Want to know how to transfer money from phonepe wallet to bank account? Well you have landed on the right article.
The virtual currency wallet has proven to be one of the fastest and safest ways to send quick cash, according to some experts. The system eliminates the need to handle currency and preserves accurate track of all transactions.
By shifting from traditional cash handling to digital systems, India has become one of the world's most sophisticated countries. PhonePe, India's greatest digital wallet platform, allows users to send and receive money over the internet.
PhonePe was founded in 2015 and is one of India's most popular online wallet systems. In 2016, the PhonePe application, which is built on the Unified Payments Interface, went online.
It had 32.84 crore unique visitors in Q3 2021, as per the PhonePe Pulse website, and over 2,000 crore deals have been completed on the network. Out of these, peer-to-peer payments transactions account for 221.56 crore transactions.
It's a reasonable bet that the majority of users have funds in their PhonePe wallets. PhonePe previously did not allow customers to transfer funds from their wallet to a bank, but now, this is possible.
They must, however, have completed the site's KYC procedure in order to access this function. In this article, we have covered the step by step process and right method of phonepe wallet to bank transfer
how to transfer money from phonePe wallet to bank account
Multiple Ways of how to transfer phonepe wallet money to bank
You can easily transfer funds, however, you can not directly send money to your Bank Account ,Following are the steps to transfer funds from your wallet to your bank:
On your smartphone, launch the PhonePe app.
The 'Add Bank' feature is located on the app's home page and allows you to change your bank account information. You can skip this option if you have already entered the bank details.
Enter your mobile number, then choose your bank, and the two accounts will be instantly linked.
You may also add a UPI ID to your profile by going to the upper left corner by tapping on 'My UPI ID,' and entering the ID.
Once you've completed the procedure, go to the side of the display on the main page and select 'My Money.'
Inside the Wallets/Gift Voucher area, go to PhonePe Wallet.
Slide the wallet button down and place it on your icon showing your bank icon by tapping the Withdrawal button at the top.
Another way to transfer funds is to buy and sell gold and then credit the amount to your bank account. Following are the steps to transfer money using gold:
- On your phone, open PhonePe.
- To change your bank account information on the program, go to the main page and choose the 'Add Bank' option. If you've previously changed your bank details on PhonePe, you may skip this step.
- Return to the site and select 'Gold' from the 'Wealth Management' menu. The platform's two gold suppliers are 'Safegold' and 'MMTC-PAMP.' Any can be picked.
- In the 'Amount' area, type the quantity of gold you want to buy. Here you must input the balance of your PhonePe wallet. The application will display how much gold you'll earn for the number you enter.
- Now, click 'Proceed to Purchase,' and be sure to finish the payment using Wallets / Gift Vouchers rather than your bank account.
Once the transaction is complete, you can transfer the money to your bank account. You can also sell gold on the app by following the first 3 steps. Pick the same gold provider and the gold purchased.
Go to the “Sell” section and insert the amount of gold following the gold value. Click the sell button when ready and soon funds will be credited to your bank.
It's worth noting that PhonePe doesn't permit customers to sell gold within 24 hours after purchasing it. As a result, you can only get the gold after 24 hours.
PhonePe Wallet To Account Transfer Via PhonePe
Flipkart provides a variety of payment options, including cash on delivery, online banking, and credit and debit card payments, to make your purchasing experience more comfortable.
In addition, to make online purchases easier, Flipkart now accepts payments using PhonePe. PhonePe may be used for a variety of transactions.
You may use your Flipkart wallet, which has now been renamed as PhonePe wallet, or you can link your bank account to the app to make payments.
Here's a step-by-step instruction to how to send money from phonepe wallet or pay for items on Flipkart.
- You must first log in to your Flipkart account.
- Add items to your basket after logging in.
- After that, make your payments.
- Choose PhonePe from the drop-down menu and follow the directions.
You will be prompted on your PhonePe app and asked to input the MPIN to finish your purchase after following the procedures. You may use PhonePe to make cashless payments on your Flipkart COD orders by following the procedures outlined above.
If you have funds in your Flipkart Money account, you may effortlessly transfer them to your bank account using the Flipkart application.
How to redeem rewards on PhonePe
PhonePe also offers a Reward system, in which the site rewards its customers regularly. If anyone wins a prize, it will be credited to their PhonePe Wallet account.
Here's how to use PhonePe wallet money app to redeem incentives :
- On your smartphone, open the PhonePe app.
- 'Notifications' will appear when you tap the bell symbol in the upper left corner.
- You'll discover any rewards you've received in the Notification tile.
- Choose the scratch card from the 'Rewards' drop-down menu.
- Scratch the card to reveal a secret code that may be sent to a friend or exchanged for a fresh scratch card.
- Click the 'Show' button if you wish to use the code for yourself.
- Copy and go to the retailer where you earned the reward. After you've finished shopping, apply the code before completing your final purchase.
Services provided by PhonePe
It helps in receiving and sending money, making utility payments, and purchasing goods. You may put your money into a variety of tax-advantaged funds. This platform can also be used for booking hotels and ordering food online.
Hence, you can easily use PhonePe in your daily transactions and transfer money to your bank account without any hassle.
It provides many services and can also help in saving taxes. It has become a medium of paying and transferring money digitally.
I hope you liked our article on how to transfer money from PhonePe wallet to bank account, if you have any comments or suggestions do share them in the comments below.
Frequently Asked Questions
Q1. How to send money from PhonePe wallet to bank account without fees?
It is possible to transfer money to your account from your PhonePe wallet without fees using the following method. Select My money on the PhonePe app. Then choose the wallet section and select the withdrawal option.
Drag and drop the wallet icon to the bank icon. This option is available for customers who have completed the KYC of their wallets.
Q2. Which wallet is best for bank transfers?
Digital wallets have made it convenient for customers to go cashless without much effort. Apps like PhonePe, Google Pay, Amazon pay and PayTM offer easy-to-use and free wallets for bank transfers.
Most of these apps are available for both android and IOS and let you shop and transfer money easily.
Q3. How can I use a PhonePe wallet without KYC?
It is not possible to use the PhonePe wallet without the minimum KYC. However, KYC is not required for debit card or credit card payments and UPI.
To use the wallet, though, minimum KYC details are needed. Those who have completed KYC can also transfer money to their bank accounts.
Q4. Can we withdraw money from PhonePe wallet?
Money can only be withdrawn if certain conditions are met. Money can’t be transferred with minimum KYC, but only payments can be made.
However, if you are a full KYC user, you can choose to close your account and withdraw all the money in your wallet. This can only be done once.
