PhonePE is the first UPI-based payment system acquired by Flipkart to initiate hassle free payment process

Flipkart is one of the largest ecommerce platforms in India. It recently acquired PhonePe. It is the first app that is based on Unified Payment Interface. The ecommerce giant is having major stake in it. This will help Flipkart to ease the payment system for the buyers. Flipkart has also acquire other prepaid wallet in past. PhonePe aim in keeping the payment process simple.

It provides a unified platform where end users can send/receive money, pay bills and even buy online from merchants. It also features money transfer that many prepaid wallet still offer but on certain service charge. Compared to other wallet system that required to first load money, PhonePe works just by connecting your bank account. There is no need to pre-load any amount in it, nor you need to use your debit or credit card.

Whenever you use PhonePe for payment amount will be deducted from linked bank account. The money remains saves with the account holder all the time. It is a kind of big hurdle today for prepaid wallet users. For example Ola Money. Once you load money in it, you cannot put it back in your account. It remains in the wallet if you don’t want to use it.

An end user will have to utilize the amount for bill payments or mobile recharge. Paytm on the other side provides money to bank account but charge a fee on the same and has a minimum amount transfer restriction. PhonePe would be a cost effective wallet solution compared to them. For security purpose the app will ask for a 4 digit pin to make payment and it will be uniquely identified through the device. In case you lost your device you can revoke the app access from the phone just by contacting PhonePE.

Takeaways:

• PhonePE is India’s first UPI-based app that offer hassle free payment solution on digital platform.
• The app connects to your bank account and payment can be done just by providing a 4 digit pin for authorization.
• The app is secured by various 2-factor authentication, end-to-end encryption, SSL certificates and 100% DSS/PCI.