Well, there are some steps to be followed to complete the process of add two banks accounts in PhonePe. After this, you will be able to use your multiple bank account in one PhonePe account.
As of now, many numbers of peoples are operation more than 1 bank accounts. So it is feasible for them to add both bank accounts in PhonePe for availing the various services of PhonePe like Send Money, Buy & Sell Online Gold, Electricity Bill Payment, Water Bill Payment, Add Money and many more.
What Is PhonePe
PhonePe is an Indian e-commerce payment and digital wallet UPI based payment system launched by Flipkart to provide cashless service which is similar to any other digital wallet like Paytm, Mobikwik, Google Pay, Amazon, etc. PhonePe is backed by UPI (Unified Payment Interface) which has been developed by National Payments Corporation Of India (NPCI).
How To Add Two Bank Accounts In PhonePe
Adding two bank accounts in PhonePe is a pretty simple method. One can easily add two or more than two bank accounts in PhonePe by following the below-described steps. It has also many benefits of having two bank accounts linked to PhonePe
PhonePe wallet is monitored by the RBI and after RBI Guidelines it is necessary to complete the PhonePe KYC
Step By Step Guide To Add Two Bank Accounts In PhonePe
Just follow the below-described steps to add two bank accounts in your PhonePe wallet.
Step 1: First of all launch your PhonePe app makes sure you have logged into your wallet.
Step 2: Now you have to tap on My Money at the bottom of your screen.
Step 3: At this step, you have to tap on Bank Accounts under the Payment service to add multiple bank accounts in your PhonePe wallet.
Step 4: Now you can see the bank accounts which are already added to your PhonePe wallet. Simply yo need to tap on Add New Bank Account to the multiple bank accounts in PhonePe.
Step 5: After this, you have to select your bank which you want to add in PhonePe. You can also search for your bank name in the search bar.
Step 6: Phonepe will automatically fetch your bank account details. You need to set up the UPI PIN with the help of your debit card.
Step 7: After successful verification, your bank account is added to the PhonePe wallet. You can use both bank accounts for various payment services on PhonePe.
FAQ (Frequently Asked Questions)
Does PhonePe need KYC?
PhonePe wallet is monitored by the RBI and after RBI Guidelines it is necessary to complete the KYC of every digital wallet like Paytm, PhonePe etc. Completing the KYC will not harm us in any manner although it will give us some additional benefits fo being a PhonePe KYC verified user.
Note: You don’t need to visit anywhere to complete your KYC just like we need to visit the KYC Center to complete the Paytm KYC. There is no such PhonePe KYC center as of now.
Can I transfer PhonePe cashback to bank account?
No, you cannot transfer PhonePe cashback to your bank account directly. But there is an alternate way from which we can do this. Firstly you need to buy gold from your cashback or wallet balance. Secondly, you need to sell that gold by the above-described methods. After selling the gold your cashback will be credited to your bank account.
Note: There will be some loss of your money. This is due to the buying rate of gold is higher than the selling rate. Approximate you will lose Rs 4 for selling the gold amount of Rs 100.
How can I pay my electricity bill by PhonePe?
PhonePe is a mobile wallet, we can use it for availing the available services. Some of the services are, Send Money, Electricity Bill Payment, Water Bill Payment, Buy Gold, Sell Gold, Metro Recharge. Just follow the instruction to know how to pay the Electricity Bill from PhonePe.