Demonetization of Rs. 500 and 1000 has forced people to look for safer alternatives to make payments with ease. One of the best options available to the users is PhonePe application which can be used on your Android smartphone but will be available for iOS soon.
The USP of this app is that it is built for smartphones on United Payments Interface (UPI) and allows you to connect your bank account to the app for various transactions. Majority of Indian government and privately owned banks are live on UPI and hence, you can connect your account with this app.
You can use this app for making payments for your various bills and also use it for money transfer using recipients’ mobile numbers. The advantage of PhonePe is that you are not required to top up your account with any amount unlike other e-wallets. The money spent by you for making payments for your various bills and services or for transfer of money, would be debited from your bank account linked with this app.
PhonePe app is very simple to use and can be downloaded from Google PlayStore. We discuss below how to install it and our evaluation of this app.
After installing this app, you will be required to send SMS from your phone for verification of your mobile number and then prompted to create your account for filling in your name and setting password. In case you are using two SIMs in your phone, this app will give you the option to use your choice of number.
It will be activated and you will get confirmation via SMS on your mobile number and e-mail.
You can add on your bank account to this app for making payments and it is also very simple process and for utmost security, you are required to set-up your Mobile PIN (MPIN) and now you are ready to use it.
Once you have activated your account and attached it with your bank where you have an account, it offers you plethora of services to be utilised such as making payments for your utility bills and transferring money.
Performance and Advantages of PhonePe over e-wallets
This app has very simple procedure to activate and once you link it with your bank, your bank comes to your smartphone. Unlike other e-wallet apps, this app saves you from the hassles to upload it with required money from time to time for spending as it is connected directly with your bank account. This app functions as a go-getter and enables you to access your account for your various needs from your smartphone.
The plus point of this app is that it allows you to spend Rs. 30 lakhs per month and Rs. 1 lakh per day compared to wallet limit of Rs. 20,000 without non-KYC. Another USP of this app is that it has zero transactional fee for lifetime compared to limited time zero fee of e-wallets. After 31st December, the e-wallets will resort to transaction fees.
Besides above features, PhonePe is as secured as your ATM card as for each transaction, you would require same device, phone number and MPIN. All the transactions on this app work on National Payment Corporation of India’s secured network. As explained above, it gives you added advantage of transacting for huge amount without worrying about top-ups!
In case you want to learn more about this app then you simply have to press icon on the left hand side of the app and it will take you to list of services available on this app.
If you really want your bank to become your wallet then download it from here https://play.google.com/store/apps/details?id=com.phonepe.app&hl=en and start using without any need of cash!