India is taking significant steps towards digitalisation, and digital payment gateways play an important role. If you’re looking for a digital payment or financial services portal in India, the PhonePe payment gateway is the best answer to your query.
PhonePe was launched in 2015, made available for public use in August 2016, and is a mobile digital payment app based on UPI. Since the payment gateway is only for Indians, it supports 11 Indian languages, including English, Tamil, Hindi, Gujarati, Assamese, Kannada, Tamil, Malayalam, Telugu and Bengali. Headquarters for the company are located in Bangalore, and it allows users to transfer money from one bank account to another with a phone number or UPI ID. Axis Bank, Yes Bank and ICICI Bank are the partners of the PCI DSS-compliant platform, and it ensures 100% secure transactions. Payments from 30 Indian banks, including HDFC, BOB, ICICI, SBI, and others, can be transferred from one account to another using PhonePe. Apart from transferring money, the mobile application, available for iOS and Android, also facilitates bill payment, mobile recharge, credit card payment, rent payment, education fee payment, loan repayment, donation and recurring payment services. Users can also use the digital payment application for Delhi, Hyderabad and Mumbai metro recharge. PhonePe API can also be integrated into your online website for an easy payment process, where the user will be directed to the PhonePe transaction page to enter the PIN code and complete the payment.
It has around 47 crore+ registered users, a record of 500 crore+ monthly transactions and 17 crore+ daily average transactions. PhonePe limits are as follows –
- INR 1,00,000/day from each bank account (which further varies depending on the bank),
- Maximum 20 transactions per day and 600 transactions a month,
- INR 1 is the minimum transfer limit.
For all debit card transactions below INR 2000 to small or large merchants, a 0.40% fee is charged from the merchant. Users transferring the money need not bear any additional transfer costs.
Features of PhonePe
- PhonePe is India’s first UPI-linked e-wallet portal, which does not ask for the sender or receiver’s bank account, account type, IFSC code and other details. With PhonePe, you only need to enter the phone number or UPI ID for fund transfer.
- Users need not manually enter the card details for each transaction and can only complete the payment with a PIN. However, users sometimes need to enter the OTP if the bank account asks for the verification procedure.
- PhonePe users do not need to keep their wallets recharged to activate the services. Once the bank account is linked, transfers are directly debited or credited to the account.
- PhonePe offers instant transfer within seconds.
How to Use PhonePe?
To begin with, users need to download the payment app on their mobile phone, register with a mobile number and email ID, and provide a link to their bank account with UPI or e-wallet. When done, they can search for mobile numbers or UPI IDs (provided for free by the portal at the time of account creation) or scan the QR code to make the payment.