In today’s fast-moving life, no one likes to wait in long queues in banks to transfer or to withdraw money. So PhonePe is one such method that gives the users facility of making transactions without going to banks. PhonePe was launched in India in the year 2016 after the demonetization which is UPI based mobile application.
PhonePe is a digital payment method that allows someone to make online payments without cash or contact. Phonepe simply works by linking your Debit Card, Credit Card with the PhonePe mobile app. After linking or adding your bank account into the PhonePe app, you can make online payments at various places like Physical shopping centers, eCommerce websites, make payments for electricity bills, Water bills, movie tickets, flight tickets, and a lot more.
Before the use of mobile payment apps like PhonePe, you had to keep the cash with you or should have a credit or debit card to make payments at any shopping place or for any other above mentioned tasks
How to Make payments using PhonePe
Making a payment with Phonepe is very simple and it allows anyone having a smartphone with a good internet connection to make payments contactless within 1-2 minutes. Follow the below steps to make payments using PhonePe.
- In order to make any transaction using PhonePe, you must download this app from Play Store or App Store depending upon the device that you using i.e either Android or iOS
- After downloading the PhonePe app, you have to register for it.
- When you are registered, then you will be asked to link your bank account by using either credit card or debit card details.
- Once you have entered your credit card/debit card details you are ready to make online payments using PhonePe.
Benefits of Using PhonePe
There are many benefits when you make a payment using PhonePe. Some of these benefits are:
- You can make contactless payments using PhonePe as there is no need to take out your credit card or debit card and touch it with the payment machine.
- All the transactions made through PhonePe are totally secure and safe because your details are protected by various layers of security.
- You can make quick payments at any eCommerce platform or any physical stores where payments are accepted through UPI-based apps.
- Setting up an account on PhonePe is a very simple and fast process and you don’t have to go anywhere for creating an account on it.
- No extra fees are charged for paying through PhonePe.
List of PhonePe Supported banks
PhonePe supports a large number of banks that you can link with it. Some of the banks that are supported by PhonePe are:
- SBI Bank
- HDFC Bank
- YES Bank
- ICICI Bank
- AXIS Bank
- Kotak Mahindra Bank
- Bank of Baroda
- Bank of Maharashtra and more.
Steps to add a bank account in PhonePe
In order to make online payments through PhonePe and to do other transactions through PhonePe, you must have to add your bank account in PhonePe. Follow the below steps to add your bank account to PhonePe.
- Download and Install the PhonePe app on your Smartphone.
- After installing, make registration into the PhonePe by entering your Mobile number and other details like Email address, Name and set up your 4 digit PIN which is later used as the password for login into PhonePe
- Follow the further instructions and then your account will be set up at PhonePe.
- When the registration at PhonePe is done, you will have to log in.
- After login, you will see a three bars icon at the upper right-hand side of the screen.
- When you click on this option, you will see the “Add New Bank” option.
- Here you will see a list of various banks.
- You have to choose the bank that you want to add or link with your PhonePe account.
- As soon as you choose the desired bank name from the list, PhonePe will verify this bank account and collects your bank details.
- After verifying the bank account, an OTP will be sent to your registered mobile number.
- You have to enter this OTP along with the last six digits of the Debit Card number to set up the UPI PIN for PhonePe.
- Once you have completed all the above steps, your bank account will be added to PhonePe.
- You will also receive a confirmation message when your bank account will be linked to PhonePe.