PhonePe is an app-based payment method that is making a storm in the world of online betting. PhonePe betting sites are now readily available in India, with this method of payment being available for both depositing and withdrawing funds. Whether you are looking for a new way of funding your sports betting or are simply interested to learn more about this innovative payment option, this page has everything there is to know about PhonePe.
We will start by outlining the best online bookmakers offering PhonePe today.
PhonePe is now hugely popular within the betting industry, and you can find many PhonePe betting sites India. Accepted by a large number of online betting sites in Indian Rupees, PhonePe allows a minimum deposit of ₹500, while the maximum amount has been set at ₹20,000. Such limits should cater for the needs of the vast majority of punters.
PhonePe has developed a reputation for processing transfers quickly, safely and without charge, which is everything in which betting customers look for online today. Despite being well-known in the retail industry, online betting is certainly one of PhonePe’s most lucrative markets.
PhonePe is a payment method available strictly to residents in India. However, the ICICI Bank did block PhonePe payments for a week in January 2017 as a result of its failure to meet NPCI guidelines. All issues were quickly resolved, with PhonePe having developed an outstanding reputation since. This was only enhanced when the company announced that it would donate ₹10 for every single user who pays to the PM CARES fund via their app.
In an attempt to aid with the Covid-19 pandemic, PhonePe set a target of ₹100 crore. In terms of partnerships, PhonePe holds associations with the likes of Freecharge, RedBus, Ola and Swiggy. They also developed a tax-saving initiative in 2019, helping users to minimize their tax burden in the process. In 2020, a chat feature was added to the PhonePe app, as well as becoming the first digital payment platform in India to launch international travel insurance.
PhonePe is an app-based online payment system available only in India. Founded in 2016, PhonePe is available to both iOS and Android users, helping to facilitate payments on a host of platforms, including PhonePe betting sites. It’s similar to Paytm, which is highly popular in India, and available at plenty of Paytm betting sites.
Licensed by the Reserve Bank of India, PhonePe was established by Sameer Nigam, Rahul Chari and Rahul Chari. Available in 11 different India languages, the app enables users to both send and receive funds, with over 200 million users having now done so. PhonePE ATM was launched in January 2020, allowing certain stores to dispense cash to customers.
PhonePe was the first mobile-based payment system to be developed on the Unified Payments Interface (UPI). Available via the Google Play Store and App Store, users must verify their mobile number and complete the necessary information in order to be in a position to process payments. Having done so, a Virtual Payment Address (VPA) is created, which is linked to your bank account. As a result of this process, there is no need to upload your bank account or card details to your betting account.
PhonePe was initially known as FxMart, which was granted a license in August 2014. PhonePe then came on board in December 2015, with the company being purchased by Flipkart in April 2016. The license acquired by FxMart was transferred to PhonePe, who partnered with Yes Bank in August 2016 in order to launch its UPI-based payment app.
It took PhonePe just three months to gain attract over 10 million downloads, while in 2018, the app became the fastest in Indian history to reach the 50 million mark. PhonePe even leapfrogged BHIM to become the market leader in UPI payments in 2017. PhonePe has partnered with over 180 different brands in India, while also winning a host of industry awards, including the “Best Mobile Payment Product or Service” for 2019.
Now that you understand how PhonePe works, it is important to consider the benefits in which banking in this way on betting sites brings. With that being said, let’s take a closer look at the main pros and cons of PhonePe in our experience:
PhonePe can be used for both deposits and withdrawals at Indian betting sites. This cannot be said of all payment methods today, meaning that there is no need for punters to find an alternative for taking home winnings made. So, let’s take a closer look at just how both deposits and withdrawals can be processed using PhonePe at online bookies.
When it comes to adding funds to your betting account through PhonePe, there are a host of options available to punters. These include:
Whichever of the above options selected, deposits can be made at betting sites by following this step by step guide:
The process involved with withdrawing funds through PhonePe is very similar, with such transactions generally taking up to 3 days to complete. Follow these simple steps to take home earnings made from bets placed:
Online casinos with PhonePe are just as popular as the betting sites, and you will find it equally convenient. Normally, the best betting sites in India will also have a dedicated casino section, so players who prefer both options can do it all in one site. You will find that the best Indian casino sites also have a good sportsbook because they know Indian players love sports.
PhonePe casinos allow for easy transactions to and from the online casino. Since you log in while making the payment, you don’t need to leave sensitive information at the casino site, which adds an extra layer of safety without making it less convenient.
PhonePe comes with a host of services and features, however it is important to understand that this payment option is completely safe first and foremost. Encryption technology is used to ensure that all personal and financial details are kept safe, while users have the option of adding to their protection by setting passwords on their mobile device.
Meanwhile, all new PhonePe customers have their mobile number verified by an OTP, demonstrating how important the platform places on safety.
Before any payments can be made in this way, punters must create a PhonePe account. This can be achieved in just a matter of minutes in most cases, with the following steps getting the job done:
PhonePe users are able to make a maximum of 10 payments per day, with there being no charge for either registering for an account or processing transactions. However, potential fees may be incurred from bookmakers, with this differing between betting sites. Meanwhile, ₹ 1 lakh is the daily limit for P2P and merchant payments.
If you are not looking to process payments using a mobile app or just are not completely sold on what PhonePe has to offer, a host of alternatives are available. Below are some of the other payment methods available to punters in India today:
When it comes to making the most of PhonePe, our tips generally surrounding maximizing your safety. So, follow these actions in order to ensure that you only process completely secure payments:
As one of the leading mobile payments apps in India, PhonePe is now available on a large number of betting sites. Available on both iOS and Android devices, PhonePe can be used to deposit and withdraw funds, with its speed and security making it the payment method of choice for millions. So, be sure to check out our recommended PhonePe betting sites, before potentially depositing funds for the first time via this hugely efficient app.
Yes. Licensed by the Reserve Bank of India, PhonePe has all the necessary features in place to ensure for the safety of its users. All customer details are fully encrypted, while each and every payment must be verified.
Yes! No payment with PhonePe can be completed without being verified. Verification is completed by entering the relevant password.
It is unlikely. The vast majority of deposits and withdrawals are processed free of charge. However, this does ultimately depend on the bookmaker signed up with.
Payments made via PhonePe are not declined for no reason. So, be sure to ensure that all details have been entered correctly. Having done so, take advantage of the customer support offered by PhonePe if payments are still not going through.
Deposits at betting sites via PhonePe are instant, with funds being made available in a matter of seconds as a result.
Withdrawals on the other hand take up to 3 days to complete. This is similar to many other payment methods, including credit/debit cards.