PhonePe is a Unified Payment Interface (UPI) platform that facilitates simple money transfers between individuals without the need for account numbers or IFSC codes. Transactions are completed by simply entering the recipient’s mobile number or Virtual Payment Address (VPA), resulting in fast transfers in seconds. The PhonePe app has several features, including the ability to pay postpaid and utility bills, as well as recharge prepaid mobile numbers, data cards, and DTH services. It also allows you to view your bank balance and make payments by scanning a QR code. PhonePe streamlines the money transfer process, ensuring a smooth experience for users.
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PhonePe does not support direct transfers of wallet balances to bank accounts, but it does provide an alternative method. Users can use their wallet balance to buy and sell gold on the platform. The proceeds from gold sales can then be deposited into their bank account.
Those looking to transfer PhonePe cashback to their bank account can do so by purchasing digital gold. This allows users to purchase gold with their PhonePe wallet balance and then sell it directly into their bank accounts. If you have PhonePe cashback and want to transfer it to your bank account, follow the steps below.
Steps To Transfer PhonePe Wallet Money To Bank Account:
Launch PhonePe on your device.
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If you have not yet updated your bank account information, go to the home page and select the ‘Add Bank’ option. If your bank details have already been updated on PhonePe, you can skip this step
Return to the homepage and select ‘Gold’ under ‘Wealth Management’.
Choose between the platform’s two gold providers, ‘Safegold’ and ‘MMTC-PAMP’.
Enter the amount of gold you want to buy in the ‘Amount’ field. Use your PhonePe wallet balance for this transaction. The app will then display the amount of gold equal to the entered amount.
Click ‘Proceed to Payment’. To finalize the payment, select ‘Wallets / Gift Vouchers’ rather than your bank account.
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Following a successful transaction, you can sell the gold and deposit the proceeds with your bank.
To sell gold on PhonePe, follow steps 1–3.
Choose the same gold provider from which you made your purchase.
Select the gold that you previously purchased.
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In the ‘Sell’ section, enter the amount of gold you wish to sell.
Make sure the amount entered matches the value displayed under ‘Gold value’ at the top.
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To proceed, select the ‘Sell’ button. The funds will be credited to your bank account soon.
