What is PhonePe
PhonePe is a digital wallet platform that was founded in December 2015. PhonePe was founded by Sameer Nigam who is the founder and CEO (Chief Executive Officer) and Rahul Chari, the co-founder and CTO (Chief Technical Officer).
Both the founders are former Flipkart executives and so PhonePe was bought out by Flipkart in 2016. Later in August 2018, Flipkart was acquired by Walmart for $16 billion and so PhonePe is a part of Walmart.
The headquarters of PhonePe is located in Ashford Park View, Bangalore, Karnataka, India. Solvy Tech Solutions Pvt Ltd is a subsidiary of PhonePe.
Advantages
Easy transaction limits is one thing why a lot of people use this wallet. With PhonePe, you can easily transfer big accounts. In one transaction, you can send amounts upto 1 lakh rupees.
You can also enjoy long validity of your balance. You have to make any transaction at least once in two years to be guaranteed that your PhonePe wallet will be active, and the balance will not expire.
A major con
One major disadvantage of this wallet is that once you have deactivated your account, you can’t use it again. This is true with all wallets but in this one, you can’t get your money back. So if you have accidentally closed your account (which some people have done) and have an amount of ₹3000 in the wallet, then that’s it, you have lost your money.
A statement from PhonePe said, “Once your wallet is deactivated it cannot be reactivated again. Once the wallet is closed, you will not be able to receive the money into the wallet (cashback or refunds) and add money (top-up). Once the wallet is closed, currently the same cannot be reactivated.”
Phonepe’s digital gold
Phonepe has become the largest platform for buying digital gold with over 35 per cent market share. It launched the gold category in December 2017. Phonepe said that the gold bought on PhonePe is 24K real gold and can be bought anytime, according to the customer’s budget, starting as low as ₹1. Over the last few years, phonepe has partnered with gold and silver providers SafeGold and MMTC-PAMP to allow users across the country to buy online gold.
Customers can also ask and get doorstep delivery in the form of gold coins or gold bars, starting from as low as half a gram. Customers from over 18,000 pin codes across India have bought gold on PhonePe so far.
Phonepe has said that it has seen more than 6X jump in the quantity of gold sold in the festival season, that is 21 days starting from Dussehra to Diwali.
Add a Bank account to PhonePe in 4 simple steps
In PhonePe, you can link your bank account. This allows you to pay directly from your bank account with the help of a UPI pin. You can add multiple bank accounts but only keep a single primary account. Your primary account is the default account to make payments and receive payments in PhonePe.
The steps to add your bank account are:
- Go to the “My money” page. Below Payment Methods, click on Add Bank Account.
- Click on Add New bank account at the bottom of the page.
- After you select your bank, PhonePe will fetch your linked bank account by sending an SMS to your phone number. You must choose your sim card and continue. Then, choose your primary account and click continue.
- Click on Set BHIM UPI pin. You will then need to enter the last 6 digits of your debit/ATM card and the expiry date of your card. Maestro debit cards don’t have expiry dates. In that case, you can use 01/49 as your expiry date. Or else, you can try 00/49. Then enter the OTP and your ATM pin. Finally, set the UPI pin and click enter.
Congratulations! You have successfully added your bank account to PhonePe.
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