One of India’s highest-share UPI payment apps, covering transfers, recharges, bill payment, insurance and even gold purchases. Almost every Indian merchant displays a PhonePe QR.
!Not a bank. PhonePe operates as an RBI-authorised payment service and prepaid payment instrument (PPI wallet); balances are not deposits; wallet balances are e-money / stored value, NOT deposits, and are outside deposit-insurance protection. Funds are safeguarded in segregated / trust accounts under the applicable rules, not covered by any deposit guarantee scheme.
Limited. The PhonePe wallet needs an Indian mobile number and bank account, with PAN/Aadhaar verification. Short-stay visitors generally cannot register; UPI support for foreign cards is still being piloted and requires an Indian bank or authorised issuer.
No mandatory wallet minimum — UPI debits your bank directly｜Person-to-person UPI transfers are free; credit card bills and some merchant payments carry fees.
UPI is typically capped at INR 100,000 per transaction (higher for some categories) with daily limits; PPI wallet balances depend on KYC tier (very low without KYC, up to around INR 100,000 with full KYC). Check official terms. Balances are not deposits and are not deposit-insured.
Limited. The PhonePe wallet needs an Indian mobile number and bank account, with PAN/Aadhaar verification. Short-stay visitors generally cannot register; UPI support for foreign cards is still being piloted and requires an Indian bank or authorised issuer.
Local bank account: Usually required — you link an Indian bank account and debit via UPI. Items typically needed: An Indian mobile number that can receive SMS; An Indian bank account and debit card to set a UPI PIN; PAN card / Aadhaar for wallet verification.
Typically: An Indian mobile number that can receive SMS; An Indian bank account and debit card to set a UPI PIN; PAN card / Aadhaar for wallet verification.
How to sign up: Fully online — register with an Indian number, link a card and set a UPI PIN (About 10–15 minutes; the UPI PIN requires debit card verification). Steps: 1) Download PhonePe and register with your Indian number 2) Confirm the SMS code 3) Link an Indian bank account and create a UPI PIN (debit card verification) 4) For the stored-value wallet, upload PAN/Aadhaar for verification 5) You can now pay by QR, transfer and pay bills Fees: Person-to-person UPI transfers are free; credit card bills and some merchant payments carry fees.
UPI is typically capped at INR 100,000 per transaction (higher for some categories) with daily limits; PPI wallet balances depend on KYC tier (very low without KYC, up to around INR 100,000 with full KYC). Check official terms. Balances are not deposits and are not deposit-insured.
E-wallet rules change often — always follow the latest instructions in the official app.