Working smart is what we love to do always. Even after Demonetization, we did not buckle down under the shortage of cash and have started doing digital payments using various mediums. You must have started using Debit Cards, Credit Cards, Net Banking and E-wallets extensively for going cashless. Do you know that there is another simpler way of doing cashless transactions in a secure environment and with very less time? Welcome to the world of PhonePe. This is a digital payment application made for Android Smartphones which is based on UPI.
Do you know that there is another simpler way of doing cashless transactions in a secure environment and with very less time? Welcome to the world of PhonePe. This is a digital payment application made for Android Smartphones which is based on UPI.
What is UPI?
Well UPI is an acronym of United Payments Interface. Well it is a payment system which allows money transfer between two bank accounts. Using UPI, a user can pay directly from his/her bank account to another. This system allows funds to be transferred from one bank account to another.
What is PhonePe speciality?
PhonePe uses MPIN which is similar to that of an ATM PIN. So there is good security while transacting using PhonePe.
A user can easily perform bank to bank transfer using PhonePe by just using registered mobile number of the recipient. There is no need to key in the details of Bank Account Number, IFSC code, etc of the recipient. Just enter the registered mobile number of the recipient and MPIN and the desired amount. The amount gets transferred from the user’s bank account to the recipient’s bank account. In this process there is no need of an OTP (One Time Password), though there will be the use of MPIN while doing the transactions. PhonePe also allows bank to bank transfers and wallet to wallet transfers. There is no need of transaction of bank account to wallets or vice versa.
The amount gets transferred from the user’s bank account to the recipient’s bank account. In this process there is no need of an OTP (One Time Password), though there will be the use of MPIN while doing the transactions. PhonePe also allows bank to bank transfers and wallet to wallet transfers. There is no need of transaction of bank account to wallets or vice versa.
How does PhonePe Wallet works?
Users can Top-Up their PhonePe wallets along with gaining Cashback and Refunds. They can also Top Up using UPI & Debit card. The user is also able to withdraw the wallet balance to his or her own bank account for FREE. There are no charges to do so!
Why Use PhonePe over other e-Wallets?
In e-Wallets you have to pre-load the money before doing any transactions, while in PhonePe there is no need for pre-loading the money as the transactions happen bank-to-bank using the bank account balance.
PhonePe also offers higher transaction limits of up to 30 lakh per month, with a daily limit of up to 1 lakh, compared to Rs.20,000 in other e-Wallets. Not to forget, they do not charge you for transactions ever which will become a norm for other wallets posts December 31.
So now you know the importance of PhonePe over other digital wallets. Are you looking forward to using the app? Well, let us guide you through the process and the features of this application.
How to download PhonePe?
PhonePe is available for Android smartphone users at the moment, but soon it will be available for iOS users as well. So go to the Google Playstore from your android smartphone and search for “PhonePe”. Select the app and click on “Install”. The app gets installed on your smartphone.
Then “Open” the App. When visiting for the first time, the app asks you to select your preferred language. Select “Continue”, then click on “Next”.
How to Get Started?
- Enter your number, system sends SMS to verify your number.
- Activate your account
- Link your bank account
- Start Paying
You can read the instructions if needed and select “Next” option appropriately. Once your mobile number is verified you will have to enter Full Name, E-mail, set 4 digit PhonePe password and click on “Activate Account”. Then you will be asked to select your bank. Select your bank and then you can set a MPIN. This is a 6 digit MPIN. To verify this MPIN the user will also have to do the validation like entering last 6 digits of the debit card. This is to verify that you are the bank account owner.
What can be done using PhonePe?
You can easily send money to anyone using their registered mobile number on PhonePe or using VPA. We did a successful transaction using the bank details and within seconds the money was sent! This is just amazing as the money is sent immediately and also received by the recipient immediately.
You can request money by sharing the QR Code or also by sharing your mobile number or VPA.
You can easily split the bills among your friends or colleagues. Recharge & Pay Utility Bills Mobile Recharge is simple using PhonePe. Directly amount gets deducted from the Bank Account or from the PhonePe wallet as per the convenience of the user. The user can also pay Utility bills like Electricity, Gas, etc.
What will you get when you do your first transaction using PhonePe?
As per the latest offer the user receives Rs.50 cashback on their PhonePe wallet when they do their first transaction. This is tried and tested by us as we did a successful transaction and received Rs.50 cashback.
(This offer is valid until 24th December 2016)
Another amazing aspect is that you can pull over the money from the wallet to your bank account with ease. Go to “wallet” section and just drag from wallet to Bank Account. Then the app asks for confirmation and immediately the app transfers the wallet remaining balance to your bank account. This is very useful as you can use the cashbacks and refunds deposited in your bank account.
PhonePe is surely easy to use and more convenient for bank to bank transfers. The user can avoid the filling of wallets and directly use the bank transfers. There is zero processing fees and the transactions are done in a secure way using MPIN. This app is really a boon in the recent demonetization. Go cashless use PhonePe!