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PhonePe App

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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.  

What is 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.

Features of PhonePe

  • Single app for UPI – PhonePe acts as a one-stop-shop for all the UPI based transactions. The users of PhonePe can have a bank account with any bank and the same can be used by the app to link multiple bank accounts of the user. This will eliminate the need to install multiple apps.
  • Split a bill using PhonePe – If you have to share a bill with your friends if you go out for dinner, trips, movies or so on and are wondering as to how to split a bill, PhonePe app will come to your rescue as ‘Split a bill’ option will help you to easily and conveniently split the expenses amongst your friends if you go out as a group.
  • Pay Bills and Recharge – PhonePe can be used to pay the grocery, utility bills, recharge mobile numbers and DTH. All you need to do is to go to ‘Recharge’ tab, enter the required amount, choose the bank account and pay the same just at the click of the button.
  • Send and Transfer Money using QR code – PhonePe offers the option to send and receive cash using the QR code option. The user has to scan the QR code using your smartphone’s camera.

Benefits of PhonePe

  • The UPI based app is user friendly.
  • This app is available 365 days in a year, round the clock.
  • It is safe to use the app.
  • Get instant discounts and cashback on transactions.
  • The app is available in many regional languages of India which includes Kannada, Hindi, Tamil, Gujarati and so on.
  • There is no need to remember the details of the bank account (IFSC code) to conduct the transactions.
  • User can transfer the money instantly at the go.

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. 

PhonePe App

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.

How to Download & Login PhonePe app in Mobile Phone?

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.

Procedure to Add Bank Account on PhonePe App

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.

List of Options to Make Payments Using PhonePe App

The following are the list of options available to the users of PhonePe App to make payments and they are:

  • UPI Credit or Debit Card
  • Using PhonePe Wallet
  • Through linked Bank account

Procedure to Remove Bank Accounts from PhonePe E-Wallet

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.

Procedure to Transfer Money through 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.

Procedure to Delete PhonePe Account from Mobile Phone

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.

Process to receive money through Phonepe

  • Launch Phonepe app in your mobile and login to your account
  • On the home screen tap on the 'Request' option
  • Enter the VPA of the individual from whom you want to request for funds
  • Enter the amount you want to receive and also enter the time limit within which the request must be cleared
  • After verifying the details tap on the 'Request' option and you are done

Process to make Phonepe UPI Payments

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.

  • Open the Phonepe app and go to the 'My Money' section and tap on 'UPI Bank Accounts' under the payments method section.
  • Now tap on the 'Add New Bank Account' option and select your bank
  • Now choose the mobile number which is registered with your bank account for SMS verification
  • Once your bank account is verified the details of your bank account will be displayed.
  • Now tap on 'Set BHIM UPI PIN' and enter the last 6-digits of your card and expiry date.
  • Once the card is verified you will get an OTP on your registered mobile number, enter the OTP and PIN of your card.
  • Now generate a new UPI PIN and your bank account will be linked to your BHIM UPI ID.
  • You are all set to make UPI payments using Phonepe app.

PhonePe KYC

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. 

Process to complete PhonePe KYC

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. 

  • Open the Phonepe app and log in to your PhonePe account with your login details.
  • Now tap on "My Money" tab, located on the bottom of the app.
  • Now tap on the "PhonePe Wallet" option, under the wallets/ gift vouchers menu.
  • Now you will see a pop-up message "Complete your KYC", tap on "Continue" to proceed further.
  • Now you will see Complete Your KYC information, read carefully and tap on "PROVIDE BASIC DETAILS" option.
  • Under the drop-down menu select the document you want to verify for KYC and enter the details related to your selected document.
  • Once you enter all the details confirm it and you will see the "Basic Details Updated Successfully" message on the screen.
  • And also you will get a notification regarding the same on your registered mobile number instantly. 

How to buy 24K Gold on PhonePe?

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.

  • Open the PhonePe and tap on ‘My Money’
  • Under the investment section, tap on ‘Gold’
  • Now select a gold provider from SafeGold OR MMTC-PAMP
  • Now enter the amount of gold you want to purchase (in rupees or grams)
  • Now tap on ‘PROCEED TO PAYMENT’ option and select your preferred payment option from UPI/Debit Card/Credit Card/Wallet to complete the payment.
  • Once your transaction is successful you will get a confirmation message on your registered mobile number and email id.

Note: The gold price displayed on the PhonePe app includes 3% GST with no additional charges. 

Process to view your gold balance on PhonePe

By following the below-given steps you can view your gold balance on PhonePe.

  • Open the PhonePe app in your mobile
  • Now go to the bottom section and tap on ‘My Money’
  • Under the ‘Wealth Management’ section, tap on ‘Gold’
  • Now select the provider from whom you have purchased the gold earlier
  • Now at the top section, you can see the selling value and weight of your purchased gold.

Process to sell gold at PhonePe

In case you want to sell your purchased gold, you can sell it immediately by following the below-listed process at PhonePe.

  • Launch the PhonePe app in your mobile and tap on the ‘My Money’ option
  • Now under the ‘Wealth Management’ menu, tap on ‘Gold’
  • Now select the gold provider from whom you have purchased the gold 
  • Now confirm the amount or weight of gold you want to sell.
  • Once done the amount will be credited to your registered bank account

Process to deliver the gold to your doorstep via 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.

  • Open the PhonePe app and tap on  ‘My Money’.
  • Go to the ‘Wealth Management’ section and tap on ‘Gold’
  • Now tap on your gold provider and then tap on ‘Deliver’
  • Now choose the gold coin you want to get delivered and you are done  

Phonepe Business

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.

Process to create a Phonepe Merchant Account

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:-

  • Install the Phonepe Business app on your phone and tap on the "Sign Up' option.
  • Now enter your Name and Mobile Number and tap on the "GET OTP" option
  • Now enter the OTP on the required space and after that enter your full address.
  • After filling the exact address details tap on "Save" option
  • Now enter your Business Name and Category, and tap on the "Submit" option
  • Now choose the bank account with the same number, to accept payments
  • Now a message will automatically be generated on your mobile's message application, just the message from the same mobile number or registered mobile number of your bank account.
  • After submitting a message effectively the bank's subtleties automatically updated to your PhonePe Merchant account.
  • By the same steps, you will get a PhonePe Merchant QR code instantly

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

  • On the GST registration certificate, the GST number must be mentioned clearly.
  • The name of the company along with the exact business address should be noticeable.
  • The name and address of the company should be the same as the business name mentioned on the GST certificate.
  • A statement with an authorized signatory and stamp of the company must be attached to the Company's letterhead.

Investment Solution at Phonepe

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

  • It's an easy and robust option where you only need to select the best Super Fund for you on the basis of your risk tolerance and leaving the rest to the Professional Fund Managers, who can pick the correct funds to invest and settle on the amount of investment of each Fund depending on the Super Fund that you selected.
  • Experienced fund managers will constantly monitor portfolios and, if required, make modifications to the allocation of different portfolio assets, based on the market conditions and the performance of the relevant funds, in a tax-efficient manner. This gives a great deal of relief to investors who find it very difficult to choose the right funds to invest and keep track of these funds on a continuous basis. 
  • Super Funds pursue the open platform of the Fund structure with investments in varied fund houses, with the aim of selecting reasonable schemes across AMCs.
  • Super Funds make it possible to afford an investment in a strong portfolio of mutual funds schemes by starting a SIP of Rs 500 only. Even a new investor can also access long-term investment solution on Phonepe.
  • Super Funds are suitable for long-term investment for 3 years and, if the money is kept for more than 3 years, investors can reap tax-free benefits with high returns as compared to FD and equity funds.

Why choose 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. 

Coronavirus insurance policy at Phonepe

"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:

  • 30 days of pre-hospitalisation and post-hospital treatment costs
  • No health screening required prior to purchasing the policy through Phonepe
  • The policy can be purchased anytime anywhere, through Phonepe
  • Documents related to the policy will be issued instantly.

Savings Product at PhonePe

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.  

Make secure online payments with PhonePe

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. 

Do’s and Don’ts to prevent online payment frauds with PhonePe

  • Do not disclose your confidential data such as card number, expiry date, PIN, OTP or any with anyone. If anyone presenting as a PhonePe representative asks you for such details, please request them to email you. Only answer e-mails from the domain @phonepe.com 
  • Always keep in mind that you do need to enter your UPI pin to receive money on your PhonePe app
  • Note also that you don't need to scan a QR code to receive money from others on PhonePe
  • Please read carefully the transaction statement displayed on your PhonePe application before tapping 'Pay' or entering your UPI PIN.
  • Do not access or download any third party apps like Screenshare, Anydesk, Teamviewer
  • Do not browse through Facebook , Twitter, Instagram etc to get customer support numbers of PhonePe. You will get the official numbers of the customer support team on the PhonePe app itself.
  • Remember that you must connect with the customer support team with their official accounts via different social networking sites
  • Never contact / answer to unsourced mobile numbers which claim to be from customers support team of PhonePe
  • In case of any fraudulent activity, login to your PhonePe app and go to the ‘Help’ section. Now following the further steps provided under ‘Account security issue/ Report fraudulent activity’ you can lodge your complaint.  

All-In-One Travel Insurance On PhonePe

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: 

  • Trip cancellations cover up to Rs. 20,000
  • Fraud at home, up to Rs 1,00,000 while travelling
  • Cover up to Rs.10,000 for missed connecting flights
  • Cover up to Rs.10,000 lost checked-in baggage
  • Cover up to Rs. 10,000 for OPD expenses
  • Cover up to Rs. 1,50,000 for accidental hospitalization expenses

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. 

Get International Travel Insurance at PhonePe

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. 

 

 

 

 

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