Hello everyone, in this post you will know two genuine methods of How to Transfer PhonePe Wallet Money to Bank Account in 2020?. Its quick, simple and very easy.
Lately, in India after demonetization, digital wallets such as Paytm, Mobikwik, Google Pay and Freecharge have been gaining popularity day by day. Another such app is PhonePe which completes your transactions and payments in a click.
As we all know that PhonePe app is one of the best and secure digital wallets that is founded in India. Also PhonePe is one of the largest Unified Payment’s Interface(UPI) application which got more than 50 million downloads in India. You can install the PhonePe app from google play. This app is known for its multifunctionality and due to its cashback and various offers on its online merchants as well as offline merchants. PhonePe cashback scheme is more generous than the other companies. You can save your lots of money by using PhonePe. It has many other good cashback offers as compared to other different apps. In PhonePe there are many other bill payments and recharge cashback offers available. Install PhonePe and get Rs.100- it is PhonePe app offer.
But if you are using PhonPe wallet then you might know that flipkart owned PhonePe app in april, 2016 and stopped their KYC verification and has changed their terms and conditions to transfer cashback balance to bank account. Now you won’t transfer cashback balance to bank account directly.
So there are many methods you can see on other places or websites, if you will search- How to Transfer PhonePe Wallet Money to Bank Account? or How to transfer money from phonepe wallet to paytm wallet? or or How to withdraw phonepe cashback? How to transfer PhonePe cashback to paytm wallet? But not all of them are genuine and in fact some are even very risky. Some may work sometime and sometime not.
Since there is not any direct method of How to Transfer PhonePe Wallet Money to Bank Account in 2020, here is 2 ways with proof to easily Transfer PhonePe Wallet Money to Bank Account? or how to use your PhonePe wallet money.
01. Transfer PhonePe cashback money in to Bank Account via Gold Purchase
I hope you know that recently PhonePe added new option of digital gold purchase in which you can buy gold via your PhonePe wallet money and can sell directly into your bank account so if you have PhonePe cashback and wants to transfer it to your bank account then follow the steps below-
1.First of all update to latest version of PhonePe app and login with your credentials.
2.Open PhonePe app and click on “My Money” from the main menu then click on”Gold” from the option “Wealth Management”.
3.Now select any of the two gold provider MMTC-PAMP or Safegold. You can select anyone from the following. No issue.
4.Now you have to enter the cashback amount which you have in your PhonePe wallet and then proceed to payment.
5.After that pay the amount via Phonepe cashback balance. Please make sure that the Phonepe Wallet/Cashback box is green checked here as shown below in the picture and then click on buy button.
6.Now You have successfully purchased gold from PhonePe cashback money. And like for example- on gold purchase of Rs. 125 the value of purchased gold will be Rs. 121.36 after cutting some gst of Rs. 3.64. So, now you can sell the gold after 24 hours of the purchase.
7.Now to sell your gold, again go to the option “My Money” then “Wealth Management” then “Gold”. Then select the gold provider from where you have purchased the gold earlier and click on its locker as shown below-
8.Then enter the amount of gold you want to sell then click on sell button.
Note: Gold buy and sell values are different at different time. In my case the gold value worth Rs. 121.36 later changed to Rs. 116.03.
9.Done! Within 48 hours amount will be credited to your bank account. Proof-
The second method is by paying bills, recharging your phone number, dth recharge, by paying at online merchants of PhonePe like flipkart and many others. All of these option are present in PhonePe app.
02. Pay on Flipkart using PhonePe – it’s very simple. Just follow these steps-
- Add items to your cart on the online merchant flipkart.com
- Proceed to pay for your order.
- Choose ‘PhonePe’ from the listed payment options and follow the prompts.
- If there is sufficient wallet balance in your PhonePe wallet, click on the Pay button to complete the transaction.
- If you have insufficient wallet balance in PhonePe wallet. Choose from other payment options (in addition to the PhonePe wallet) and follow the steps to complete the transaction.
(Note: To transact via PhonePe you have to activate your PhonePe account at Flipkart. It’s quick and very simple. If you already have a PhonePe account just login with the registered PhonePe mobile number.)
If you guys still have any problem and questions or any suggestions, you can freely ask or write it in the comment section below.