PhonePe is one of the most popular digital payments apps 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.
Using PhonePe’s wallet, users can store money and make quick payments for a variety of use cases. While adding money to the PhonePe wallet is straightforward, many users are unaware of how to transfer money from PhonePe wallet to a bank account.
This article provides a step-by-step guide on how to withdraw or transfer money from PhonePe wallet to bank account conveniently. Topics covered will include different types of money transfer processes. So let’s get started!
How to Use Money in PhonePe Wallet?
PhonePe users can use the wallet to make quick recharges, pay bills, book movie tickets, and pay in-store payments. Users can go to the PhonePe app and select the services displayed on the home screen to pay conveniently with their wallets.
However, before using the wallet, users need to top up their wallet balance, and here’s how they can do it:
Step 1: Go to the PhonePe app on your Android or iOS smartphone.
Step 2: Complete OTP verification to log in.
Step 3: Click on the profile icon in the upper-left corner.
Step 4: Next to the PhonePe Wallet option, tap on the top-up button.
Step 5: Enter the amount you want to top-up with.
Step 6: Proceed and click on Confirm to complete the transaction.
How To Transfer 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.
However, you will have to complete the KYC process on the platform to use this facility. To transfer money from your PhonePe wallet to your bank account, follow these simple steps:
Step 1: Open the PhonePe App on your phone.
Step 2: Go to the My Money section.
Step 3: Go to PhonePe Wallet in the Wallet/ Gift Vouchers section.
Step 4: Tap on the Withdrawal tab, which will show your linked bank accounts.
Step 5: Select the bank account you want to transfer funds to.
Step 6: Enter the amount you wish to transfer from wallet to bank.
Step 7: Review the details and tap on Confirm to complete the transfer.
Step 8: You will be notified once the money is credited to your bank account.
This process is quick and easy to help users access their wallet funds anytime.
Points to Note
- You need to add a bank account on PhonePe for a successful transfer.
- Once you add the bank account, the money transfer will go to the primary linked bank account.
- The cashback balance cannot be withdrawn from the PhonePe wallet.
How To Transfer Money from PhonePe Wallet to Contacts?
To send money from your PhonePe wallet to any contact on PhonePe:
Step 1: Open the PhonePe app and go to the ‘Send’ option.
Step 2: Tap on PhonePe Wallet as the payment method.
Step 3: Search for the recipient’s contact and select their name.
Step 4: Enter the amount you wish to transfer from your wallet balance.
Step 5: The recipient will receive a request to accept the payment.
Step 6: Once accepted, the amount will be immediately credited from your PhonePe wallet to your bank account.
This provides a fast way to send wallet money to family and friends on PhonePe without needing their bank details.
How To transfer Money from PhonePe to UPI ID?
You can easily transfer money from PhonePe to any UPI ID by:
Step 1: Open the PhonePe app and go to the money transfer section.
Step 2: Tap on the option to send money to a UPI ID.
Step 3: Enter the receiver’s UPI ID in the search bar.
Step 4: Verify the UPI ID after selecting it from the list.
Step 5: Enter the transfer amount and remarks, if any.
Step 6: Confirm the transaction by entering your UPI PIN.
Step 7: The money will be immediately debited from your PhonePe wallet and credited to the UPI ID-linked account.
This method allows the transfer of funds to anyone with a UPI ID instantaneously.
How To Use PhonePe Wallet Without a Bank Account?
It is possible to use the PhonePe wallet even without having a linked bank account. Users without bank accounts can add money to their PhonePe wallet by:
- Requesting friends and family to transfer funds to their wallet via UPI.
- Visiting the nearest authorized PhonePe wallet recharge points and making cash payments to add balance.
- Using debit/credit cards to add money to their wallet.
Once the wallet is topped up, all features of making payments for recharges, bills, etc., can be used even without a bank account. This allows non-bank account holders the convenience and benefits of digital payments via PhonePe wallet.
In summary, transferring money from the PhonePe wallet to the bank is easy if you complete the KYC process. Just open the PhonePe app, go to your wallet, tap Withdrawal, and drag the wallet icon to your linked bank account.
Auto top-up and rewards redemption also provide added benefits for PhonePe wallet users. With over 200 crore users, the PhonePe wallet has become a popular way to make digital payments conveniently across India.