At a time when everyone is talking about digital payments, digital wallets, and UPI, one must know all possible options for digital payment. Online wallets have become a popular thing, but you have to top up these wallets before you use. To make this easier, PhonePe has something better for you. This is an online wallet that does not require top up. You just need to link your bank account and be ready to make your payments. No don’t worry, “It’s 100% safe.“
PhonePe is the digital wallet that allows transactions directly from your bank account. Unlike NEFT, there is no time boundary for payments. The only thing you need is to have a UPI enabled bank account and this app helps you in enabling that option for you. This is why the tag line is “My Bank is My Wallet”.
The app is available in English, Hindi, Tamil, Marathi, Bengali, and other languages. This is another advantage of the app.
Key Features of PhonePe
PhonePe is a noteworthy app due to several features. It comes with great features available in banking app or wallet apps. It works as the combination of wallet and bank apps. Most notable feature is the instant bank to bank transfer without the need to link bank accounts and wait for activation.
These are the key features of PhonePe:
- You don’t need to top up wallet if bank account is linked
- Withdraw wallet balance to bank account free of charge.
- Transfer money from one bank account to other
- Transfer money to other PhonePe wallets
- Recharge mobile, data card, DTH,
- Pay bills of broadband, Landline, Electricity, Gas, and Insurance
- Pay at stores accepting PhonePe
Most notable feature is the direct bank to bank transfer with the just phone number. You just need to enter the recipient’s mobile number registered with their bank account and it will send the payment instantly.
What about Security?
For those concerned about security, you should not. I have checked and used the app for multiple transactions. This app is as safe as your bank account. You create an MPIN to keep your account safe. Until your MPIN is not known to others, your PhonePe account is safe and your money is safe in your bank account. This app is powered by Yes Bank and uses a secure network for payments. It does not store your secure information on servers. The only thing you need to take care is that you do not share MPIN with anyone.
How to start with PhonePe
To start using the app, download PhonePe from Play Store. PhonePe is as easy as other digital wallets. You just need to enter your phone number and it fetches your name from the bank records. Use the mobile phone number that is registered with your bank account. Then it asks you to set a 4 digit password, create a New VPA (virtual private address similar to e-mail addresses or usernames). Linking bank account is necessary to start using the app to send and receive money to your bank account or make transactions online.
After you have logged into your PhonePe account, you will see all the options on the home screen of the app. You have quick options to send or request money. You also have most of the options for bill payments and recharge.
How to send money
To send money to any other person with PhonePe, you can use either VPA or phone number. You can also add a beneficiary with the account number and IFSC similar to the bank account. Just tap on “Send” on the home screen to get started.
You also have a split bill option. This helps when you and your friends have are planning to go somewhere and you want to split the bill.
Why PhonePe is better than other online wallet apps
These are the primary reasons why PhonePe is better than other online wallets.
- Higher transaction limits. You can perform transactions of up to 30 lakh per month as compared to 20 thousand for wallets.
- No need to preload money in the wallet for payments as it directly uses your bank.
- No transaction charges for consumers for the lifetime. Online wallets have high transaction charges for bank transfers.
Final Words
Flipkart’s PhonePe is an awesome app that gives you the combination of bank’s app and wallet app. So, you get faster and secure option to pay and receive money. Best thing is that it gives you the ability to transfer money 24×7 direct from the bank.
So what are you waiting for? Download PhonePe now.
