PhonePe is one of India’s top digital payment platforms that lets you send money to bank accounts and between parties. You can do so without disclosing personal information like your account number or the IFSC codes. However, to wire money, you must have access to the receiver’s mobile number and virtual payment address.
Money transfers through PhonePe take only a few seconds. So in actuality, PhonePe is the simplest method of sending money. However, it’s important to note that financial technology software lets you link two bank accounts to gadgets.
Additionally, you can add several bank accounts. You must, however, follow these instructions to connect your bank account to PhonePe and check your balance.
How to Check Your Bank Balance on PhonePe
Open the PhonePe app on your Android or iOS smartphone. Now, press “Bank Balance” on the app’s home screen under the “Transfer Money” section.
Next, choose the bank account you want to view the balance for. Then key in the account’s BHIM UPI (Unified Payment Interface) pin. Your current bank balance will be displayed on the screen.
How to Add a Bank Account to PhonePe
- You can access the menu by touching the icon in the top-right corner of the screen.
- Click the “Add New Bank” button in the bank account area.
- Choose the bank you want to be associated with from the given list.
- Your account information will be instantly retrieved by PhonePe and connected to your account.
- By tapping the “Set UPI PIN” option, you can set your UPI pin.
- Enter your card information (expiration date and the last six numbers of your debit or ATM card).
- Set your UPI pin and enter the one-time password (OTP).
- You can now use your UPI pin to make direct transactions when your bank account has been successfully connected.
How to Make PhonePe UPI Payments?
Making UPI payments using the PhonePe app is as easy as ABC. Follow these easy steps to make UPI payments instantly:
Step1: Open the PhonePe app as the first step. Go to “UPI Bank Accounts” after you choose “My Money.”
Step 2: Click “Add New Bank Account” and select your bank.
Step3: Enter the phone number that is linked to your bank.
Step 4: After the app verifies the bank account, you can view your bank details.
Step 5: Choose “Set BHIM UPI Pin” and enter the information asked: the last six digits of your card and its expiration date.
Step 6: After the app verifies your card, an OTP will be sent to your phone. Here, enter the OTP and card pin.
Step 7: Create a new UPI pin in step seven. The BHIM UPI ID will be attached to your bank account.
Consider using PhonePe exclusively for all of your monetary transactions. First, the “Know Your Customer” (KYC) procedure must be successfully completed. With the help of the PhonePe application software and your smartphone, you can quickly achieve this task online. This service is free, and there are no extra charges.
How to Finish Your PhonePe KYC
If you are looking to finish the PhonePe KYC procedure, you must take these steps in the following order:
Step 1: Open the PhonePe app on your smartphone.
Step 2: Log in to your PhonePe account using your login credentials.
Step 3: Tap the “My Money” tab at the bottom of the app.
Step 4: When given the option “Wallets/Gift Vouchers,” choose “PhonePe Wallet.”
Step 5: Select “Continue” from the “Complete Your KYC” pop-up.
Step 6: Choose “Provide Basic Details” in step 6.
Step 7: To view a list of papers you can select as a verification option, click the drop-down menu. Please pick one from the list.
Step 8: Submit the required data for verification.
Step 9: When done, the screen will display “Basic Details Updated Successfully.”
You will receive a notification on your registered cellphone number after the KYC procedure for your PhonePe account has been successfully completed.
Features of PhonePe
Recharge and pay bills
PhonePe allows you to recharge your cell phone and pay utility bills, just like other mobile wallet apps available on the market. Using this software to recharge your phone is quite simple. Go to the “Recharge” page, input the desired amount, select your bank account, and click “Pay” to complete the transaction.
PhonePe to split a bill with a friend
How do you split the bill when you go out to dinner, to the movies, or on a trip? On PhonePe, this function is easily achieved. First, go to the “Split a bill” option to divide a bill. This is a simple and practical way to divide costs when you go out with a group.
Send and transfer money using QR codes
The PhonePe software also offers the capability of sending and receiving money using a QR code. Use the smartphone’s camera to scan the QR code and send or receive money instantly.
Single app for UPI transactions
The app’s primary benefit is that it serves as a one-stop shop for all UPI transactions. This implies that you can use the PhonePe app to link several bank accounts in the same app, even if you have accounts with several different banks. When you have PhonePe, you don’t need multiple apps for every bank.
A mobile payment platform called PhonePe makes it possible to recharge phones, transfer money through UPI, pay utility bills, and access other services. To use PhonePe, which uses the UPI system, you only need to generate a UPI ID and enter your bank account details. In addition, because money can be safely and securely taken out of your bank account with a button, there is no need to reload the wallet.