PhonePe, the digital payments platform allows you to transfer money online through UPI (Unified Payment Interface). The platform also has the option of sending payment using debit, credit card, and PhonePe Wallet. With the PhonePe mobile app, you can do much more than transferring amount, be it paying utility bills, or recharging your prepaid number, data card, etc. Notably, the Walmart-owned digital payments platform acquired homegrown Android app store Indus App Bazaar for $60 million (roughly Rs 438 crore), as per IANS report. The acquisition is said to strengthen PhonePe’s ‘Switch’ that assemblage useful apps under one umbrella.
That said if you are looking to transfer money from your PhonePe Wallet to bank account, here is a simple step-by-step guide that you can follow.
How to transfer PhonePe Wallet money to bank account
PhonePe has the option of transferring money from PhonePe Wallet to a bank account. However, the platform doesn’t allow you to directly send the amount to your bank account. Here are the steps to follow.
Step 1: Open the PhonePe app on your mobile phone.
Step 2: On the home page you will find the ‘Add Bank’ option to update your bank account details on the app.
Step 3: Add your registered mobile number, and then select your bank, following which the account will be linked automatically.
Step 4: You can also UPI ID by heading to the profile on the top left corner, tap on ‘My UPI ID’ and add the ID.
Step 5: Once done with the procedure, tap on the option ‘My Money’ you will find at the bottom of the screen on the home page.
Step 6: Head to PhonePe Wallet in the Wallets/Gift Voucher section.
Step 7: Tap the Withdrawal tab at the top of the screen and drag the wallet icon down and drop it on your bank icon.
Following this, the wallet balance will be transferred to your primary bank that is linked with PhonePe. It is worth mentioning that the facility can be availed only if you have completed the full KYC of PhonePe wallet.
How to redeem rewards on PhonePe
PhonePe also has Rewards program wherein the platform periodically provides incentives to its users. However, the scratch cards come with a stipulated validity period. PhonePe notes that if you win a reward it will be credited to your PhonePe Wallet account. Here’s how you can redeem rewards via the app.
Step 1: Launch the PhonePe app on your phone.
Step 2: Tap on the bell icon at the top left corner which will pop up ‘Notifications.’
Step 3: If you have received any reward you will find it in the Notification tile.
Step 4: Click on the ‘Rewards’ option and then select the scratch card.
Step 5: Scratch the card, and you will find a hidden code which you can either gift a friend or exchange it with a new scratch card.
Step 6: If you want to use the code for yourself tap on the ‘Show’ button.
Step 7: Copy the code and head to the specified store for which you have received the reward, once done with purchasing the items, apply the code before making the final payment.