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PhonePe: The payment app and more

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.  

Features of PhonePe App

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.

PhonePe brings to you different ways to pay. Direct transfer, bank to bank UPI payments, along with wallets, debit & credit cards are some of the available payment methods.

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.

How to use PhonePe

  • Step 1: Download the PhonePe app and open it.
  • Step 2: Follow the phone verification process by keying your mobile number and later the OTP that you have received on your phone.
  • Step 3: Add your details such as name, email id and choose a 4-digit password so that others are not able to access your account.
  • Step 4: Create a Virtual Payment Address by clicking on ‘Create New VPA’. 
  • Step 5: Choose the bank where you have a savings account. The app will automatically detect your bank account details.

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.

  • Step 1: Open the PhonePe app
  • Step 2: Go to the Bank account from the menu. Click on ‘Add New Bank’.
  • Step 3: Choose the bank of your savings account.
  • Step 4: After the auto-linking is complete, link the bank account with the app. 
  • Step 5: Set up the UPI pin. Click on the ‘set UPI pin’ option. Although the bank accounts are linked to the same app, the UPI Pin will vary from one bank to another.


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.   


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