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10/25/21

PhonePe starts charging users for paying mobile bills. Details here.

It will be expensive to recharge: processing fee will have to be paid on recharges above Rs 50, phone pay has started transaction charge


Became the first digital payment app to charge on UPI based transactions


Phone pay users will now have to pay a processing fee on mobile recharges. PhonePA, a Walmart Group digital payment company, has applied the rule to UPI (Unified Payment Interface) transactions. Users will have to pay Rs 1 per transaction and Rs 2 on recharges above Rs 100. Thus the phone has become the first digital payment app to charge for UPI based transactions.


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Charges are already being levied in the industry

"We are not the first in the industry to do so," a company spokesman said of the bill payment charges. All digital payment platforms are charging for bill payments. Now this standard has been practiced. If someone pays the bill using a credit card, we charge a processing fee. On the second platform it is taken as a convenience fee.


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Highest market share

Phone Penny has the largest partnership in terms of UPI transactions in the app as a third party. More than 165 crore UPI transactions were transacted on the company's platform in September. This has brought its market share in the app segment to around 40%.

Insurance also ready to sell

PhonePen has received approval from the Insurance Regulator (IRDAI) to sell life insurance and general insurance products. The company can now provide insurance advice to more than 300 million of its users in the near future. This will allow PhonePay to sell policies of all insurance companies in India. 

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