Digital initiatives such as PhonePe have made it extremely easy for individuals to carry out financial transactions. As a result, individuals and organisations have started accepting transactions through various payment mechanisms such as e-wallets and UPI based payment mechanism.
PhonePe is one such UPI based payment app that makes it extremely easy for individuals to carry out transactions. One can download the app from the Google Play store or app store and start using it.
You can use PhonePe to send money, recharge your prepaid mobile, pay your utility bills, do the shopping and pay for your travel expenses. You can also pay your credit card bills and insurance premiums.
What makes PhonePe different from other payment mechanisms such as Paytm and Freecharge is that PhonePe is not a wallet. The money lies in the savings account. That means that you don’t have to fund your wallet regularly. The money is in your savings account and continues to earn a specific interest rate that is given by your bank. The different bank gives a different interest rate on their savings account.
A higher rate of interest on your savings account means that your money will grow faster than in your bank. Click here to know about the highest interest rate that is given by the top banks.
The PhonePe App will take care of all your transactions and payments. Utility bills, mobile & DTH recharge, sending and receiving money, settling your credit card dues, and paying your insurance premiums, you can do almost all the things on PhonePe App.
As PhonePe is not a wallet, all the money lies in your savings account. This means that you don’t lose on the interest rate given by your bank. Your bank account needs to be linked with the app to work smoothly.
The app is available in multiple languages such as Kannada, Marathi, Bengali, English, Hindi, Tamil, Gujrati, Telugu, Malayalam, Assamese and Odia.
The app is not just for paying bills and transferring money, it has integrated 25 other apps such as Goibibo and OYO.
PhonePe also comes in use to split a bill with your friend for dinner, movies or a trip. Go to the ‘Split a bill’ option in the PhonePe app. This will help you to split your expenses when you go out as a group.
You can also link more than one savings bank account. Here are the steps that you need to take add more bank accounts with PhonePe.
PhonePe is a payment app that encompasses different aspects as well. One can book flight tickets through online travel apps without installing the other app or moving out of PhonePe App. This increases the convenience of individuals. It is an all-in-one app. However, just like other payment apps, it also comes with a maximum limit on the quantum of transactions that is possible through the app in 24 hours. As you may not able to carry large transactions in a single day, it is important to note the maximum amount that can be transferred through the PhonePe app.Tags: phonepe, payment app
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