Advantages of phone pe: In India where every business and every monetary transaction is moving towards electronic cash free transaction, there have been many privately available applications online that allow the use of digital money, such as paytm, mobikwik, citruspay, etc..
PhonePe from Flipkart is a mobile application owned by Flipkart and launched in partnership with Yes Bank that acts as a semi-closed wallet and a Direct Unified Payment Interface. advantages of Phonepe Are Listed Below.
The Best Advantages Of PhonePe are Listed Below:
- PhonePe allows linking of bank accounts securely to the Smartphone through the encrypted software of the National Payments Corporation of India.
- PhonePe is based on a government-backed Unified Payment Interface (UPI) platform. This means that all UPI applications go through a thorough auditing process before being allowed to use the UPI service. this is the best advantage of phonepe.
- The UPI is built using the IMPS (Immediate Payment Service) a secure transaction function used by banks that allows transfer of money by using unique identification like a mobile number, or a VPA (Virtual payment address).
- This facility makes it easy to send or receive money by entering a receiver’s mobile number/VPA it is possible to send them money directly and instantly into his/her bank account.
- All the banks that are registered with the live UPI platform can be used for a transaction using PhonePe application; there are around 30 major banks with the facility, including all the major banks such as State Bank of India, HDFC Bank, ICICI Bank, Standard Chartered Bank, and more.
- When registering a bank account on the PhonePe app, the mobile number which is registered with the bank and the bank name is to be entered and then UPI retrieves the account details from the bank over a secured network.
- If the bank is not live with UPI, the bank account cannot be added to the PhonePe app. However, it can still be used as a virtual wallet for payment and refunds. this is another best advantage of phonepe.
- It is also possible to transfer money between any two bank accounts, as long as both the payer and the payee’s bank accounts are registered to have UPI.
- It is also possible to pay directly from a bank account to both online and offline merchants by using only the phone number that is registered with the bank without the use of credit card or debit card details, a one-time password, bank’s IFSC code etc..
- It is unnecessary to load funds into the wallet before making a payment transaction. This means running out of balance in the online wallet is not a problem.
- The PhonePe app can be used to pay a postpaid and utility bills as well as recharge a prepaid mobile number, data card and DTH.
Personal banking to send or request money from individual accounts is also possible again by entering their number, name or VPA.
- The PhonePe application has another unique feature of splitting a bill with another person when required.
- The PhonePe app has the unique advantage of allowing a person to check their bank account balance and can make use fo QR codes to make payments.
- All transactions on the PhonePe app are free of cost including the withdrawal of the wallet balance into the bank accounts.
- The PhonePe application is very safe to use as it offers the following layers of safety:
- The application on the device is secured by an authorization code to be opened. this is another best advantage of phonepe.
- The transaction can only be done on the registered device of the person’s account after a secure authentication process is done.
- Every transaction is carried out over heavily encrypted channels.
- The transactions are all only authorized by the use of an mPIN which is like an ATM pin which is meant to be kept secure and not shared by the user with anyone.
- The transactions made through this application are meant only for national transactions. International transactions using any other currency other than rupees is not allowed through this application, this prevents fraudulent use of the card information and prevents transaction of funds without a security code. These are the best advantages of phonepe.