Founded by Sameer Nigam, Rahul Chari, and Burzin, Engineer, PhonePe is India’s leading digital payments platform. It has a market share of over 40% in UPI transactions.
The app is built on the Unified Payment Interface (UPI), which allows you to transfer money between bank accounts without sharing your credit card details or IFSC codes. It also allows you to link multiple bank accounts with the PhonePe app to use them for transactions.
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It is a mobile application
Phonepe is a mobile application that allows users to recharge their phones, pay utility bills, shop online and offline, and much more. It also provides a UPI platform that enables customers to transfer money from one bank account to another with their mobile number or virtual ID.
The app is available in over 11 regional languages and is available for both iOS and Android devices. It is a popular payment service that has over 5 million transactions per month.
It has been around since December 2015 and was founded by Sameer Nigam and Rahul Chari. It is based in Bangalore and offers a range of features that allow customers to make payments through their smartphones.
The app is a centralized solution for all UPI transactions, and it supports over 30 central banks, including SBI, HDFC Bank, ICICI Bank, and many more. It also provides a digital wallet to store cashback and receive refunds from Flipkart and Myntra.
It is a payment platform
The app allows users to transfer money from one bank account to another and offers many other features. These include buying groceries, insurance, gold, and loans.
PhonePe is a UPI-based payment system that allows customers to pay for products and services online or in person with a simple smartphone. It also provides cashbacks for certain purchases and does not charge a fee when regressing funds to the user’s bank account.
This payment method is a good choice for merchants that want to cater to a large consumer base. It is safe, secure, and easy to use.
In addition, it does not require users to register a bank account or provide credit card information or a net banking password. This makes it easy to use, even for customers who have never used an e-wallet.
The company also recently added a tab on its website for merchants to process payments through its payment gateway. This development will likely help the Walmart-backed firm compete with competitors like Paytm, Pine Labs, and Razorpay.
It is a wallet
Phonepe is a UPI-based wallet that allows you to send and receive money through your bank account. It is a secure and convenient way to transfer funds without bank account numbers or IFSC codes.
However, certain limits exist on the amount of money that can be added to your wallet. These limits are set by the company as well as your bank.
For example, you can only add Rs 10,000 to your Phonepe wallet per month and up to Rs 1,20,000 annually. Depending on your bank, you can only transfer a maximum of 10 or 20 times daily.
You can use your PhonePe Wallet for making payments online and offline at merchants using the UPI or Wallet. In addition, you can transfer money to your friends and family through UPI.
Using OTP verification, you can also link your FreeCharge, Airtel Money, or JioMoney Wallets with PhonePe. Once connected, your wallet balance will automatically transfer to your primary linked bank account on PhonePe.
It is a financial service
Phonepe is a digital payments platform that offers a wide range of financial services, including money transfers, recharges, and bill payments. It is based on the Unified Payment Interface (UPI), an instant real-time electronic payments system developed by the National Payments Corporation of India (NPCI).
Through UPI, users can transfer funds to their friends and family using mobile numbers or VPAs (Virtual Payment Addresses), unique identifiers for initiating send/receive requests. These identifiers are unique to each user and can be created during registration.
The company has a solid customer-first approach and aims to deliver a seamless experience to its users. It partners with banks and merchants to expand its services and user base to achieve this. It also uses targeted marketing strategies to raise awareness and drive user acquisition. In addition, it offers 24/7 customer support through email, in-app help center, and social media channels.