Transfer Money From PhonePe Wallet To Bank Account – What if you need cash urgently and the merchant does not accept PhonePe transactions? While PhonePe did not allow the transfer of wallet amount to a bank in the past, now users can easily do so. However, they will have to complete the KYC process on the platform to be able to use this facility. Here’s what you need to know about PhonePe Wallet and how to transfer the PhonePe Wallet amount to a bank account. PhonePe is one of the most popular digital wallet platforms in India, established in 2015. According to the PhonePe Pulse website, PhonePe has 32.84 crore registered users as of Q3 2021 and a total of over 2,000 crore transactions have been done on the platform till Q3 2021.
Transfer Money From PhonePe Wallet To Bank Account
Of these, peer-to-peer payments amounted to 221.56 crore transactions. It is very safe to assume that most of the users have money lying in their PhonePe wallets. According to the official website, PhonePe Wallet, “is a semi-closed prepaid instrument issued by PhonePe in accordance with the rules and procedures defined by the Reserve Bank of India (“RBI”) and shall refer to the minimum description prepaid instrument and KYC compliant prepaid instrument. In short, a PhonePe Wallet is a digital tool that allows users to top-up balances for making payments to merchants, peers, and other parties.
PhonePe has also introduced an auto top-up wallet feature, which requires a one-time UPI e-mandate to top up each time the PhonePe Wallet balance becomes low. Hence, users can continue to make payments from their PhonePe Wallet without worrying about the balance. PhonePe users can use the wallet to make quick recharges, pay bills, book movie tickets, and make payments across stores. Users can go to the PhonePe app and select the services displayed on the home screen to conveniently pay with their wallets. However, before using the wallet, users need to top up their wallet balance, and here’s how they can do it.
Also Check Phonepe Limit Per Day
Can I send money from PhonePe Wallet to Bank Account?
If you want to transfer money from your PhonePe wallet to your bank account, here is a simple step-by-step guide that you can follow. The platform also has an option to send payments using debit, credit cards, and PhonePe wallets. With the PhonePe mobile app, you can do more than just transfer funds, be it paying utility bills, or recharging your prepaid numbers, data cards, etc. $60 million (approximately Rs 438 crore), as reported by IANS. The acquisition is said to strengthen PhonePe’s ‘switch’ which brings together useful apps.
- Open the PhonePe App on your phone
- Go to the My Money section
- Go to PhonePe Wallet in the Wallet/ Gift Vouchers section
- Tap on the Withdrawal tab
- Drag the wallet icon down and drop it on the bank icon
Also Check Delete PhonePe Transaction History
Steps to use PhonePe Wallet Money
- Go to the PhonePe app on your Android or iOS smartphone
- Complete OTP verification to log in
- Click on the profile icon in the upper-left corner
- Next to the PhonePe Wallet option, tap on the top-up button
- Enter the amount you want to top-up with
- Proceed and click on Confirm to complete the transaction
Steps to redeem rewards earned during online transactions on PhonePe
- Launch the PhonePe app on your phone.
- Tap on the bell icon in the top left corner which will pop up ‘Notifications’.
- If you have received a reward, you will find it in the notification tile.
- Click on the ‘Rewards’ option and then select Scratch Card.
- Scratch the card, and you’ll find a hidden code that you can either gift to a friend or replace with a new scratch card.
- Tap the ‘Show’ button if you want to use the code for yourself.
- Copy the code and head to the specified store for which you got the reward, once you have purchased the item, apply the code before making the final payment.
Also Check FASTag How to Apply Online
Steps to set up PhonePe Wallet Auto Top-Up
- Go to the PhonePe app on your Android or iOS smartphone
- Complete OTP verification to log in
- Click on the profile icon in the upper-left corner
- Tap on Top-up under the Payment Methods section
- Enter the amount less than Rs 500 and click on Topup Wallet
- Enter your preferred wallet auto top-up amount
- Select your preferred bank account
- Tap on Topup and set up auto top-up
- Enter your UPI PIN
- Your automatic wallet top-up is now active.