How To Transfer PhonePe Wallet Money To Bank Account

how to transfer phonepe wallet money to bank account

New Delhi: PhonePe functions as a Unified Payment Interface (UPI) platform, facilitating seamless money transfers between individuals without the need for account numbers or IFSC codes. Transactions are executed by simply entering the recipient’s mobile number or Virtual Payment Address (VPA), ensuring swift transfers within seconds. The PhonePe app offers versatile functionalities, allowing users to settle postpaid and utility bills, and recharge prepaid mobile numbers, data cards, and DTH services. Additionally, it facilitates checking bank account balances and making payments through QR code scanning. PhonePe simplifies the money transfer process, providing a seamless experience for users.

While PhonePe doesn’t support direct transfers of wallet balance to your bank account, it offers an alternative method. Users can utilise their wallet balance to purchase and sell gold through the platform. The proceeds from gold sales can then be transferred to their bank account.

For those seeking to transfer PhonePe cashback to their bank account, the platform provides the option of digital gold purchases. This enables users to buy gold using their PhonePe wallet balance and subsequently sell it directly into their bank account. If you have PhonePe cashback and wish to transfer it to your bank account, follow the steps outlined below.

Steps To Transfer PhonePe Wallet Money To Bank Account:

Step 1: Open PhonePe on your device.

Step 2: If you haven’t already updated your bank account details, navigate to the home page and select the ‘Add Bank’ option. Skip this step if your bank details are already updated on PhonePe.

Step 3: Return to the homepage and click on ‘Gold’ under ‘Wealth Management’.

Step 4: Choose between ‘Safegold’ and ‘MMTC-PAMP’, the two gold providers available on the platform.

Step 5: Input the desired amount of gold you wish to purchase in the ‘Amount’ field. Utilize your PhonePe wallet balance for this transaction. The app will then display the quantity of gold corresponding to the entered amount.

Step 6: Click on ‘Proceed to Payment’. Ensure that you select ‘Wallets / Gift Vouchers’ to finalize the payment, rather than using your bank account.

Step 7: Upon successful transaction, you can sell the gold and transfer the amount to your bank.

Step 8: To sell gold on PhonePe, repeat steps 1 to 3.

Step 9: Select the same gold provider chosen during purchase.

Step 10: Choose the gold you previously purchased.

Step 11: In the ‘Sell’ section, input the amount of gold you wish to sell. Ensure the entered amount matches the value displayed under ‘Gold value’ at the top.

Step 12: Click on the ‘Sell’ button to proceed. The amount will be credited to your bank account shortly.