PhonePe: Do you know? Now you can transfer money from one Bank Account to Another Bank Account without having to wait in a queue of Bank. If I will give you 2 options for Money transfer first one Stay in Queue, waiting for your turn and the second one is just 4-6 click on your smartphone. Definitely you will choose the second option. Here, we are going to talk about a very secure and fast method of payment that will not only allow you to transfer money but you can also pay your Electric Bill, Broadband Bill, Mobile Recharge Bill, etc. Along with that, you can make payments to all online merchants like Swiggy, Zomato, Amazon Shopping, Flipkart, etc using the UPI method that is a very easy and reliable way to make payment. We will explore this Application and Show you each and every step from installation and making payment.
What is the PhonePe app?
The PhonePe is a mobile payment app, which provides a variety of payment options according to our different needs. The PhonePe mobile wallet makes digital payments easy and secure. As mentioned earlier, it is a UPI based app that works very fast and securely.
Similar to Paytm Wallet, you can use PhonePe as Mobile Wallet and pay directly through your bank account, credit card, debit card, and UPI method.
To make Payment through PhonePe, you have to link bank accounts and after that, you can easily transfer money, pay bills, and also recharge online in a simple and convenient way using your SmartPhone.
One Question you might think, Why should I use this Payment Application? How secure this Application is? To answer these questions I will only say that PhonePe has a legal Licence for money transferring that is received on 26 August 2014 the company has partnered with Yes Bank to launch a mobile payment app based on the government-backed UPI platform and, in April 2016, the PhonePe company was acquired by Flipkart. Now, It provides an online payment system based on the Unified Payments Interface (UPI), a new process in electronic fund transfer initiated by the National Payments Corporation of India (NPCI).
How to create an account on PhonePe app
Before making any payment with PhonePe, you must have an account and now you are thinking about how to create an account with PhonePe? So, account creation takes a small amount of time you just have to follow very simple steps given below. Before that, there are some important things you must have for account creation.
- The bank account linked with a mobile number or registered mobile number.
- Along with that, you must have a debit or credit card of the bank account.
Now, if you are fulfilling the above requirement then just follow these steps to create an account to grab its features.
- First of all, install the Phone pe app from Google Play Store[Download PhonePe].
- After that, open the PhonePe app and click on Register now.
- Now, you have to enter your mobile number(Registered with the bank account).
- An OTP will be sent to your phone and your PhonePe will verify it automatically.
- After your mobile number verification, you have to enter your full name, email ID and set a 4 digit pin(this pin will be required while opening your PhonePe app so that no other one can open your Phonepe Application).
- Done, you have created an account with PhoenPe.
Now, you have created an account with PhonePe which will allow you to recharge your mobile, DTH, gas bills, School Fees, Internet data, electricity bills, Water bill, postpaid bills, landline, and Life insurance policy payment. Now, you might think that Is this account is enough for transferring money, the simple answer is No. To transfer money from your account to another account you have to Link your bank account with PhonePe.
How to Connect PhonePe app with your Bank Account
As we earlier mentioned that to Connect your bank account with PhonePe, you must have a debit or credit card. Now, just follow the below steps to connect your bank account with PhonePe.
- Before Jump, on these steps, you must have to follow the above steps to create an account with PhonePe.
- Now, you just click on the My Money button given on the bottom navbar.
- Here, you can see Payment Methods just Select Bank Accounts.
- Now, Tap on ADD NEW BANK ACCOUNT.
- Select your Bank from the given list. (e.g. If you have an account with SBI then select SBI)
- PhonePe will automatically fetch your Bank Account linked with a given mobile number.
- After selecting a SIM, an SMS will be sent to your mobile number. And the number to which you will send SMS, it is necessary to have a balance on that number and that mobile number should also be registered in the bank.
- It will only show Bank Account if you have any Bank Account linked with your given mobile number.
- After selecting the bank account, now you have to set a UPI Pin. After this, you click on set UPI Pin. And if you have already set UPI PIN then click on I HAVE UPI PIN.
- SetUp 6 or 4 digits UPI pin. ( Reenter your UPI pin. Note: UPI pin acts like ATM pin so don’t share this pin with anyone)
- Fill your last 6-digits of debit or credit card.
- Verify it through OTP.
- Here, you have done with UPI Pin Setup. Now, you can easily transfer money to any other account in just a few clicks.
- Now you have to make the first payment, you will get a cashback of 80 rupees while making the first payment. If you are transferring 200 rupees to someone using UPI, then you will get a scratch card of 80 rupees.
Refer & Earn ₹100 Per Referral
Now, you can also earn an amount of ₹100 by referring this app to your friends and relatives. PhonePe gives a reward of ₹100 if you refer this app to another person and that person will start to use this app. For referring this app, you have to just follow these simple steps
- Firstly, Go to the PhonePe home screen[Download Now].
- Now click on PhonePe Refer & Earn Sectio
- Share PhonePe Refer & Earn Link With Your Friends.
- Every Time when your Friends Will Join PhonePe and do First Transaction Of Rs.150. Then, You will get an amount of Rs.100 And Your Friend Will earn up to Rs.1000 )
Features of phonepe app
- It saves your time as you can recharge your mobile, DTH, gas bills, School Fees, Internet data, electricity bills, Water bill, postpaid bills, landline, and Life insurance policy payment.
- You can safely transfer a maximum of 1 lakh rupees in a day to any bank account.
- You do not have to pay any additional charge to transfer money from one account to another, unlike Paytm.
- The Phone Pe app allows you to check the balance of your bank account.
- You can Link many Bank Accounts in a Single Application.
- Only you can send and receive money using your virtual ID(UPI) or mobile number.
- If you don’t have a UPI option then don’t worry you can easily transfer money to another account only having Account Number, IFSC code, Account Holder Name, Mobile Number(optional).