PhonePe: UPI based Payment System APP in Cashless Economy

Updated on: January 12, 2019

It was a few months before Demonetization that NCPI launched Unified Payment Interface (UPI) in India. Since its announcement, we have seen many apps and services that have helped us to go cashless. Now, in a situation when you cannot find enough liquid money to recharge your phone or pay some bills, it’s wise-enough to go for an effective Digital Payment Application. And, today, we have come with an in-depth review of one of the best UPI Apps in country — PhonePe. In this article, we will go through the different aspects of PhonePe, such as the features, usability and unique options. For those who don’t know anything about PhonePe and UPI, we will have an introduction.


What is PhonePe & UPI?

As we mentioned earlier, Unified Payment Interface (UPI) is a system that can bring different bank accounts into a single Smartphone application. Your bank account will be connected with your phone number and will be authenticated via MPIN. Using this app, you can do digital transactions, such as recharges, bill payments and funds transfer.

PhonePe Main Interface

PhonePe happens to be one of the most used UPI apps in India. It’s powered by YES Bank, but you have an option to connect any of the participating banks’ account to your PhonePe account. Its only condition is that all accounts should be mapped to your mobile number. Once you have registered and set up PhonePe, every digital transaction is a few taps away — be it sending some funds to your friends or paying the electricity bill. As of now, this application is presently available for Android smartphones only but will be available on iOS very soon!

Getting Started with PhonePe

It is very easy to install and get started with PhonePe from Google Play store and it will be installed in no time. To start using PhonePe, you will need to create an account using just your mobile number.. Make sure that you are using the same mobile number you have used for your Bank Accounts. In seconds, you will be done with registration and will be on the main UI.

PhonePe UI

Now, you will have to connect your bank accounts with PhonePe. This is pretty easy, because you just have to select the name of your bank. UPI System will automatically detect bank account details and do the rest. You will have to set a 4 or 6-digit MPIN as the password. This MPIN works like an ATM Pin and provides the same level of security – after all, only you will be knowing it.

That’s it. You are ready to rock with PhonePe via your Android phone. All it takes is a few seconds from to set things up and running.

What You Can Do with PhonePe?

Well, here are a few things you can do using the PhonePe app. All you need is an internet connection and a MPIN of the corresponding account.

PhonePe Send Money

  • Send Money — You can send money via different methods, transferring them directly to the recipient’s account. Not only is this convenient where the recipient doesn’t have to transfer money received in the wallet back to bank account; it is also extremely secure since you do not require any of the recipient’s bank details. This can be done in two manners:
    • Firstly, you can use a recipient’s VPA with PhonePe, and
    • Secondly, you can use the recipient’s mobile number.

PhonePe Wallet

  • Receive Money — You just have to share your VPA to get paid by someone. You are being secure, as you don’t have to share Bank Details. Or, even better, you can share your own QR Code.
  • Recharge — Using PhonePe, you can recharge your mobile phone, DTH, Data Card, Broadband etc.

PhonePe Mobile Recharge

  • Bill Payments — Be it Electricity, Landline, Insurance, Gas or Postpaid Bill; everything can be done via PhonePe app.
  • Pay at Stores — If the store supports UPI payment, just scan the QR code and process the payment.
  • Split Bill — Going for a brunch with friends? Let PhonePe do the job of equally splitting the bill.

In short, PhonePe can do almost anything and more than what most popular e-Wallets like PayTM can do.

Why Use PhonePe?

Of course, there are some reasons why you can use PhonePe instead of PayTM, FreeCharge or other digital wallet solutions. It’s mainly because PhonePe is not just a digital wallet, but something more.

  • When compared to PayTM or FreeCharge, you don’t have to top up the Wallet. Money is withdrawn directly from your bank account.
  • You don’t have to pay any transaction charges. UPI Transactions do not charge you anything. We think this is a big reason. This is not the case with PayTM or others, especially after December 31.
  • When compared to Digital Wallets, the process is quick. You just have to enter the MPIN to process all sorts of digital transactions.
  • Powered by Unified Payment Interface, PhonePe is 100% Secure.
  • If you want to use debit cards, you can save them in PhonePe for easier access.

The Final Word on PhonePe

Considering all these points, PhonePe is a must-have app for every Indian smartphone user. It makes the entire process of digital transactions simple, without any transaction charges. With unmatched security and impeccable utilities, PhonePe is well on its way to become one of the most favored payment systems in the country.

Download it now and try for yourself: 

Post Tags: #phonepe #upi app #upi payment system
Saurabh Mukhekar
Saurabh Mukhekar is a Professional Tech Blogger. World Traveler. He is also thinker, maker, life long learner, hybrid developer, edupreneur, mover & shaker. He's captain planet of BlogSaays and seemingly best described in rhyme. Follow Him On Facebook

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