How To Transfer Money From PhonePe Wallet To Bank

PhonePe is India's most-used payment app with over fifty crore downloads on the Play Store. It is based on UPI and enables quick and secure bank-to-bank money payments. In addition to a bank account, PhonePe users can add money to the in-app wallet and use the amount for making payments. You can also transfer money from PhonePe Wallet to bank account. This blog will discuss the details of PhonePe Wallet to bank transfer. Moreover, we will discuss how can we transfer money from Phonepe Wallet to bank account in simple steps.

How to Transfer Money From Phonepe Wallet to Bank | Step by Step Guide

Every time you use PhonePe to make payments, the amount gets debited directly from your bank account. Alternatively, you can add money to your PhonePe wallet for making payments. This digital wallet can be used for bills, recharges, merchant payments, and PhonePe wallet to bank transfer.

You may be wondering how can we transfer money from Phonepe wallet to bank account. Follow the simple steps given below to perform a PhonePe wallet to bank transfer :

• Open the PhonePe app on your device.
• Click on the ‘PhonePe Wallet’ icon on the home screen.
• Tap and hold the ‘Withdrawal’ button and slide it to the ‘Bank’ icon.
• Enter the amount that you want to transfer to your bank account.
• Click on ‘Proceed’.

Your PhonePe wallet to bank transfer will be complete and the amount will be credited to your bank account.

How to Open Phonepe Wallet?

PhonePe users can add money to their PhonePe wallets and use it as a payment method. Additionally, the cashback and rewards received on PhonePe are also credited to your PhonePe wallet. You can quickly set up your PhonePe wallet by following the steps listed under:

• Open the PhonePe app on your device.
• Click on the ‘Wallet’ icon on the home screen.
• Enter the details according to the mentioned documents.
• Click on ‘Submit’.

Your digital wallet will be activated and ready to use for payments and PhonePe wallet to bank transfer.

How to Do Complete Kyc in Phonepe

The Reserve Bank of India has made it mandatory for payment apps and digital wallets to maintain proper databases of customer details. These apps and wallets use KYC to collect the required details directly from their customers. Therefore, it is important to complete your KYC to use all PhonePe features. You can easily complete your KYC in PhonePe by following the simple steps listed below:

• Open the PhonePe app on your smartphone.
• Click on ‘PhonePe Wallet’.
• Select ‘Upgrade Wallet’.
• Complete your Aadhar, PAN, and address verification to initiate video KYC.
• Complete the video KYC by following the directions of the KYC executive.

Your KYC will be completed after the details provided have been successfully verified.

NOTE-   KYC completion in PhonePe requires the following documents:

• Aadhar Card
• PAN Card
• If the current address and the address mentioned in the Aadhar card are different, then any one of the following documents is also mandatory:
• Voter ID
• NREGA Job Card
• Passport
• Letter of Residence from the National Population Register
• Driving License

Terms and Conditions-  Protecting user data and accounts is important for any payment app like PhonePe. Certain requirements must be satisfied before using PhonePe and PhonePe wallet to ensure user safety.
It is mandatory to fulfill the following terms and conditions to use the PhonePe wallet:

• You must be an Indian citizen with a minimum age of 18 years.
• KYC completion is mandatory for using the PhonePe wallet.
• Only specified payments can be made via PhonePe wallet.
• You must agree to the usage policy of PhonePe.
• Adhering to the monetary usage limits set by PhonePe.

Conclusion

PhonePe is a convenient payment app that allows users to pay through their bank accounts. Further, you can activate your digital PhonePe wallet as an alternate payment method to your bank account.

This digital wallet can be used for mobile recharges, bills, and merchant payments. Moreover, PhonePe users can also transfer money from PhonePe wallet to bank account linked to the PhonePe account after successful KYC completion.

Frequently Asked Questions

Q1. Can I transfer money to any bank using PhonePe?

Ans. Yes, you can use PhonePe to transfer money to any bank account using PhonePe UPI.

Q2. How do I know if my wallet balance is transferred to my bank account?

Ans. By checking your bank statements for the credited amount, you can confirm whether your PhonePe Wallet balance has been transferred to your bank account after a successful PhonePe wallet to bank transfer.

Q3. How to send money from a PhonePe wallet?

Ans. You can use your PhonePe wallet to send money by following the steps listed below:

• Open the PhonePe app.
• Initiate a payment using the app.
• Select ‘PhonePe Wallet’ as the payment option.
• Complete the payment by entering the PIN.

Q4. Does PhonePe need KYC to transfer money from PhonePe wallet to bank account?

Ans. KYC completion is necessary for PhonePe wallet to bank transfer.