Discover a Hassle-Free Way to Transfer Money from PhonePe Wallet to Bank Account and More!
PhonePe, established in 2015, ranks among India's premier digital wallet platforms. Interestingly, its official website, PhonePe Pulse, reports that Q3 2021 saw over 32.84 crore registered users on PhonePe, who together conducted more than 2,000 crore transactions. Of these, peer-to-peer payments accounted for roughly 221.56 crore transactions, implying that most users maintain a balance in their PhonePe wallet.
Are you looking to delete your PhonePe account? Check out the details here: Steps to delete PhonePe account, unlink bank accounts, and more
What if you face an urgent need for cash but the merchant doesn't accept transactions via PhonePe? In the past, transferring your PhonePe wallet amount to your bank account was simply not an option. However, with PhonePe's new feature, users who have completed the KYC process can readily transfer their PhonePe wallet amount to their bank account. To learn more about PhonePe Wallet and transferring your PhonePe Wallet amount to your bank account, read on.
Transferring PhonePe Wallet amount to your bank account is a cakewalk for PhonePe users!
What exactly is a PhonePe Wallet?
According to PhonePe's official website, a PhonePe Wallet is "a semi-closed prepaid instrument issued by PhonePe as per the rules and procedures defined by Reserve Bank of India (“RBI”) and shall refer to Minimum details Prepaid Instrument and KYC Compliance Prepaid Instrument, unless specified." Put simply, a PhonePe wallet is a versatile digital tool that allows users to top up their balance and make payments to merchants, peers, and anyone else they want to make payments to. PhonePe's unique auto top-up wallet feature mandates a one-time UPI e-mandate to top up your PhonePe wallet balance seamlessly whenever the balance goes low. This enables users to make purchases from their PhonePe wallet without worry.
How can you use PhonePe Wallet money?
PhonePe Wallet provides a wide range of payment options, including quick recharge, bill payments, movie ticket bookings, and in-store purchases. To make payments from your wallet, start by going to the PhonePe app and selecting the service of your choice from the menu on your home screen. Before using the wallet, however, you must top up your balance, which you can do using the following steps:
- - Open the PhonePe app on your Android or iOS smartphone
- - Complete OTP verification to log in
- - Click on the profile icon in the top-left corner
- - Tap on the top-up button next to the PhonePe wallet option
- - Enter the amount you want to top up with
- - Proceed to complete the transaction and click confirm
Please note that your PhonePe wallet will initially be deactivated and that you will need to complete KYC and add some balance to activate it. Once your KYC process is complete, you can scan QR codes at stores to make payments and use various features within the app to pay your bills and recharge, among other things.
Also read: How to complete PhonePe KYC on your smartphone in a few easy steps
Guide on Transferring Money from PhonePe Wallet to Bank Account
PhonePe has introduced a new and easy way to transfer funds from your wallet to your bank account. It is important to note that you must complete the KYC process on the app before proceeding. Assuming you have done so, follow the simple instructions below to transfer money from your PhonePe wallet to your bank account.
1. Open the PhonePe app on your phone
2. Go to the My Money section
3. Head to PhonePe wallet in the Wallets/Gift Voucher section
4. Tap on the Withdrawal tab
5. Drag the wallet icon down and drop it on the bank icon
6. You must add a bank account on PhonePe to complete the transfer. Once added, the money will be sent to the primary linked account. Additionally, keep in mind that the cashback balance cannot be withdrawn from the PhonePe wallet.
Exciting Offer on Adding Money to PhonePe Wallet
PhonePe is offering a flat Rs 100 cashback on the first automatic wallet top-up. To redeem this offer, users must activate the automatic top-up feature. The cashback will be automatically applied to eligible payments once the feature is activated. This offer is only available to select users and expires on October 31st, 2021 at midnight.
Setting Up Automatic Top-Up for PhonePe Wallet
Setting up automatic top-up for your PhonePe Wallet is a simple and hassle-free process. Follow the steps below to enable the feature.
1. Open the PhonePe app on your Android or iOS smartphone
2. Complete the OTP verification to log in
3. Click on the Profile icon located in the top-left corner
4. Tap on Top-up under the Payment Methods section
5. Enter an amount less than Rs 500 and click on Topup Wallet
6. Enter your preferred wallet auto top-up amount
7. Select your preferred bank account
8. Tap on Topup & set Auto Top-up
9. Enter your UPI pin
10. Your automatic wallet top-up is now active. You can check your auto top-up settings from Profile icon>Payment settings>PhonePe Wallet>AutoPay settings.
Is KYC Mandatory for PhonePe Wallet?
If you are using UPI or paying with a credit/debit card directly on the PhonePe app, KYC is not required. However, according to RBI guidelines, KYC is mandatory to use PhonePe Wallet. Users must provide details of at least one government-issued ID such as PAN card, passport, NREGA job card, voter ID card, or driver's license.
Step-by-Step Guide on Transferring Funds via PhonePe to Any UPI ID
To transfer money with PhonePe via any UPI ID, follow the steps outlined below:
1. Open the PhonePe app and go to the money transfer section
2. Click on the ‘To Contacts’ option
3. In the search bar, enter the receiver's UPI ID
4. Select the UPI ID and click on ‘Verify’
5. Enter the desired transfer amount and click on ‘Send’
6. Enter your UPI PIN and click on ‘Submit’
Is it Possible to Utilize PhonePe Wallet without a Bank Account?
Yes, it is possible to use PhonePe wallet even without a bank account.
What is the Procedure to Redeem Rewards Acquired from Online Transactions on PhonePe?
Redeeming rewards on PhonePe is a hassle-free automated process. Simply locate and tap on the ‘Avail Offer’ button for any offer you have received from the Rewards section in your PhonePe application. The app will automatically apply it to any applicable payment that you make, ensuring that earned rewards are put to great use.
After the said operation is done, the sum of money will be debited from your bank account and credited straightaway to the beneficiary's UPI ID-linked account.
10th Grade Science: Life Processes with Complimentary Ncert Solutions 2023-07-25 00:51:45
Solution: The inner lining of the small intestine undergoes a structural modification, forming villi, which are finger-like projections. These villi serve to increase the surface area for the absorption of digested food. Furthermore, they have a high vascularity, meaning they are well-supplied
Creating a Lovely and Simple Homemade Rakhi 2023-07-25 00:50:08
Creating Your Own Homemade RakhiThe glimmer in your eyes and the fervent desires in your heart paint a clear picture: you're filled with ideas for surprising your loved ones on Raksha Bandhan! Are you aware of what that entails? It means that Raksha Bandhan is fast approaching, leaving us with limited
10th Grade Science Life Processes: Access Ncert Solutions for Free 2023-07-25 00:03:33
Solution: The inner lining of the small intestine undergoes a transformation into tiny finger-like projections known as villi that enhance the surface area for the absorption of digested food. These villi are abundantly supplied with blood vessels, making them highly vascularized. Additionally,
10 Years - Information on Wikipedia 2023-07-24 02:56:26
A decade, which comes from the Ancient Greek word δεκάς (dekas) meaning 'a group of ten', is a span of ten years. Decades can refer to any period of ten years, whether it is someone's lifespan or a specific grouping of calendar years.Usage:Any period of ten years is considered a "decade". For