An Introduction to PhonePe, India's Payment Gateway www.deekpay.com

About PhonePe, India's Payment Gateway

PhonePePayment GatewayIt's one of India'sdigital paymentplatform that allows users to make payments, transfer money and top up their mobile phones. In 2018, PhonePe became the first to surpass 100 million downloads on the Google Play shopIndia PaymentsApplications.

PhonePe is headquartered in Bangalore, Karnataka, India. PhonePe was founded in December 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe application is based onUnified Payment Interface of India(UPI), which went live in August 2016 It is owned by Walmart subsidiary Flipkart. PhonePe getsReserve Bank of IndiaLicence to issue and operate a semi-closed prepaid payment system, Authorisation No: 75/2014, dated 22 August 2014

One of the unique features of PhonePe is its integration with the Unified Payments Interface (UPI) of India, which is used by theNational Payments Corporation of India (NPCI) developed a real-time payment system. This integration allows users to make instant payments directly from their bank accounts.

PhonePe also offers a range of other features including bill payment, mobile phone top-up and insurance services. Users can pay their electricity, gas and water bills directly through the PhonePe app. They can also buy insurance from different providers, including health, vehicle and travel insurance.

In 2020, PhonePe becomes the first digital platform to support payments via WhatsApp. This integration allows users to make payments directly through WhatsApp chat without having to switch between apps.

Features of PhonePe Payment Gateway

PhonePe is undoubtedly one of the most revolutionary apps as it has managed to change the way cash is carried in India. Here are some of the most noteworthy features of PhonePe:

India's first UPI-linked e-wallet - PhonePe is one of the first apps to have a government-backed Unified Payments Interface or UPI interface for India. PhonePe is available onInstant Payment Services in India (IMPS) is designed and set up on the infrastructure and can be used for transactions involving two parties through their respective bank accounts. The application uses unique identifiers such as mobile phone numbers or VPAs (also known as unique addresses). The application allows users to avoid using IFSC or account details during these transactions, making it a secure option. No bank account details required - Users do not need to share any important information such as bank details or IFSC codes when using PhonePe. That's why PhonePe is trusted to provide a safe and protected environment. The platform supports nearly 30 banks including SBI, HDFC, ICICI and more. The user simply needs to associate the user's account with the UPI and after verifying the details such as mobile number, the user can start the process. Whenever the user makes any transaction, UPI will retrieve the user's account details through a secure channel. It is important to note that if the User's bank does not have UPI activation, the User will not be able to associate the User's PhonePe account with the bank account. However, the user will continue to receive refunds from Myntra or Flipkart in their account. No hassle authentication methods - PhonePe is hassle-free to use as it avoids multiple authentications. With PhonePe, users can transfer funds from one bank account to another without having to provide their card details or wait for OTP to complete the transaction. This applies even when paying for purchases online or offline. No need to recharge frequently - The benefit of linking the user's account with the application is that there is no need to recharge the user's e-wallet account on a regular basis. With a linked account, the user does not have to worry about running out of funds as the funds are deducted directly from the user's bank account. Easy transfers, payments and top-ups - Once the user's account is linked to PhonePe, there is no need for the user to actually pay bills. The user simply logs into the app and clicks on the desired icon to pay the bill. Increased per-transaction limit - The PhonePe app is linked to the user's bank account, so users can make higher-value payments, up to tens of thousands of dollars. PhonePe has increased the single transaction limit to Rs. 100,000 per transaction. Users can also enjoy long-lasting wallet balances with PhonePe. Even if the user makes only two transactions a year, the user's account will remain active. Higher Security - Since PhonePe uses a government-backed platform, users can be sure that all transactions are more secure.

How to use PhonePe Payment Gateway

Firstly, users need to download the payment app on their mobile phones, register with their mobile number and email ID and provide a link to their UPI or e-wallet bank account. Once done, they can search for the mobile number or UPI ID(provided free of charge by the portal at the time of account creation) or scan the QR code for payment.

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