Pros and Cons of PhonePe 2024 (2024)

FAQs

What are the disadvantages of PhonePe? ›

And it lasts for a long time. Due to technical problems, it can take up to 3 days. It also happens when you pay to a merchant, the message is displayed, payment successful. Your account is also debited for that number, but the receiver account is creditless.

PhonePe is also on the verge of reaching profitability at a consolidated level, with its 2024 financials expected to reflect this progress.

PhonePe Security - Every Payment is Protected on PhonePe. That's why we have an advanced security infrastructure to keep your transactions safe. We do what it takes to earn the trust that you and 56+ crore Indians have placed in us.

Payments on PhonePe are safe, reliable and fast. One in three Indians are now using the PhonePe app to send money, recharge, pay bills and do so much more, in just a few simple clicks.

And I have used PhonePe, GPay, PayTm, Amazon Pay etc. I found PhonePe the best, fastest and most reliable payment system for UPI payments. But what I don't get is how hard is the learning curve for people using GPay to use PhonePe as GPay is worst, worst than Paytm.

PhonePe Transaction Limit Per Day

The daily transaction limit for UPI transactions on PhonePe for users in India is ₹1 Lakh. In 24 hours you can send money only a maximum of 20 times on Phonepe. This means that you can transfer up to ₹1 lakh in a single day, which can be broken into a total of 20 transactions each day.

Ans: Platform from which you invest does not matter since the Mutual Fund investments will anyway go to the respective AMC (Asset Management Company - the mutual Fund company) only irrespective of the platform that you use.

PhonePe feels the fastest among all UPI. Patym is good but not as fast. Amazon UPI works well but to reach to the UPI module takes a lot clicks. GPay has the cleanest look but fails a few time, enough to spook most users.

PhonePe is now owned by the American multinational Walmart, and Google Pay is headquartered in California, United States. Back in August 2023, the Chief Executive Officer of One 97 Communications Limited, Sharma, and the promoter entities became the largest shareholder in Paytm.

In 2022, PhonePe obtained licensing from the Reserve Bank of India for operating a Semi-Closed Prepaid Payment system.

Can a PhonePe account be hacked? ›

To protect your UPI ID, it is always recommended to set up two-step authentication. However, scammers can even hack the SMS app to obtain OTPs. So what you can do is enable biometric authentication to open apps like GPay, PhonePe, or Paytm.

sTo refund money from Phone Pe for a wrong recharge, you should immediately contact Phone Pe's customer support:07780+258+542and (available 24/7) report the issue. They have processes in place to help recover the funds.

PhonePe. The interchange fee is applicable in the range of 0.5-1.1% on different services. An interchange fee of 0.5% is applicable on fuel payments, 0.7% for the post office, telecom, utilities, agriculture and education, 0.9% for supermarket payments, and 1% for insurance, mutual fund, government and railways.

Is it necessary to have a bank account to use PhonePe? Yes. One cannot use PhonePe without having an active and valid bank account.

PhonePe. The interchange fee is applicable in the range of 0.5-1.1% on different services. An interchange fee of 0.5% is applicable on fuel payments, 0.7% for the post office, telecom, utilities, agriculture and education, 0.9% for supermarket payments, and 1% for insurance, mutual fund, government and railways.

Customers can withdraw their money instantly – anytime and from anywhere*. There is no lock-in period and the customer does not have to maintain a minimum balance.