PhonePe, the digital payment platform allows you to transfer money online via UPI (Unified Payment Interface). The platform also has the ability to send payment by debit, credit card and PhonePe Wallet. With the PhonePe mobile app, you can do more than just transfer an amount, from paying utility bills to recharging your prepaid number, data card, and more. Notably, the Walmart-owned digital payment platform acquired the Android app store Indus App Bazaar for $ 60 million (around Rs 438 crore), according to the IANS report. The acquisition is supposed to strengthen PhonePe’s “Switch”, which brings together useful applications under one roof. Read also – Use Google Pay or PhonePe? 5 things to keep in mind when making UPI payments
That said, if you are looking to transfer money from your PhonePe wallet to a bank account, here is a simple step-by-step guide you can follow. Also Read – PhonePe Launched Health Insurance Plan
How to transfer money from PhonePe Wallet to a bank account
PhonePe has the option to transfer money from PhonePe Wallet to a bank account. However, the platform does not allow you to directly send the amount to your bank account. Here are the steps to follow. Also Read – How To Link Your Bank Account To PhonePe
Step 1: Open the PhonePe app on your mobile phone.
Step 2: On the homepage, you will find the option “Add Bank” to update your bank account details on the app.
Step 3: Add your registered mobile number and then select your bank, after which the account will be linked automatically.
Step 4: You can also use the UPI ID by going to the profile in the upper left corner, tap “My UPI ID” and add the ID.
Step 5: Once the process is complete, tap on the ‘My Money’ option which you will find at the bottom of the screen on the homepage.
Step 6: Go 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 on your bank icon.
Following this, the wallet balance will be transferred to your main bank which is linked to PhonePe. It should be mentioned that the installation can only be used if you have completed the full KYC of the PhonePe wallet.
How to redeem rewards on PhonePe
PhonePe also has a rewards program in which the platform periodically provides incentives to its users. However, scratch cards come with a stipulated validity period. PhonePe notes that if you earn a reward, it will be credited to your PhonePe Wallet account. Here’s how you can redeem rewards through the app.
Step 1: Launch the PhonePe app on your phone.
Step 2: Tap the bell icon in the upper left corner which will bring up “Notifications”.
Step 3: If you’ve received a reward, you’ll 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 give to a friend or exchange it for a new scratch card.
Step 6: If you want to use the code for yourself, press the “Show” button.
Step 7: Copy the code and go to the specified store that you received the reward for, after purchasing the items is complete, apply the code before making the final payment.