PhonePe is a digital payments and financial services platform in India that allows users to make transactions using Unified Payments Interface (UPI), debit/credit cards, and mobile wallets. It was founded in 2015 and is headquartered in Bengaluru, India. PhonePe is owned by Flipkart (a Walmart-owned company).
Key Features of PhonePe:
1. UPI Payments – Send and receive money instantly using UPI.
2. Mobile & DTH Recharge – Pay for prepaid/postpaid mobile, DTH, and broadband services.
3. Bill Payments – Pay electricity, water, gas, and credit card bills.
4. Online & Offline Shopping – Accepted at millions of merchants, including online stores and retail shops.
5. Insurance Services – Buy health, car, and travel insurance.
6. Mutual Funds & Investments – Invest in SIPs, fixed deposits, and digital gold.
7. PhonePe Wallet – A digital wallet for quick payments.
8. Loan & Credit Card Services – Access personal loans and credit card bill payments.
9. PhonePe Switch – Access multiple third-party apps like food delivery, travel bookings, and more within the app.
How PhonePe Works:
• Users can link their bank accounts using UPI.
• Payments are made directly from the bank, without needing to top up a wallet.
• It supports QR code payments, making transactions easy for businesses.
PhonePe competes with Google Pay, Paytm, and Amazon Pay in India’s digital payments space and is one of the most widely used UPI platforms in India.