Here in this article, we will explain in detail, how you can transfer money from a Phonepe wallet to a bank account. Before this, we will give an overview of what is Phonepe wallet and how to use it.
What is Phonepe Wallet
As mentioned above Phonepe is a mobile payment service that gives smartphone users to make payments at any place without any contact or use of credit/debit cards or any cash. In addition to making various transactions like doing online shopping, recharging mobile, recharging DTH, booking moving tickets, and more, it is also possible to transfer money to your friends and relatives.
With the help of Phonepe, you can make payments anytime and anywhere. Phonepe wallet is like a virtual credit or debit card.
So in short you can take advantage of the following services by using Phonepe wallet
- Pay at any shop or store.
- Book online movie tickets, Train tickets, Flights
- Recharge Mobiles, DTH
- Pay electricity bills, Book Gas Cylinders
- Pay Credit Card Bills
- Transfer money to your friends or relatives on their Phonepe account or on any bank account.
How to create an account on Phonepe and Use it
Before transferring money from Phonepe to any bank account, you must have an account on Phonepe for which you have to follow the below steps:
- You need to download the Phonepe app from Google Play Store(for Android) or App Store(for iPhone).
- After downloading the Phonepe app, open it, and then you will see the ‘Login to Phonepe’ option on the top left side.
- Under this option, there are two further options i.e ‘Login’ or ‘Create a New Account.
- Choose the ‘Create a New account’ option.
- Click on the blue ‘Proceed Securely’ button after entering your Mobile Number.
- You will receive an OTP on your mobile number, which you have to Confirm after entering a specific field.
- Now your account with Phonepe will be created and you can use it for any online transactions by adding and linking your bank account.
Steps to transfer money from Phonepe to a bank account
Phonepe came into the limelight after the Demonetization in India in the year 2016. By having an account on Phonepe you don’t have any need to keep the cash with you. Whether you want to send money to some, do online recharge or want to do online shopping then all these things can be done instantly using Phonepe wallet. Phonepe has now incorporated with many major banks in India and anyone having an account on Phonepe can easily transfer money from his Phonepe wallet to any of these banks.
Follow the below steps to transfer money from Phonepe to a bank account
- Open the Phonepe app on your Mobile Phone.
- On the Home screen, you will see an option ‘Send Money to Bank A/C’
- After clicking on the above option, you will see many other options on the next screen, like ‘To Own Account’, ‘To Mobile Number’, ‘To Bank Account’,’To UPI ID’
- From these options, you have to choose the ‘To Bank Account’ option.
- In the next window, you will see the ‘Enter Bank Account No./UPI ID’ field under the ‘Sent Money to Bank Account’ heading.
- If you want to send money to any UPI ID, then enter UPI ID in this field, otherwise enter the Bank account number on which you want to send the money, and then Tap on the ‘Proceed’ option.
- Now you have to mention the amount that you want to transfer to the bank account.
- In the final step you will have to enter the UPI PIN and then click on the ‘Confirm’ button.
- Once you click on the ‘Confirm’ button, then money will be instantly transferred to the mentioned bank account.