The 20th Century has brought a huge change in the way banking transactions are performed, Today if a person has to transfer money to other person’s bank account doesn’t have to write a deposit cheque and stand in long queues.
Instead can use the Unified Payment Interface (UPI) solutions to transfer the money from one account to the other account. The Digital Transformation which was brought in my Indian Government through Digital India Initiative has led many Fintech Companies to enter into this Market.
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Digital India has introduced Indians to various Fintech companies which has brought all the banking convenience in just fraction of seconds. Giving the customers the opportunity to perform them sitting at their home comfort.
So As a customer how can we transfer money to the other accounts.
Let’s see various modes with which we can transfer the money to other bank accounts in this article.
How to Transfer Money from Phonepe Wallet to Account?
Let’s see the process of transferring money from Wallet to account.
PhonePe is the Fintech Company which works in Digital payment solutions and started in the year 2015 by Sameer Nigam, Rahul chari. This Digital Wallet is available in 11 languages.
PhonePe is second largest Payment solutions app in India after Paytm. This online payment solutions let’s you make all the payments including recharges, money transfer, buy insurance, products ,gold as well online.
#1 Transferring of Money from Phonepe Wallet. Let’s see now how to transfer from the wallet to the other bank account step by step process;
- In your mobile open the Phonepe app.
- Tap on “My Money” option.
- Now go to Wallets option as Phone pe wallet.
- To activate the Phone pe wallet it’s compulsory to complete your KYC.
Is KYC Compulsory to transfer the amount through Wallet
Yes, the money can be transferred through debit card or credit card but Minimum KYC is Important. And Minimum KYC includes updating your Aadhar Number.
And then the amount can be sent trough this Phonepe wallet to any account.
- Now let’s see how to add money to our Phonepe Wallet.
In the above mentioned image we can click on the Top up wallet option and select any one of the active account.
As shown in the image you can select the desired amount and then the money can be added to the wallet Once done with UPI transfer. Can send to any bank account that are added in the beneficiary list.
This is one method were you can send money to Bank account through wallet.
Now let’s see another method were we can send money directly to the other person through the UPI id.
#2 Transfer to the account by adding it as Beneficiary account?
This is another method where we can transfer money after adding them to beneficiary list. This can be done by going to the Option of “ To Account” and there You can add a beneficiary by knowing their bank account and IFSC code and their name and finally can add them. Phonepe gives a cooling period after which you can transfer the money.
#3 Transfer through Contact:
The money can be directly transferred to the contact number through phonepe as most of the numbers are directly linked to the bank account.
To this transfer you just have to use your Bhim UPI id only.
These are the various modes of payment to other accounts in PhonePe payments platform.