India’s largest ecommerce company Flipkart has just launched PhonePe, an online wallet app to handle your money. The app is among the first to be built on top of the government backed Unified Payment’s Interface.
Some key features
- Once bank account is linked you don’t need to top up the wallet.
- Merchant cash back and refunds from Flipkart will go into the wallet.
- You can withdraw wallet balance to bank free of charge.
- The app can be used to transfer money from one bank to the other.
- It also works to transfer money to other wallet.
- Transfer is possible with the user’s linked bank account(s) only. For example, A cannot transfer wallet funds to B’s bank account and vice versa.
Here’s what else it can do for you
- Has the combined functionality of apps like PayTM, Freecharge, Splitwise etc along with the added functionality of interbank transfer.
- With the same app you can now make and receive payments, pay your utility bills, split your bills with others, receive and send payment and also transfer money between bank accounts.
- Single app can reduce app clutter on devices.
- Many more banks and utility services yet to be on-boarded.
- Seems as secure as IMPS with usage of MPIN.
The maximum limit per single transaction is Rs 100,000.
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Disclosure: FactorDaily is owned by SourceCode Media, which counts Accel Partners, Blume Ventures and Vijay Shekhar Sharma among its investors. Accel Partners is an early investor in Flipkart. Vijay Shekhar Sharma is the founder of Paytm. None of FactorDaily’s investors have any influence on its reporting about India’s technology and startup ecosystem.