers & requests for money, to pay the credit card bill and health insurance, all of this and more can be achieved on the PhonePe app. PhonePe is a payment software that helps you to recharge your smartphone, pay all your utility bills and make quick purchases at your favorite offline and online stores using BHIM UPI, your credit card and debit/wallet.
To transfer money to your friends from the Phonepe app using BHIM UPI payment option, you have to link your bank account on the PhonePe app to experience a seamless and secure transaction. Apart from fulfilling all your banking and payment needs, the PhonePe app provides additional security for each and every transaction. To make an online money transfer to the bank you don't need to remember IFSC codes, account numbers, or other details, you can make quick bank transfers through BHIM UPI utilizing your registered mobile number or your Virtual Payment Address (VPA).
To conveniently transact on the app, the PhonePe app is supported by numerous languages, choose your preferred language from Kannada, Marathi, Bengali, English, Hindi, Tamil, Gujrati, Telugu, Malayalam, Assamese, Odia and use the app interface with easy and simple way. Install the PhonePe application & opt for smooth online and offline payments from a plethora of options.
Transfer Funds with BHIM UPI: Transfer and receive money from your nearest and dearest anytime anywhere. You can also manage and track your account balance, add beneficiaries, and manage different bank accounts such as Yes Bank, SBI, ICICI Bank, HDFC Bank, Baroda Bank, Canara Bank and more than 140 + banks.
Mobile and DTH Recharge: Recharge your mobile through Paytm and get amazing offers. Make recharge for any of the major network providers such as Jio, Vodafone, Airtel, Idea, BSNL. Apart from this, you can also recharge your Datacard/DTH services across the largest providers such as Videocon D2H, SUN Direct, Airtel Direct, Tata Sky.
Pay your credit card dues: Settle your credit card bills for Amex, MasterCard, VISA, Rupay and more. Pay your utility bills across the leading provider's Reliance, MTNL, Airtel, BSNL, Tata DoCoMo. Pay your electricity bills across more than 180 billers such as BESCOM, BSES, IGL, TNEB, MSEDCL. Apart from this, you can also pay for your gas, water, and broadband bills in a simple and secure way.
Explore your favorite apps on Phonepe Switch: Use Phonepe Switch to explore your favorite apps for food, travel, shopping and grocery without installing them on your phone. On Phonepe switch order foods from Domino's, Faasos, OvenStory, FreshMenu, Box8 and more. Book your travel and stay via redBus, Goibibo, redBus, Oyo, MakeMyTrip, Treebo etc.
Buy and Sell Gold: Buy and sell 24K Gold at the latest market price. The Gold that you purchase is stored in a safe and secure locker.
PhonePe Gift Cards: Buy a PhonePe Gift Card for instant payment via 1 lakh+ major offline and online outlets.
Invest in Tax saving funds: Invest in Tax saving funds and save tax quickly and easily using the PhonePe app
Make convenient online payments: Pay for electronics, mobile phones, clothing and shoes, home appliances and kitchen appliances easily via your favorite online shopping sites such as Flipkart, Myntra.
Pay at offline stores: Shop at your nearest local grocery store and at your favorite food and shopping centers such as KFC, Bata, More, Star Bazaar, Cafe Coffee Day, Pantaloons etc.
Manage your refunds: Manage and monitor refunds from your favorite online shopping stores using the Phonepe app.
Step 1: First download the app from the Apple App Store or Google Play Store.
Step 2: Post downloading the app, open the app and verify your respective mobile number (ensure that this mobile number is registered and linked with your bank account).
Step 3: Now proceed further and enter all the required details including your name, email address after this set a secure 4 – digit password and now activate your e-wallet.
Step 4: Tap on creating a new Virtual Private Address (VPA)
Step 5: Now select your bank account to link the same with the PhonePe app, the app will automatically fetch all the required details.
Step 6: Confirm your bank details.
Step 1: First open menu by tapping on the PhonePe app on the icon at the right top corner of the screen.
Step 2: Now go to the bank account section and tap on the ‘Add New Bank’ button.
Step 3: Select your respective bank which you prefer to link with PhonePe app from the list of available banks.
Step 4: Proceeding further PhonePe will automatically fetch all your account details and your bank account will be linked to the e-wallet app.
Step 5: Next set your UPI PIN by selecting ‘set UPI PIN’ option.
Step 6: Now enter all your card details (enter the last six digits of Debit card/ATM card number followed by expiry date)
Step 7: Now enter OTP and set the UPI PIN.
Step 8: Your respective bank account details will be added successfully, after this you can directly transfer amount using the UPI PIN.
The following are the list of options available to the users of PhonePe App to make payments and they are:
Step 1: First open PhonePe app in your mobile phone
Step 2: Go to the “Account Section”
Step 3: Now click on the bank accounts
Step 4: You can see all your linked bank accounts. Now click on the account which you prefer to delete.
Step 5: A pop-up box will appear and click here to unlink
Step 6: That particular bank account will be removed from your PhonePe app.
Step 1: First open the PhonePe app on your mobile phone
Step 2: Now go the ‘Send’ option which can be found on the main screen.
Step 3: Enter the VPA of the payee.
Step 4: Now, enter the transaction amount
Step 5: Proceed further and now select the bank account from where you prefer to transfer the amount.
Step 6: Now verify the details and tap the send option.
Step 1: First Open PhonePe Account on your phone
Step 2: Proceed further and go to ‘My Account’ option and scroll down below
Step 3: Now click on the help option
Step 4: Select the other topics and proceed further and tap on PhonePe account
Step 5: Proceed further and select the account, now select ‘deleting an account’ option.
Step 6: Click on the contact us option
Step 7: In the provided space type that you want to delete your PhonePe account
Step 8: The support team of PhonePe will ask you the reason as to why you are preferring to delete the account (give the reason, it will verify your identification).
Step 9: Post verification of your identity, your account will be deactivated within 2 – 3 days.
PhonePe is a digital payment application that enables you to recharge your mobile phone, pay all your utility bills, it also provides easy and secure payment options at your favourite offline and online stores using BHIM UPI, credit card/debit card or wallet. To make UPI payments at Phonepe, please follow the below-given procedures.
PhonePe wallet is managed by RBI and it is important to complete the PhonePe KYC after RBI Guidelines. Completing the KYC does not benefit us in any way but it does provide us certain additional advantages to being a verified PhonePe customer by completing the KYC. KYC means Know Your Customer and it is mandatory for all the customers in order to use various features provided by PhonePe. According to RBI (Reserve Bank of India) guidelines, all customers are mandated of any wallet or bank who wants to use it for a higher balance to transfer money or for other purposes.
Your KYC status will reflect immediately in your PhonePe wallet after you complete the KYC. After completing the KYC your wallet will activate within a minute. Several measures are required to complete PhonePe KYC as of now. It is a fully online procedure and will trigger within a minute. There's no KYC center accessible as of now and you can complete your KYC from the comfort of your home or workplace. To know how one can complete PhonePe KYC online, simply follow the steps below.
There are many procedures to complete the PhonePe full KYC process. One of the best method is Online where you can complete the KYC within a minute. People willing to go through the offline process must keep in mind that there is no KYC center available across India, through which you can complete the KYC from the comfort of your home. There are no any charges applied to complete the PhonePe KYC, and below mentioned are the steps to complete PhonePe KYC.
With the assurance of quality and a convenient purchasing and delivery process, millions of individuals has chosen PhonePe for purchasing gold. Some accept this initiative as a small savings tool while some others invested in gold to achieve future goals. No matter what is the reason is, PhonePe enables every user to purchase gold.
Gold bought on PhonePe is kept in a free bank-grade locker system operated by the suppliers SafeGold and MMTC-PAMP India Pvt. Ltd. Ltd. You also have an option to deliver the gold to your doorstep. So by following the below-given steps you can purchase gold on PhonePe from your home or office.
Note: The gold price displayed on the PhonePe app includes 3% GST with no additional charges.
By following the below-given steps you can view your gold balance on PhonePe.
In case you want to sell your purchased gold, you can sell it immediately by following the below-listed process at PhonePe.
Before following the process please keep in mind that pay additional charges for getting gold delivered to your doorstep. The charges differ based on the provider and the selected coin.
PhonePe for Business allows payment acceptance across more than 70 BHIM UPI apps. Any BHIM UPI App user can trigger a merchant payment by utilizing the "PhonePe for Business - Accept all digital payments" application which is available on Playstore and App Store. The app is enabled for all payment options such as Wallets, Debit Cards, Credit Cards, BHIM UPI etc. With the PhonePe for Business App, you are allowed to accept instant payments by millions of BHIM UPI App, no matter what is the size and market value of your business is. With PayZapp the money is transferred either instantly or within 1 day, into your bank account.
PhonePe for business knows the needs of a growing company, so there is no cap for transferring money directly into your bank account. Apart from all of the above, by utilizing the PhonePe for Business dashboard you can track all your payments and transactions on a real-time basis, and also analyze your business insights by using the reports and analytics option.
The merchant account for PhonePe is now a really convenient & stable app. There is a clear system for ensuring that an application seeks to keep in mind all the financial concerns in a very safe manner under one patio. There would, however, be no legitimate reason to undergo the tedious process of registering a user, accessing subtleties of the ledger, such as account number or IFSC code. All you need is a Virtual Payment Address (VPA), through which cash can be sent anywhere across India.
How secure is the PhonePe merchant system?
PhonePe merchant account has a secure & stable interface for the users of India. There is a proper mechanism to ensure that an application helps to take all your funding requirements very confidentially in one place. So to set up a Phonepe merchant account a Virtual Payment Address (VPA) is required by which you can transfer cash any time.
The process for registering as a merchant on the PhonePe portal is really easy, and there is no paperwork involved at all! With some simple steps one can easily build a PhonePe merchant account, which is given below:-
Note: You must keep in mind that no documentation is required to register as a PhonePe merchant. However, if you are running your business on any digital platform or e-commerce you need some documents to set up your merchant account, that are listed below.
For GST Registration
The PhonePe Super Fund method chooses the best funds from multiple Mutual Fund Companies and also provides three separate choices, including Conservative Fund, Moderate Fund and Aggressive Fund, and you can pick the best possible stability of risk and return. Super Funds select the best funds from various Fund Houses and however, they will eliminate the limitations of a unified Fund company. Super Funds thereby stand out throughout the following ways on PhonePe.
This is an easy and robust strategy where you only have to settle on the best Super Fund for you depending on your risk tolerance and handover the remaining to the professional fund managers who will select the best funds to invest and settle on the amount of the investment on your selected Super Fund. The professional fund managers will track the portfolios on a continuous basis and, if appropriate, will make adjustments in allocation among different portfolio funds depending on the market conditions and the performance of the underlying assets, often in a tax-efficient manner. It is a huge help for investors who feel it daunting to pick the best funds to participate in and manage those funds.
Benefits of Super Funds on Phonepe
PhonePe, a digital payment platform owned by Flipkart, has launched of Super Fund, a platform that invests across multiple top equity, gold and debt funds of various mutual fund firms to enable investors create long-term capital in a smart way. The Super Fund classifies and invests in top funds across different categories and asset-management (AMC) companies. The Fund also enables customers to have flexibility between the three alternatives – Aggressive, Moderate, and Conservative – depending on the portfolio personality and risk tolerance.
For instance, if you are an aggressive investor you can go for Aggressive option, that has a higher equity fund ratio. If you are a conservative investor, with a higher ratio of debt funds, you can select Conservative option. In the same manner, if you are a moderate investor you can go for Moderate option with a proper combination of equity, gold, and debt. As an investor, you only need to concentrate on the best fund allow the rest to ABSLMF 's professional fund managers, who will track the investment constantly and keep making adjustments if the market changes or if the relevant funds and AMCs performance changes.
To invest in Super Funds Phonepe users need to log in to the PhonePe app and navigate to the “My Money” menu and tap on Super Funds. Now he/she have to select the choice they want depending on their investing style and enter the amount to complete the set up of one-time investment account. After that users can start investing from a minimum amount of Rs 500 per month. Apart from this, users can pay from their bank account using UPI.
"Corona Care," an affordable hospitalization coverage program newly unveiled by Phonepe, is a necessity if you or your loved ones do not have health insurance. In this unique insurance package, you and your relatives will get the financial assistance you want in case you may necessitate Coronavirus treatment. The insurance plan for Coronavirus is valued at only Rs. 199 and you can consider this for your loved ones too. To an individual under the age of 55, it comes with a cover of Rs. 50,000 and is available at any hospital providing Coronavirus treatment.
Digital payment for an insurance policy via Phonepe helps you to utilize contactless digital payments to keep the virus from transmitting via physical cash. It's incredibly important for you and your relatives to be adequately informed and insured to cover the hospitalization expenses.
Key benefits of the insurance:
The latest product would allow millions of people to earn higher returns as FD through PhonePe. New investing tool 'Liquid Fund' has just been released on the PhonePe app. With the simplicity and accessibility of a Savings Account, the all-digital offering can help over 175 million users to expand their savings by generating higher short-term returns like FD. Just within a matter of minutes, users can start investing by making a SIP of Rs 500 per month. Investing in liquid funds through PhonePe is a completely paperless, secure and simple process. Liquid Funds are the easiest way to consider Mutual Funds for new users because the capital is invested in stable assets including banks and government bonds.
In case of any risk or emergency, investors can easily withdraw money anytime anywhere. Liquid Funds comes with no lock-in period and also allows the investors to maintain no minimum balance. The smartest thing is that investors can track their portfolio every day under the PhonePe app. With this release, PhonePe is taking significant steps towards the aim of growing acceptance and recognition in India of Financial Service products. PhonePe strives to develop straightforward products and offerings that are convenient for users to grasp and quick to register for.
This new service is aimed at investors all over India especially for those who are only well known to saving accounts and are from small regions or towns. It is the second offering after tax saving funds in the Mutual Funds sector where PhonePe has built a fully digital investing flow for its customers. Liquid Fund will allow PhonePe users to get high returns on their investment with an option to withdraw money instantly on a 24x7 basis. PhonePe will keep introducing more such financial options for its users where they can handle their money in a smart way and satisfy their life aspirations. With instant withdrawal facility you can withdraw 90% of the balance, up to Rs. 50,000 per day and it will be credited to your bank account within 30 minutes.
PhonePe, the digital payment app of India makes things simple for its users because they don't have to move out of their homes or stand in long lines to pay. With PhonePe, individuals can transfer and receive money, recharge their smartphone, DTH, data cards, make utility payments, buy gold and even pay for online purchases directly. Although processing transactions safely is very essential of an individual, it is equally essential to be conscious of various forms of fraud and how scammers are actively discovering ways of bribing consumers of their time and money. Below is a rundown of the different forms of theft and what you need to do to ensure secure transaction:
EMI Threats: Recent times, the RBI has announced a moratorium which enabled borrowers to delay their EMI / credit card payments over three months. The change of the repayment initiative offers customers with immediate freedom from repaying the loans. The swindlers were swift to take advantage of that development. EMI fraud is on the upswing, as fraudsters dressed as bank officials tried to support borrowers to take advantage of the moratorium. Must be cautious about anonymous callers pretending to be executives of the bank and providing their services utilizing the above scenarios. Remember that your bank will not diversify your EMIs through PhonePe. And also you don't need to share an OTP or add your UPI PIN to postpone EMIs.
Cashback threats: Scammers contact customers acting as the officials from a payment app and inform the customers that they are entitled to earn a cashback. The fraudsters then send payment requests to the user and ask them to click on 'Pay' and enter the UPI PIN. Fraudsters approach consumers acting as payment system members and inform them they are entitled for a cashback. Fraudsters then give payment notifications to the customer and force them to click on 'Pay' and enter the UPI PIN. Must keep in mind that you do not have to tap on 'Pay' or enter the UPI PIN to collect money from some other UPI app. Such requests should always be rejected by you in order to stay secure.
Payment manipulation by Third Party Apps: Users also utilize social media networks to illustrate transactional issues which they face. Scammers call or address users through social media, claiming to be representative of the company. They invite users to access screen-sharing applications like Screenshare, Anydesk, Teamviewer and keep their debit / credit card in front of the mobile camera to scan the specifics of the "verification system." Do not fall in this type of threats because once the fraudsters have your card details, they receive the OTP from the mobile and this will give them a chance to conduct fraudulent activities.
Debit/Credit Card Fraud: Fraudsters contact you in these situations pretending to be members of your bank branch, The swindlers will request you to share the confidential details of your card such as card number, and CVV in order to generate an OTP. Once you receive an OTP the swindlers will call you again and ask you to share the OTP for authentication purposes. Once you share the details, the fraudster’s will transfer all the money from your account.
Scams in Social Engineering: When fraudsters use your profile information to manipulate you into embracing them, this is what social engineering is. The fraudsters contact you saying they are the bank's customer support representatives. They use information that you posted on social media (birth date, place, order details, etc.) to earn your support and manipulate you into revealing confidential bank / card details. They will ask you to share the OTP in order to complete the transaction to steal your money.
Concerned at these periods of going out? Worry no more, PhonePe has launched a special multi-trip domestic insurance policy that will keep you covered from the time you depart from your home until you return. You're covered on any means of transportation for all travel within the city or even across India throughout the year at just Rs.499. PhonePe has covered you from all modes of transport starting from cab ride to flight, bus or train. If you need travel insurance this plan is great for you! Now you can avoid insuring each trip individually and have a robust cover for all your journeys. This scheme fits both business and recreation travellers. This all-in-one travel policy covers costs or losses arising from a number of travel accidents, including:
It also provides insurance against death or permanent injury during a trip due to an accident with a guaranteed amount of Rs. 5 lakhs. Air passengers can reap special benefits and due to hospitalisation are insured for flight cancellations. They are liable for a flight cancellation payment of up to Rs. 1,000 due to implemented lockdown by the Government. PhonePe believes this approach will provide comfort for policyholders so they can focus on enjoying their travel without worrying. PhonePe also remains strongly focused on making coverage more affordable, convenient and easy to access for everyone. Users of PhonePe can also purchase the policy under the app's "My Money" category. To become insured takes less than 2 minutes. The PhonePe app will issue customers their policy documents instantly.
PhonePe recently revealed international travel insurance in partnership with Bajaj Allianz General Insurance, India's top leading general insurance company on its app. By this PhonePe has become the first digital payment channel of India to introduce overseas travel insurance. In the app, both tourists and business travellers can buy travel insurance. Also, users can save their policy certificates on PhonePe along with their general details to simplify repeat purchases.