Everyone has turned to virtual wallets. There is hardly any one who does not utilize a digital wallet. One such wallet is “PhonePe”. The “PhonePe” is well-known through out the streets of India. It is impossible to find a vendor, shopkeeper or any other individual without it. Thus, it would be safe to say that PhonePe has successfully engulfed every other Indian into itself. In today’s blog we shall cover the steps to transfer money from PhonePe wallet to ones bank account.
You should keep in mind that PhonePe KYC, or Know Your Customer, needs to be finished before you can begin the transfer. Now, a lot of people claim that they can still make transactions without KYC. Yes, it is accurate. You can do that, but only if you pay using UPI. You must a full KYC in order to use PhonePe wallet fully.
Now with a complete KYC, you may further proceed with the transfer.
Transfer money from PhonePe to your Bank account
To get started, first of all open “PhonePe” app. Once, you open it . The home page will appear. Now, you might be able to see “my Money” option and click it. Once, you click it, a drop down menu will appear. You need to pick the wallet option. Furthermore, choose “PhonePe wallet”. You may now be able to see a tab with withdrawal written over it. you need to choose it. Bring the bank sign on the screen. As stated before, you will only be able to do this step if you have done your KYC.
Also remember to add a payment option only then will your transfer be facilitated. As the transaction is processed the desired amount will be added to your linked bank account.
Transfer money from your PhonePe wallet to someone else’s bank account
Let’s learn how to send money from a PhonePe wallet to a different person’s bank account.
To start off, once again, open your app. The home screen will pop out. Within the numerous options, you will be able to spot Payment to UPI ID or Bank. Procced with clicking on it. A plus symbol shall appear, you need to click on it to proceed. As the process move forward, put in the banks name in whose account you would like to make transfer. Once done, The process becomes pretty predictable. All you now need to do is put in the bank credentials of the receiver. You must remember to verify your details as the wrong details will either cause decline of payment or your money will end up in the wrong account. With the procedure ending, just put in the digits you need to transfer and your UPI PIN to finish off.