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How to send and receive money by PhonePe wallet

After the demonetization of high-currency notes by the government, digital wallets have cropped up rapidly. PhonePe Wallet is also a digital wallet launched by the e-commerce giant Flipkart and is the first Unified Payment Interface (UPI) based app in the country. UPI enables one to transfer funds instantly from one bank account to another using a Virtual Payment Address (VPA), without having to enter the bank details of either party. Hence with PhonePe clubbed with UPI, it is incredibly easy to send and receive money by the PhonePe wallet.

What is VPA?

Virtual Payment Address (VPA) is quite similar to an email id, for e.g. joy****@icicibank or 985*****63@PNB. To send or receive payment just provide your VPA and the funds will be transferred.
In fact, money can also be transferred by knowing only the VPA of a person instead of the mobile number. Private details like credit/debit card number, IFSC code, or CVV number are hence no longer required to initiate payments.

How to install PhonePe Wallet on Android phones

As of now PhonePe wallet is available only for Android users and can be downloaded from Google Play Store. Follow the below-mentioned steps to the installing process:
  1. Install PhonePe from Google play store
  2. Open the app, create your account and Log in
  3. Verify your mobile number
  4. Enter your name, email ID, and set up a 4-digit password to activate your PhonePe wallet
  5. Proceed further and click on Create New VPA
  6. You only have to select your bank, as the app will fetch the respective details automatically
  7. You are ready to use PhonePe Wallet

How to send money with PhonePe App

Sending money through VPA:

The chief feature of the PhonePe app is that you do need to add money to your wallet before transactions, unlike other digital wallets. Follow the steps below to know how to transfer money using PhonePe:
  1. Click on Send on the homepage
  2. Select a bank account or the VPA you wish to transfer the money
  3. Enter the desired amount
  4. Choose the bank you want the amount to be paid
  5. Click on Send

Sending money through QR Code:

In addition to sending money through the VPA, you can also transfer money to a merchant or friend using their QR code. Read below to know how:
  1. Click on Send
  2. A page will open with scan code option
  3. Scan the QR Code with your smartphone of the merchant you have to pay
  4. Click on Send
You can view your QR code by swiping for the menu from the left and selecting My QR code from the list.

How to receive money with PhonPe

Receiving money on your PhonePe Wallet is as easy as receiving the amount in person.
  1. Select Request on the homepage
  2. Enter the payers mobile number or VPA
  3. Enter the respective amount
  4. Click on Request
  5. Money will be credited to your bank account
We were just getting used to digital wallets when PhonePe introduced the no-money-in-wallet option. So, with PhonePe at your service, even if you forgot to add money to your digital wallet you can rest assured and still carry on with your day to day transactions without any worry.
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