If you have not heard of PhonePe, this is what you are missing out on. In fact, a digital cashless payment economy is the future. PhonePe from flipkart is at the forefront of this revolutionary change. To fulfill your desires at different times, Flipkart offers multiple payment methods that include COD, Internet banking, or credit and debit card payments. To simplify online payments, Flipkart offering the PhonePe wallet application. Launched in partnership with YES Bank, PhonePe allows you to link bank accounts. Download the app from the Google Play Store and use it as an online wallet to handle all your transactions.
Things you should know about PhonePe wallet
1. PhonePe is among India’s first UPI apps
PhonePe is based on the Government backed Unified Payment Interface (UPI) platform. UPI is based on the IMPS (Immediate Payment Service) infrastructure and allows you to transfer money between two parties bank accounts by using unique identifiers such as mobile number or VPAwithout using the account numbers or IFSC codes. This makes it easier to send or receive money. Simply enter the mobile number of a receiver and send money instantly to your bank account!
2. No need to exchange bank details
About 30 major banks are live on the UPI platform, including banks with large networks such as State Bank of India, HDFC Bank, ICICI Bank, Standard Chartered Bank and more. When you link your bank account to your PhonePe application, all you need to do is share (and verify) your mobile number and bank name, and UPI will retrieve account details from your bank through a secure network. If your bank account is not active with UPI, you cannot add your bank account to the PhonePe application. However, you can receive refunds of Flipkart / Myntra in your PhonePe wallet.
3. Multiple authentication
Through the PhonePe UPI application, you can instantly send and receive money using a VPA ( Virtual Payment Address). This means that you can also transfer money between two banks accounts. You can also pay directly from your bank account to online and offline merchants. The best part is you don't need to enter credit or debit card details, only one time password, your bank's IFSC code or any other detail Read more...
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