PhonePe Clarifies UPI Money Transfers, Offline & Online Payments Are Free: Report

New Delhi, Oct 26: India's leading digital payments platform PhonePe on Tuesday clarified that all UPI money transfers, offline and online payments (across UPI, wallet, credit and debit cards), on the payment app are free, and they will continue to be free for all users. The company said that PhonePe does not charge for these transactions, and will not be doing so in the future also. PhonePe Gets IRDAI License To Serve As Direct Insurance Broker.

"For mobile recharges, PhonePe is running an experiment where a small section of users are being charged a processing fee of Rs 1 for recharges of Rs 51-100 and Rs 2 for recharges above Rs 100," the company said. "This charge is applicable for users across all payment instruments (across UPI, wallet, credit and debit cards).A Recharges below Rs 50 are totally free," it added.

For bill payments, PhonePe charges a fee on payments by credit cards and this is now an industry norm and is common for many payment apps and biller platforms. The company recently announced assured cashback up to Rs 50 on prepaid mobile recharges. The company said that users recharging via the PhonePe app will win assured cashback on completion of three prepaid mobile recharges, above Rs 51.

PhonePe has over 325 million registered users. Users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments via this platform. 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. The platform is also accepted at over 22 million merchant outlets across India.

(The above story first appeared on LatestLY on Oct 26, 2021 01:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).