PhonePe Review

What is PhonePe?

PhonePe is an all-in-one payment service that is exclusively used in India. It was founded in 2015, and it originally started as a UPI-only banking service where people could directly transfer funds between each other's banking accounts. As the years went on, it expanded and evolved into something much more.

In 2016 they were acquired by Flipkart, and since then they have started providing their customers with several banking services such as the ability to pay utility bills, phone recharges, trading stocks, digital gold purchases, insurance, and mutual fund investments. Of course, they’ve also developed their electronic wallet.

They are famous for their accessibility and incredibly friendly user interface and design. Their security measures are also one of the reasons why they have become so successful amongst Indian people, and why they are a great choice for those who are looking to use PhonePe for online gambling.

The team also developed a separate app dedicated to those who are business owners, so they can manage their funds more easily and work with their customers in a more streamlined process. This and many other PhonePe capabilities have proved the company to be an objectively great choice for both consumers and businesses alike.

Every year we’ve seen some sort of innovations coming from the company. They are constantly evolving and expanding their platform with new features and better user experience. With all that being said, let’s take a look at how this banking option can benefit you in online casinos, and if it’s worth using.

How does PhonePe Work?

When it comes to PhonePe usage in online gambling, there are two primary ways you can use the app to deposit and withdraw your money. For starters, if you’re spending time in an online casino that accepts UPI payments, then you can use the PhonePE UPI option to directly transfer money from the bank account to your casino balance.

This is a straightforward way, and it’s very efficient. All you will have to do is connect your bank account to the PhonePe UPI integration and you’ll be ready to manage your transactions with absolute ease. The problem is that not all casinos accept direct UPI payments.

That’s where the PhonePe electronic wallet comes into play. Just like with Skrill and Neteller, PhonePe allows you to open an e-wallet with your account where you can store your funds. You can later use this e-wallet to deposit and withdraw money from and to your casino account.

A lot more online casinos tend to offer the PhonePe e-wallet banking options to the players, so it’s a much more common choice amongst punters in comparison to the UPI method. It’s also a general agreement that using an e-wallet with casinos is a much safer option, as you’re not directly putting your bank account details on display, so it is an objectively better method.

How to Get Started with PhonePe? 

If you’re worried about opening a PhonePe account and setting up your wallet, then you should know that the process is incredibly simple and easy to follow. Even if you’re someone who isn’t very familiar with modern technology, opening your e-wallet is going to be a breeze.

First and foremost, you will want to visit the PhonePe website and create your account. This process is extremely streamlined and you won’t have any issues with following the instructions. You will need to create your account by entering your details.

After that, you’ll need to confirm and verify account registration by connecting your mobile phone number and correctly putting in the OTP code that PhonePe will send you at the end of the registration. This is all very easy to do, and it won’t take you more than a couple of minutes to complete everything.

While some other payment services don’t require you to submit KYC documents, PhonePe does. You will need to submit your documents so you can deposit and withdraw money from your e-wallet. This means that you can create an account without submitting anything, but you won’t be able to do anything substantial until verifying your identity.

Once you’ve completed the KYC procedure, you’ll be able to freely make transactions to and from your e-wallet. And, that is everything that you need to do. There might be some other procedures you might have to undertake to utilize other PhonePe features, but this is everything you’ll need for online gambling.

PhonePe for Deposits and Withdrawals in Online Casinos

As we’ve already mentioned, you can freely deposit and withdraw money using PhonePe, as long as you’ve found an online gambling platform that either accepts the PhonePe UPI or electronic wallet options. Once you do, the process of actually depositing and withdrawing is very easy.

To deposit, In most cases, you will need to access your online casino account and choose the deposit option. There you will need to select the PhonePe UPI or electronic wallet method, from which you’ll be transferred to a special window where you can log in and complete the transaction.

The same process is applied to the withdrawal of your funds. Access the withdrawal page on your account and choose the PhonePe option. Log in to your e-wallet and choose the amount of money you want to withdraw from your gambling account.

When it comes to waiting times, punters will usually be able to have instant deposits with PhonePe, while withdrawals will generally take a longer time, up to a couple of days. This also might be a casino-specific issue, and that’s why we always recommend that you read through the terms and conditions. Transactions are limited to a maximum amount of 1 Lakh per month.

The transactions you undertake are secure and safe. You don’t have to worry about your bank account or credit card details being compromised, especially if you’re using the e-wallet option.

PhonePe Applicable Fees

As for applicable fees, PhonePe in most cases won’t deduct anything from your balance when depositing and withdrawing money. They might deduct convenience fees when using an e-wallet, and these charges can go anywhere between INR 0.50 to INR 100.

Apart from that, you don’t have to worry about additional charge fees. What you need to look into is if the online casinos you are playing at are imposing additional fees, which is certainly not an uncommon thing.

You can look into this by reading the payment terms of service for each gambling platform you are playing on. Generally speaking, most brands do not charge you for deposits, while some might do for withdrawals.

PhonePe Advantages and Disadvantages

Advantages

• India-focused with supported local languages and INR
• PhonePe security measures are one of the best in the payment services industry
• Intuitive and easy account creation
• It allows you to keep your important bank details anonymous with casinos
• Generally quick transactions/withdrawals
• Low fees

Disadvantages

• Limited availability, as not even all Rupee-friendly gambling platforms accept PhonePe 
• Possible withdrawal fees
• High minimum withdrawal
• The monthly withdrawal limit is not high