How to Use PhonePe Wallet to Fund your Betting Account?
People who use online betting services in India are constantly on the lookout for improved methods to fund their player’s accounts. Even though operators usually offer multiple ways of depositing and withdrawing funds, not all of them are suitable for every person.
One of the payment methods that has been recently increasing its user base in India is PhonePe. It is a digital wallet platform native to India, which is traditionally not used for funding online betting sites.
Most people use it to pay their utility bills and make online purchases. However, a lot of players have started to use it for the purpose of funding accounts on betting platforms.
Here we talk in more detail about how to use PhonePe wallet for betting sites.
What is PhonePe?
The PhonePe Indian App is a digital wallet platform and an online payment company. It is a payment application that offers its users a fast and easy way of paying bills, sending funds, or performing any other monetary transaction. With the app, besides deposits, users are also capable of making withdrawals.
It has come to attention that many online betting websites have started to accept PhonePe as a method of payment when it comes to funding a virtual wallet. All of this attention has resulted in the app becoming a go-to method for a lot of people in India.
PhonePe Betting Sites
With the surge in popularity of PhonePe being used to deposit funds into an online betting platform, many bookies have started adding it to the list of available payment methods.
Just a few years ago, the PhonePe app was not on the radar of bookmakers. Today, that number is much higher and is getting bigger day in and day out.
Here are some of the bookies that accept PhonePe as payment.
How Can I Deposit with PhonePe?
Making transactions with PhonePe is as easy as sending funds to a friend using any other mobile payment method. However, the number of operators that allow the use of PhonePe is still limited but is growing.
The first thing that you need is to download the app (available on the PhonePe website, Google Play Store, and App Store). The next step is you creating a PhonePe account with the app.
The registration process includes:
- Verify your mobile phone number (Make sure to use a phone number that is connected with your bank account).
- Enter the necessary personal information (full legal name, email address, and password).
- Create a Virtual Payment Address (VPA).
- Link your bank account to your PhonePe account.
You will also need a BHIM PIN, which will allow you to authorize any transactions that you make, including ones made towards online betting platforms as well.
Also, there might be a transfer limit, but this entirely depends on the bookmaker. A lot of bookies have restrictions on how much you can withdraw. You may not be able to transfer large sums all at once.
Advantages & Disadvantages of PhonePe
The PhonePe payment method actually has a lot of advantages, as opposed to other available payment options. Unfortunately, where there are good things there may also be some negative ones as well.
People mostly like using the app because:
- Conveniently deposit funds to your betting account with the use of only your phone.
- The process is fast and secure.
- Cheaper than some more popular payment methods.
- Some of the most prominent betting providers offer it.
- Can be used both for deposits and withdrawals.
On the other hand, there are some downsides that might avert people from using this app.
- Not all betting sites in India accept PhonePe as payment.
- The maximum deposit amount is ₹20,000. If you want to make a larger deposit, you will have to resort to splitting your payments.
Is PhonePe Safe?
When choosing a payment method for a betting account, a lot of people are going to be concerned about the legitimacy of the said method. Luckily, when it comes to the PhonePe app, people from India need not worry.
First of all, PhonePe is a reputable brand owned by PhonePe Private Limited. The company operates under the license provided by the Reserve Bank of India. Furthermore, it complies with all national and international regulations needed for a reputable payment service provider.
More so, the company does not store any personal information gathered from its clients. Every user is also given their own MPIN, which they need to use when confirming transactions. PhonePe customer care is also there to provide support for users.