Just days after the National Payments Corporation of India (NPCI) made live the Unified Payments Interface (UPI), we have our first digital wallet service utilizing the new payment system.
Flipkart owned FX Mart Pvt Ltd has launched India’s first UPI-based mobile payments app – PhonePe. The mobile digital wallet app allows you to receive or transfer money to your family and friends directly from your bank account, securely and instantly.
The best part is that you won’t need to wait for the OTP codes or top up your wallet balance or even enter the lengthy bank account details of your friend to transfer the money. All transactions are done directly from your linked bank account.
The wallet is powered by Yes Bank and licensed by the Reserve Bank of India for issuance and operation of a semi-closed Prepaid Payment system.
Get started with PhonePe
To get started, download the PhonePe app from Google Play store and sign up with your mobile number. Once the account is created and activated, link your bank account with PhonePe. Do note that currently, only
Do note that currently only 21 banks in India support the UPI payment system. Still, you can add any bank account with PhonePe, which can be then only used to receive payments or withdraw your wallet balance to your bank.
Once you have successfully linked your bank account with PhonePe you can start spending. You can send money to your friend by just knowing his mobile number or virtual payment address (VPA). Other than sending and receiving money, you can also use PhonePe to do mobile recharges, utility bill payments, split bills, check your bank account balance and more.
There is no long waiting for OTP every time you do a transaction. Instead, you can use your bank’s MPIN (work as a security password just like an ATM pin) to do that transaction. All transactions are done over NPCI’s secured network, so you can be double assured about the security.
One added advantage of using PhonePe is that you won’t need to top-up or keep balance in your virtual wallet. As PhonePe uses your linked bank account to make all payments. You can also use the PhonePe wallet to receive instant refunds and cashback while shopping on Flipkart, Myntra, and many other websites.
PhonePe Features
- Unified Payments Interface (UPI) based payment app.
- Linked directly to your bank account.
- Hassle-free, secure payments directly from your bank account 24/7.
- No OTP needed, as you can use your bank’s MPIN to do transactions.
- PhonePe wallet used to receive instant refunds and cashback.
- Can withdraw your PhonePe wallet balance directly to your bank account instantly for free.
- Use it for mobile recharges, utility bill payment easy transfer to friends and family, request money, split bills and more.
To get started, Flipkart has upgraded its recently launched Flipkart Money digital wallet service to PhonePe wallet. You can redeem your wallet balance on Flipkart, Myntra and many other websites and mobile apps.