Flipkart launches PhonePe UPI Based Payments App
Recently, the Flipkart has owned PhonePe and partnership with the Yes Bank to launch the UPI based payments Android app. This PhonePe app can allow the user to join their bank accounts to their Android phones by using NPCI, i.e. National Payments Corporation of India that launched unified payments interface libraries.
|CEO of Flipkart||Binny Bansal|
|Founded:||September 5, 2007|
|Revenue||102.4 billion INR (2015)|
|Executive chairman||Sachin Bansal|
|Founders||Sachin Bansal, Binny Bansal|
|Number of Banks provides Unified Payments Interface (UPI)||21|
Actually, UPI is one of the payment architectures that enable the users to perform a transaction without giving their bank account details. This payment architecture is thoroughly built with secure IMPS mobile payment system, which allows the users to transfer money via the different banks by using their own identification as well as password. Through this amazing option, the customers can be linked several bank accounts to the single mobile banking application and also able to request via the same interface.
Once the user can register on PhonePe and they will be allotted the specific UPI-based ID that can share with other customers to send or receive amount. The customer’s authorized transaction number should be 4 to 6 digit MPIN. According to the latest report of Economic Times, the Flipkart has informed customers that Flipkart amount wallet will be stored on PhonePe wallet.
Still now, there are so many banks are struggling to develop their own UPI-based Android app for making and accepting payments. But the Flipkart, one of the biggest e-commerce portals has launched and associated with the Yes bank recently. Now, PhonePe, Paytm and Free charge are the top three mobile wallets in India. Among these, Flipkart has powered with the PhonePe mobile payment app that works well and much more efficient for the users.
Step by step methods to register for UPI
The registration process for UPI is very simple. You just visit the Google play store and download the UPI app of your bank. For example, if you have a bank account in Yes bank, you can download the ‘ybl’ from the Play store and then follow the steps given below:
- Once you have the installed the UPI-based app and then open it. Now, you have to type of mobile number and create a 4 digit secured pin number of your own choice. When you open this app, this secured pin number in necessary every time.
- In that app, you will see an option known as UPI and just tap on it. This will ask you to create a VPA, i.e. virtual payment address.
- The VPA can be your name or phone number followed by the address. The Yes bank has ‘ybl’ and ICICI bank has ‘pockets’. For example, if your mobile number is 9012345678, your VPA can be created as 9012345678@ybl for Yes bank. The same procedure is followed for all other banks. In case of creating with name, it should be simple as john@ybl.
- Once you have created VPA, you will be asked to link your specific bank account in the other window. In that page, you can select your bank from the list that will obtain all the details automatically.
Buy PhonePe through unified payment interface
On the last Friday, Flipkart has announced that PhonePe mobile payment company can enable a highly secure digital payment experience to the customers. This unified payment interface based product can allow the users to transact amount with their user ID and mobile number or virtual payment address (VPA). So, the payments can be easily made by using immediate payment service and able to transfer the funds instantly without releasing any other bank details.
To get this hassle-free payment experience, Flipkart can suggest their customers to use PhonePe and follow the above procedure of payment methods. Officially, PhonePe has not yet released its app, but the Flipkart can buy and use it for transforming the whole payments in the country. With this excellent payment app, one can pay and receive amount. The user can also pay bills, shop both online and offline without using any input OTPs or any other pin numbers. However, the Flipkart e-commerce portal has mainly focused on driving its innovation on the payment methods too, which is said by the CEO of Flipkart named as Bansal.
Flipkart also said the final words, the terms of PhonePe acquisition is not disclosed, so the customers can use this hassle-free UPI based app for shopping.