How to Add a Bank Account in PhonePe?

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What is the PhonePe app? 

PhonePe is a financial transaction tool. It is completely digitalised and uses a unified payment interface system. PhonePe can be installed on your phone in the form of an app through the Play Store or App Store. One does not need to visit any bank to get registered. 

PhonePe allows the inflow and outflow of money from one bank to another within seconds. One can choose different ways or channels to do the money transaction within the PhonePe app, like through the QR scanner, PhonePe UPI ID, directly by entering the registered mobile number, etc. 

Also Read: How to Stop Autopay in PhonePe: A Complete Guide for Indian Users

How do I add a bank account in PhonePe?

Adding a bank account in PhonePe is an easy and instant process; one needs to download the PhonePe app through the Android Play Store or the iPhone App Store.

Here are the further steps for adding the bank account:

1. Open the PhonePe app.
2. Enter the mobile number of your current phone.
3. Click on Proceed.
4. An OTP will be sent to your mobile number. 
5. Enter the OTP and click on Verify. 
6. Allow the use of the microphone, camera and contacts.
7. You will be directed to the homepage.
8. Now click on the star icon present at the left corner of the home screen. 
9. Click on the Add Bank Account option.
10. Click on the “Add Payment Method” option.
11. You will be directed to the page where there will be a list of banks with their names.
12. Select the bank which you want to add (make sure that the bank is active under your name and registered mobile number).
13. Allow SMS services.
14. The app will automatically send the verification SMS.
15. After automated verification, the bank account will be added. 
16. After adding the bank account, you will be directed to another page.
17. The page will ask you to set the PIN.
18. Click on Set PIN.
19. There will be two options provided to you: Aadhaar card or debit card.
20. Choose any one of them. If you have a bank debit card, then choose the debit card option.
21. Enter the last 6 digits of the debit card number and expiry date.
22. Click on Continue.

Hence, these are the steps to add your bank account right after you download PhonePe. 

How to add another bank account in PhonePe if a bank account is already added?

PhonePe allows adding multiple bank accounts instantly without any complexity. 

Here are the steps to add multiple bank accounts in PhonePe:

1. Open the PhonePe app. 
2. Tap the star icon in the left corner of the home screen and click on the Add New Bank Account option. 
3. Select the bank which you want to add.
4. After selecting the bank account, the bank account will be successfully added to your PhonePe.
5. After this, an option will appear for a PIN reset. 
6. Enter the last 6 digits of the debit card with the expiry month and year.

Hence, this is how you can add another bank account in PhonePe instantly.

Also Read: How To Delete PhonePe Transaction History? – Step-by-Step Guide

Bottom line: 

PhonePe is an app which uses the Unified Payment Interface system for financial transactions, which is completely digitalised. One can add multiple bank accounts instantly in the PhonePe app without any third-party application help. Moreover, companies like LoansJagat help people to understand these steps in detail to eliminate the confusion related to basic steps in the banking field. Hence, PhonePe provides various channels within itself for money transactions.

FAQs: 

What payment channels does PhonePe provide? 

PhonePe provides QR scanning, UPI ID, contacts, and bank-to-bank transaction channels to people. 

Which system does PhonePe use for its financial transactions? 

PhonePe uses the Unified Payment Interface system for financial transactions. 

Should one consider the PhonePe app completely digitalised? 

Yes, the PhonePe app is a completely digital app for financial transactions. 

How do I add another bank account to PhonePe?

One needs to search for 'add new bank account' in the app and select the bank they want to add. Reset the UPI PIN, enter the debit card information of the related bank, and verify through an OTP. Set the UPI PIN and confirm it. Your new bank account will be successfully added.

What was the past name for PhonePe Private Limited? 

PhonePe Private Limited was formerly known as FX Mart Pvt Ltd.

Can we transfer the money directly from one bank to another bank through PhonePe? 

Yes, you can transfer money from one bank to another bank through PhonePe instantly. 

What is the other UPI app besides PhonePe? 

Google Pay, Paytm, etc. are other UPI apps similar to PhonePe. 

Can I run a single bank account on multiple UPI apps? 

Yes, you can add and run the same bank account to multiple UPI apps for financial transactions.

Can we add multiple bank accounts in PhonePe? 

Yes, we can add multiple bank accounts in PhonePe.

What is the customer care number of PhonePe? 

080-68727374 / 022-68727374 are the customer care numbers of PhonePe.