Seven things to know about the PhonePe app from Flipkart

 Seven things to know about the PhonePe app from Flipkart

What you're missing if you haven't heard of PhonePe is this. Are you unsure of how to handle the cash shortage in light of the demonetization of the ₹500 and ₹1,000 notes on November 8 and the lengthy lines at ATMs to withdraw cash? Fortunately for you, hope exists outside of money. The future is, in reality, a cashless digital payments economy. And leading this ground-breaking transformation is Flipkart's PhonePe.

Flipkart provides a variety of payment options, including as credit and debit card payments, online banking, and card-on-delivery, to enable you to satisfy your desires at various times. The PhonePe wallet app is the newest product from Flipkart, designed to make online payments more easier. PhonePe, which was developed in collaboration with Yes Bank, enables you to safely connect bank accounts to your smartphone using encrypted software from National Payments Corporation of India.

How to Utilize PhonePe

Use the app to manage all of your financial transactions by downloading it from the Google Play Store and using it as an online wallet. All consumer refunds on Flipkart and Myntra are now handled via PhonePe, which has taken the position of Flipkart Money and Myntra cashback.

These are the top 7 aspects regarding PhonePe that you should be aware of:

1. One of the earliest UPI applications in India was PhonePe.

PhonePe operates on the Unified Payment Interface (UPI) platform, which is supported by the government. UPI: What is it? With UPI, you may transfer money between bank accounts of any two parties using unique identifiers such a cellphone number or VPA (a unique payment address) without needing to provide an account number or an IFSC code. UPI is based on the IMPS (Immediate Payment Service) infrastructure. permits doing. Transferring money is made simple as a result of this. To rapidly transfer money to the recipient's bank account, just provide their cellphone number or virtual payment address!

2. No need to swap bank account information

Approximately thirty prominent institutions, including those with extensive networks like State Bank of India, HDFC Bank, ICICI Bank, Standard Chartered Bank, and others, are now operational on the UPI platform. All you need to do to get your bank account data from your bank over a secure network is share (and verify) your cell number and bank name with UPI when you connect your bank account to your PhonePe app. You are unable to connect your bank account to the PhonePe app if it is not active with UPI. However, you may get the reimbursement from Flipkart/Myntra in your PhonePe wallet.

3. Say goodbye to various methods of authenticating

You may send and receive money immediately using a VPA (Virtual Payment Address) with the PhonePe UPI app. It follows that money transfers between any two bank accounts are possible. You may use your bank account to pay physical and online retailers directly. The greatest thing is that you don't have to provide any information at all, including your bank's IFSC code, credit or debit card information, or a one-time password.

4. Don't stress about putting plenty of cash in your wallet.

There's another feature of the PhonePe app that you'll like. It's not necessary to add money to your wallet. Instead, you may use your virtual ID or your cell number—which is the same number that is linked to your bank account—to make the payment directly from your bank account. This implies that you won't have to worry about depleting your wallet or having to finish the procedure of topping it up before making a purchase.

5. Simple bill payment, recharge, and money transfer

Pay your utilities and postpaid bills using the PhonePe app. You can also use it to replenish your DTH, data card, and prepaid cell number. Enter the name, number, or VPA of a loved one to send or request money. After a movie, are you willing to divide the cost of the popcorn with your friends? The PhonePe app lets you do this as well! In order to make a payment, you may also scan the QR code or check the amount in your bank account.

6. Free, safe, and secure

With the PhonePe app, transactions are free. Flipkart now allows you to swap or return orders, and you may get your money back in your PhonePe wallet. Also, there are no additional fees when you directly transfer the money from your wallet to your bank account.

CallPe is completely safe. That's run by Yes Bank. The app does not keep any user information or passwords; all payments are made via secure banking networks. For every transaction, all you have to do is enter your MPIN, which is unique to you. You should never divulge your MPIN to anybody for security reasons.

7. Legality and Easy Limits

Did transaction limitations ever cause you any trouble? Those are the distant memories. You may simply do big purchases using PhonePe. A maximum of ₹1 lakh may be spent on each transaction. It is practical as well as ample. Additionally, you might benefit from a longer wallet balance validity period. You may be sure that your PhonePe wallet will be alive and that the amount won't expire if you transact at least once every two years.

How to begin

PhonePe is presently accessible to iOS and Android users. Android users, please install the app on your device after downloading it from the Google Play Store. You may register for the private beta of iOS here.

Launch the application and confirm your phone number (the number you registered should match the one linked to your bank account).

To activate your wallet, provide your name, email address, and four-digit password.

To begin the process, choose 'Create new VPA'.

By selecting your bank, you may link your bank account to the app, and it will instantly get the information.

Verify your bank information, then use the app to send and receive money and carry out online transactions with ease.

Five lakh downloads of Flipkart's PhonePe app have been made from the Google Play Store so far. Please download it right now if you haven't already! Additionally, on your first UPI transaction, you may get up to Rs 100 off*.