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How to add bank account in PhonePe?

PhonePe is something you've been missing out on if you've not heard of it. Our minds were troubled when we witnessed the long lines to withdraw cash from ATMs in the aftermath of the demonetization of the 500 and 1,000 notes on November 8, 2016. We were fortunately not without hope. The future of payments is cashless digital payments. Among the pioneers of this revolution is Flipkart's PhonePe.

In keeping with its tagline, 'Ab Haar Wish Hogi Puri', Flipkart provides credit cards, online banking, and card-on-delivery as payment methods. The National Payments Corporation of India partnered with YES Bank to launch PhonePe, a service that lets you securely link your bank accounts to your smartphone. Yes, once you have added your bank account in PhonePe, then you can make online payments easily. In this article, you will find that how to add bank account in Phonepe?

How to Add a Bank Account on PhonePe

How to Add Your Bank Account to PhonePe?

To add bank account in PhonePe, follow these steps - 

  • Android and iOS users can currently use PhonePe. Install the app on your device by downloading it from the App Store.
  • Verify your mobile number in the app (the number in your registered mobile account must match the number in your bank account).
  • Set your 4-digit password, enter your name and email address, and the wallet will be activated
  • Then click on 'Create New VPA'.
  • The app will fetch the bank account details if you select your bank in this step.
  • You can send, receive, or transact online by just confirming your bank details with the app.
  • Tapping on the set UPI PIN button will allow you to set the pin for your UPI account. Making payments through UPI is seamless and does not require you to add money to your wallet. Your bank account will be used to make the payments directly.
  • Specify your ATM/Debit card number and expiration date. For debit cards without an expiration date, enter 00/49. Your registered mobile number will receive a one-time password or OTP. Create a UPI PIN by entering the OTP that your bank sent you.

Your bank account has now been successfully added to your PhonePe app. With allowing you to recharge your phone, make DTH payments, pay merchants, pay bills, transfer funds, split bills, and more with a few clicks, Phonepe lets you pay for everything directly from your bank account! Let's discuss the features and benefits of PhonePe.

PhonePe and UPI

Unified Payment Interface (UPI) is a government-backed platform that PhonePe uses. Through UPI, payments are made between your account and another person's account over IMPS (Immediate Payment Service) by using unique identification numbers like mobile numbers or VPAs (a unique payment address). Account numbers or IFSC codes are not needed to send money between accounts. Making money transfers easy. Send money instantly to a recipient's bank account by entering their mobile number/VPA!

UPI puts IMPS in the lead when it comes to security, convenience, and application.

Keeping Payments Secure

Let's define security for a minute before we get into more details. It pertains to two focal points.
  • Recognition and validation of user credentials.
  • Confirm that these credentials are genuine and do not come from an imposter.

The verification of a physical identity is relatively straightforward, but a digital identity is more challenging. Two factors of verification are required - something physically owned by you and information you have access to. For instance, ATM transactions are performed by using your bank card, followed by your PIN.

How Is UPI A Safer Method Of Transacting?

The ubiquitous use of mobile phones has become increasingly important in today's fast-paced world, such as in banking, billing, and online shopping.

UPI utilizes this by identifying the mobile number associated with you. UPI apps require you to verify your account by sending a push SMS after signing up. It protects the OTP from being copied by other devices. Your device must be re-assigned once you change your device if you use push SMSes.

Your transactions are made more secure with UPI when you create a PIN. Your bank will send an OTP to your registered mobile number so that you can create a PIN. The PIN must be entered each time you make a purchase. This cancels out any chances of someone else making any transactions with your phone just because they have physical access to it.

The transaction can only be completed with your registered mobile device that was verified through SMS verification and your PIN, regardless of the mode of transaction. Also you can change UPI pin in PhonePe easily.

You Do Not Have To Exchange Bank Account Information

On the UPI platform, more than 20 banks currently operate, including banks with extensive networks such as SBI, HDFC Bank, ICICI Bank, Axis Bank, and others. Your mobile number and bank name will be used by PhonePe to retrieve the bank account information when you link your bank account to the app over a secure network. The PhonePe app cannot be used when your bank account is not connected to UPI.

Bid a Farewell to Multiple Authorization Methods

VPAs (or Virtual Payment Addresses) are used in the PhonePe UPI app for sending and receiving money instantly. This means any two bank accounts can be funded instantly. Both online and offline merchants accept direct payments from bank accounts. It doesn't require any payment information, one-time passwords, your bank's IFSC code, or any other information.

PhonePe is 100% Free of Cost and Secure

Payments made with PhonePe are free of charge. The refund will be credited to your PhonePe wallet once the order has been exchanged or returned to Flipkart. The wallet balance can even be withdrawn directly to your bank account without incurring any fees.

There is no risk associated with using PhonePe. Yes Bank backs it. Secure banking networks process all payments, and the app never stores any passwords or user data. Every transaction requires that you enter your MPIN, which you alone know. Keep your MPIN confidential.

Now, that you know everything about PhonePe and are convinced of the impeccable security that comes with UPI, you might ask how to get add a bank account to the app?
According to Fortune Business Insights™ The report further mentions that the aircraft communication system industry size was USD 915.5 million in 2018 is projected to reach USD 1,688.0 million by 2026, exhibiting a CAGR of 7.95% during the forecast period.

Wrapping It Up

You never have to worry about losing any money on the PhonePe UPI platform before a transaction is completed. Your money will never be accessed by a third party in an intermediary step. A UPI transaction is a direct bank-to-bank transaction.
Over 10 crore people have downloaded Flipkart's PhonePe app since it became available in the Google Play Store. It's time to download it now, so go ahead! Also if you don't want to use PhonePe then you can delete PhonePe account easily.

Author Bio

Neha Singh Founder & CEO of Securium Solutions
Neha Singh is the Founder & CEO of Securium Solutions with a demonstrated history of working in the information technology and services industry. She is skilled in ECSA, Vulnerability Management, Security Information and Event Management (SIEM), Management, and Business Development. She loves traveling and trekking.

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