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 Betting Sites
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 India
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.
What is PhonePe?
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.
How Does PhonePe Work?
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.
History of PhonePe
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.
Pros & Cons of PhonePe Sports Betting
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:
Pros
- Allows for instant deposits on betting sites
- Accepted by an increasing number of online bookies
- No fees incurred when depositing to your betting account
- All payments are processed safely
- Facilitates payments in Indian Rupees, meaning that no conversion charges are involved
Cons
- It might take up to 3 hours for the payment to be verified and available to your account
How to Deposit & Withdraw Using PhonePe
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.
PhonePe Deposit
When it comes to adding funds to your betting account through PhonePe, there are a host of options available to punters. These include:
- Direct Debit UPI – Here, money is transferred directly from your bank account to your betting account via the BHIM UPI service.
- Credit/Debit Card – Here, punters can use their bank card details to process a deposit.
- E-wallets – PhonePe is now associated with e-wallets such as Freecharge, JioMoney and Airtel. As a result, if you hold an account with any, payments can also be made in this area.
- Gift Card – PhonePe gift cards can be purchased too, ranging between 100 and 10,000 Rupees.
- PhonePe Wallet – PhonePe now has its very own digital wallet option. Here, funds can be held and spent. Wallets can be added to through bank accounts either via UPI or cards.
Whichever of the above options selected, deposits can be made at betting sites by following this step by step guide:
- Enter your selected PhonePe betting site and log in.
- Enter the cashier page and select the “Deposit” option.
- Enter the amount you wish to deposit.
- Select PhonePe as your preferred payment method.
- Enter the relevant PhonePe account details and verify your payment.
PhonePe Withdraw
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:
- Log in to your betting account.
- Enter the cashier page and select the “Withdraw” option.
- Select the amount you wish to withdraw, based on your available balance.
- Select PhonePe as your chosen withdrawal method.
- Enter your PhonePe details and confirm.
PhonePe Casino
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 Betting Safety
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.
How to Open an PhonePe Account
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:
- Download the PhonePe app on your Android or iOS device, with links being found on Google Play and the App Store.
- Tap on the “Register Now” option.
- Enter the mobile phone number linked to your bank account.
- Enter the one-time password and tap on “Verify”.
- Complete the registration form, including your full name and email address.
- Create a 3-digit password.
- Accept the terms and conditions and activate your account.
- Create a new Virtual Payment Address (VPA).
- Link your new account to your bank account.
- Confirm all details and start making payments.
PhonePe Fees
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.
Alternatives to PhonePe
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:
- Credit Card Betting Sites – Available from a host of different banks and financial institutes, credit cards are hugely accessible in India today. While they do make gambling responsibly more difficult, credit cards are an excellent option for many punters, with fast and secure payments being on offer.
- Neteller Betting Sites – Owned by the PaySafe Group, Neteller is an e-wallet with over 20 years of experience to its name. Allowing for rapid deposits and withdrawals, Neteller has an excellent reputation within the gambling industry.
- Google Pay Betting Sites – Launched in 2018, Google Pay is a digital wallet facilitating in-app purchases on both Android and iOS devices. It has been added to the list of accepted payment methods by many online bookies, allowing for hugely convenient deposits.
Tips for Using PhonePe
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:
- Only download the PhonePe app from licensed platforms, whether it be Google Play or the App Store.
- Be sure to double check messages claiming to be from PhonePe. Fraudsters will often imitate the company in order to get customer details. However, PhonePe will never request personal information via messages.
- When receiving funds, there is no need to enter a UPI PIN. So, if a bookmaker requests such info, question it.
- As with any payment method, only deposit as much as you can afford. While as many as 10 payments via PhonePe can be made per day, it is wise only to add funds when really needed.
Bottom Line on PhonePe Betting Sites in India 2024
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.
PhonePe Betting | FAQs
Is it safe to use PhonePe in sports betting?
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.
Do I have to verify anything when using PhonePe?
Yes! No payment with PhonePe can be completed without being verified. Verification is completed by entering the relevant password.
Will there be any fees added when I use PhonePe?
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.
What do I do if my payment is declined?
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.
How long will it take before my deposit is received by the betting site?
Deposits at betting sites via PhonePe are instant, with funds being made available in a matter of seconds as a result.
How long will it take before my withdrawal is received from the betting site?
Withdrawals on the other hand take up to 3 days to complete. This is similar to many other payment methods, including credit/debit cards.
Arjun Jindal | Last Modified: August 10, 2022
