PhonePe launches India’s first Wallet with Auto Top-Up
This launch makes the PhonePe wallet the most convenient digital wallet in the country
National, June 18th, 2021: PhonePe, India’s largest digital payments company, has launched India’s first Wallet Auto Top-up feature using UPI e-mandates for its customers. This feature allows PhonePe customers to set up a UPI e-mandate once, after which PhonePe will automatically top up their wallet balance, when it falls below a minimum level. This means PhonePe customers can now make multiple payments using their Wallet, without having to top up their wallet balance manually each time. This saves a lot of time and effort for PhonePe Wallet customers, as well as ensures a very high transaction success rate (~99.99%). Once the UPI e-mandate has been set up, users don’t need to enter any PIN or wait for an OTP each time they want to load their wallets, or make a payment.
Here are some benefits of using Wallet Auto Top-up:
- PhonePe Wallet is automatically topped up when balance drops below a minimum amount
- Much higher transaction success rate since users don’t have to load their wallet each time the balance drops to zero.
E-mandates are a huge step forward for UPI and will help leapfrog payments to the next level opening up a large number of use cases across businesses. We are testing this feature end-to-end with the Wallet Auto Top-up launch for PhonePe customers and also working to make this available to merchants, payment aggregators and other apps in the coming weeks. The UPI e-mandate is significant for the digital payments ecosystem, as it takes forward RBI’s vision of offering a seamless recurring payment experience to customers.
PhonePe customers can enable Wallet Auto Top-Up in a few simple steps. All they need to do is click on the ‘Top-Up’ icon in the wallet section on the PhonePe app homepage. Customers then need to enter an amount of their choice to be topped-up. A pop-up will be automatically shown to the customers to enable Auto Top-Up. Customers need to enter the Auto Top-Up amount ranging from INR 1,000 to INR 5,000 and click on the ‘Top-Up & Set Auto Top-Up’ wallet option at the bottom of the screen and enter the UPI PIN. On successful confirmation from the customer’s bank, the wallet gets recharged for the chosen amount instantly and an auto-top up mandate is created.
PhonePe is India’s largest digital payments platform with over 300 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 600 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 20 million merchant outlets across 12,000 towns and 4,000 talukas nationally.
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