February 9, 2025 · 12 mins read
Santosh Kumar
India is becoming digitalized in most of the areas of our daily life routines. In such a fast-paced world, digital transactions have become a norm, creating the requirement for secure and reliable payment options. PhonePe is one of the leading digitalized UPI payment platforms in India. It allows the users to transfer money to anyone without entering their bank account number.
Instead, it works with either the phone number of the recipient or, their UPI ID or the QR scan code of their UPI. The payment process has become much easier and user-friendly because of its specification of being a Unified Payments Interface (UPI) platform. One of the remarkable features of PhonePe is that it helps in UPI transactions and makes payments with options like PhonePe wallets, PhonePe gift cards, UPI Lite and so on. It is equipped with many alternative options for the user's convenience. Now, it is time to discover what is PhonePe wallet is and how to add money in a PhonePe wallet for the transactions.
The PhonePe wallet is a digital version, which is entirely a prepaid one and owned by PhonePe. You can access this wallet through the PhonePe app, and it is available only in its app. Since PhonePe wallet is a prepaid thing, it stores the money, and later, you can make payments from that money. There are certain criteria that should be met in order to avail of this wallet in PhonePe. Once you finish the eligibility criteria, you can add money to your PhonePe wallet and use it for further transactions.
You can use PhonePe wallet to make payments like paying merchants, paying people from your contacts, or paying people either with their mobile number or to their bank accounts. You can also recharge for mobile phones, pay for your e-commerce orders or platforms, pay utility bills like electricity bills, and even you can pay for travelling. So, with PhonePe wallet, you can do transactions as usual, as you do regularly with the UPI IDs. Another surprising factor that you can expect from this is you can even purchase gold from your PhonePe wallet.
Certain eligibility factors need to be done to get the PhonePe wallet. In order to get the PhonePe wallet, you will need to do a one-time KYC (Know Your Customer) setup to begin the PhonePe wallet. The KYC is defined as a set of rules, norms and laws proposed by the Reserve Bank of India (RBI). Under this, PhonePe is bound to verify the personal identification details of its customers before providing any kind of service. Because of this, KYC documents are required to create a PhonePe wallet. So, you have to make sure that the details entered are authentic and true to your acknowledgement.
If, in case, the KYC detail gets rejected due to incorrect authentication, then PhonePe has all the rights to deactivate your wallet or even take necessary actions. Also, they have clearly put the disclaimer that if the details don't match and can't be authenticated, PhonePe will not be responsible for the wrong information entered by the customers while confirming the details for KYC. Hence, it is always better to double-check the details entered before submitting the documents for verification.
There are three types of KYC verified status. It involves no KYC status, Min-KYC (Minimum KYC) and complete KYC. The first one represents that there is no verification of personal details, the min-KYC denotes the verification of partial things, and the full KYC represents the verification of all the possible personal details. For this full KYC, you are in need to share the personal details like:
Read More:: How To Change Upi Id In Paytm
1: Your full name
2: Date of birth
3: Photo of your own
4: Your current address and permanent address
5: PAN number
6: Aadhaar number
7: Marital status
8: Occupation details
9: Income details
Apart from these details, sometimes, this KYC process might include a video verification process, where the cardholder's video is recorded; this process is called video KYC.
But, in order to apply for a PhonePe wallet, it is enough to have a min-KYC verified account. The min KYC follows the procedure of self-declaration of your name and one of the unique identification numbers from any of the following identification proofs. This proof can be any of the following:
1: Your passport
2: Driving License
3: PAN number
4: Voter’s identity card
Read More:: How Is Digital Rupee Different From UPI?
Once you have completed the minimum KYC, you can create your PhonePe wallet and enjoy its benefits. This KYC process is a one-time setup only, and it will not ask for KYC confirmation if it is verified successfully.
Another determining criterion for availing of a PhonePe wallet is the age of the person who is applying for it. You have to be at least 18 years old to get a PhonePe wallet. These are all the eligibility norms that PhonePe requires you to follow in order to open a wallet with them.
Now that you have a KYC-verified account with bank details and a mobile number already linked to your PhonePe, you can follow the steps to add money to your PhonePe wallet. PhonePe wallet is available on the PhonePe application, you can find it in the "Payment methods" section of it, which will be found when you click your profile picture. You can add money to the wallet by using a debit card a credit card, or the UPI. Let's learn the steps of how to add money to your PhonePe wallet.
1: The first step is going to the PhonePe wallet section under the Payments methods category. Make sure your bank account has been already linked with PhonePe.
2: You can now enter the amount which you would like to add to your PhonePe wallet. The option of “Top up” will be there for you to add the preferred amount
3: Once done with entering the amount, select the mode of payment to add the money to your wallet. The mode of payment can be your credit card, debit card or UPI, but it cannot be a prepaid card
4: After all of these steps, click the "Top up wallet" option. You might be charged a nominal fee if you used a credit or debit card to top up your wallet, and these details will be reflected in the app itself while making the top-up
5: The transaction will be initiated once you click the top-up option. You can also enter your PIN or biometric authentication if it asks to authenticate the transaction
With the above steps, you can successfully add money to your PhonePe wallet, and they are straightforward and easy steps to do. It is not at all time-consuming work to be done, as there are only a few steps to add money to the wallet if you already have a min KYC-verified account.
However, you can use your PhonePe wallet as a mode of payment apart from paying bills and recharges only when the merchant to whom you are paying has a wallet enabled in their PhonePe, if the merchant has a PhonePe QR, or when the merchant is enrolled on PhonePe. If the PhonePe wallet option is not showing up for a transaction, then it means that the wallet payment option itself is unavailable.
Read More:: How to Reset UPI PIN on PhonePe
Yes, transferring money from PhonePe wallet to your bank account linked with PhonePe is absolutely possible. Here are the steps to follow for transferring the money from the wallet:
1: Open the PhonePe app and navigate to the PhonePe wallet section
2: In the PhonePe wallet section, click on the withdrawal tab
3: After that, you can see the icons of wallets and banks on the screen. There, you have to drag the wallet icon downwards onto the bank icon to initiate the transfer of money
4: Now, enter the amount which you would prefer to transfer from the wallet to your bank account
5: After successfully entering the amount to be transferred, click the proceed option. The amount will be transferred from your wallet to your bank account.
Using PhonePe wallet is similar to our day-to-day transactions done with digital payment platforms. The process of adding money to the PhonePe wallet is user-friendly, and people can access it easily without any fear of fraud. These simple and user-oriented features are the major advantages that draw people's attention and support towards its wide usage.
Read More:: How to Reset UPI PIN
The world is unimaginably big, and we are filled with a lot of daily activities. In this lifestyle, online transactions have a user-friendly interface where you can easily transfer money within minutes from anywhere to anyone. For that convenience, we have so many apps, and one among them is PhonePe. Even within PhonePe, features features like its wallet are highly useful since you can make payments, recharge your mobile, pay bills and whatnot. Everything related to payment is possible with PhonePe and, thus, with PhonePe wallet. Let's not wait any further to check and use PhonePe wallet for hassle free transactional experiences.
How to check the PhonePe wallet balance?
You can easily check the PhonePe wallet balance from wherever you are with your mobile phone having the PhonePe application installed. To check your wallet's balance, open your PhonePe app. Click the profile picture or profile section at the top left corner of the PhonePe app's home screen page. This will direct you to a new page, where you can find the PhonePe wallet option under the Payment methods section. If you click the wallet option, it will display the balance.
What are the benefits of PhonePe wallet?
There are multiple benefits of using PhonePe wallet for your payments. Let’s look into the benefits. One of the major benefits of PhonePe wallet is that it provides cashbacks and offers like scratch cards based on the transactions, thereby incentivizing you to use this payment option often. The auto-top-up feature in the wallet lets the UPI add money to your wallet when the balance goes down to the minimum level.
Can PhonePe wallet be linked with multiple accounts?
Yes, you can link multiple bank accounts to your PhonePe wallet for added benefits. You can add several accounts and switch between preferred bank accounts that have been linked with PhonePe while making transactions.
How to turn on auto-top up for PhonePe wallet?
You can top up your PhonePe wallet either manually from your end or else; you can also prefer selecting auto-top-up options. In order to activate the auto-top-up option, you have to go to the step where you will add the money to your wallet. At that time, when you enter the amount to top up, you have to check the box below, which says "Turn on auto top up", so that the auto top-up option will be activated once you complete the transaction. After checking the auto top-up option, you have to make a payment that will add money to your PhonePe wallet. Once the payment is done, you will receive the confirmation pop-up or message stating that the auto top-up option has been activated, along with the payment confirmation message.
Is there any limitation upon money added to the PhonePe wallet?
The amount of money that can be added to your PhonePe wallet is completely dependent upon your KYC level and the wallet you have. If you have a minimum KYC account, you can add up to 10,000 rupees per month to 1,20,000 rupees per year. On the other hand, if you have a full KYC account, you can freely add up to 2,000 rupees per transaction and 10,000 rupees per year.
Will my PhonePe wallet be made inactive?
Yes, your PhonePe wallet will be made inactive if you don’t use the wallet for 12 months. This is followed as per the guidelines and regulations of RBI, but there is an option to reactivate your PhonePe wallet if it becomes inactive. The circumstances that will make your wallet inactive might include not adding money to your wallet in the last 12 months, not withdrawing the wallet's balance if that could be withdrawn or not paying the merchants with the wallet. Even not completing the minimum KYC could also be a reason to make your wallet inactive.
So, to reactivate your inactive PhonePe wallet, you can do the OTP verification, which will be available on the top-up wallet screen. There, it will show the option of 'Activate wallet,' and you can get your wallet back.
How long will the top-up transaction take to reflect in the PhonePe wallet?
Usually, the top-up transaction will be reflected immediately in the PhonePe wallet once the amount has been processed successfully. On rare occasions, due to technical glitches or network issues, the transaction might get delayed. In such cases, it is always advisable to check your transaction history to know if the transaction has been initiated, pending, or failed. You can also contact PhonePe customer support if you encounter any difficulties or processing errors to fix it as soon as possible.
Download the app now
Download the app from PlayStore
