India’s biggest ecommerce portal Flipkart has just Launched the PhonePe UPI Based Payments App. This is India’s first UPI (Unified Payment Interface) mobile payment app. The PhonePe has launched in association with Yes Bank. Flipkart PhonePe UPI Based Payments App is a best option for peer to peer funds transfer.
This mobile payment app is powered with UPI. PhonePe competes with Paytm and Freecharge and MobiKwik. These are India’s top 3 leading mobile wallets. Former workers in Flipkart, Sameer Nigam and Rahul Chari launched PhonePe as a mobile payment app. Flipkart also acquired FX Mart which is a semi-closed wallet license as well (which RBI had provided to FX Mart).
Flipkart PhonePe UPI Based Payments App is said to be a combination of semi-closed wallet and payment app. The app is managed by FX Mart. The remaining balance in Flipkart Money and Myntra’s ‘My Cashback’ will be easily transferred into PhonePe app by default.
Company is expecting 12 million users by December end for the Flipkart PhonePe UPI Based Payments App. The app works well In association with Yes Bank. Users can simply make peer-to-peer transfers, split their bills among friends, pay their utility bills with this. You can also add accounts from 19 other banks which offers apps for UPI based payments.
To use, Flipkart PhonePe UPI Based Payments App need to verify your phone number. The app automatically sending an SMS from your phone which will Activate the wallet and link your bank account. Then unique MPIN is assigned. This is the key for all transactions for this app. There will be a separate MPIN to activate the wallet, which will be provided by the bank.
Flipkart PhonePe UPI Based Payments App Features
- Mobile recharge, bill payments
- Data card recharge, DTH Payments
- Landline Bills, Electricity Bills
- Gas bills