PhonePe user? You may lose money if you made this mistake
The company is running to provide cashless and a seamless payment experience to its customers, but it also has a serious drawback that can be activated if the user makes a mistake. The problem is that if once your PhonePe wallet is deactivated it cannot be re-activated again! Yes, that is official!
The Bengaluru-based financial technology firm PhonePe wallet provides an online payment system based on Unified Payments Interface (UPI), which is a new process in electronic funds transfer launched by National Payments Corporation of India (NPCI). As per the data of April 2018 more than 2 million transactions are done on daily basis using PhonePe platform. In terms of total payment volume (TPV) PhonePe is the largest consumer payments company in the country.
The company is running to provide cashless and a seamless payment experience to its customers, but it also has a serious drawback that can be activated if the user makes a mistake. The problem is that if once your PhonePe wallet is deactivated it cannot be re-activated again! Yes, that is official!
Which means, once the wallet is deactivated, which is something that can happen to many people by mistake, you will not be able to receive the money into the wallet (cashback or refunds) and add money (top-up). What is worse, once the wallet is closed, the same cannot be reactivated.
Here is what a statement from PhonePe said, "Once your wallet is deactivate it cannot be re-activate again. Once the wallet is closed, you will not be able to receive the money into wallet (cashback or refunds) and add money (top-up). Once the wallet is closed, currently the same cannot be reactivated."
However, there is no impact on other UPI/Card transactions and they can use the service seamlessly but the discounts and cashback offers amount which you were suppose to get into your PhonePe wallet those amount will not be credited into it henceforth you have to face the loss for having deactivated your PhonePe wallet.
For example, if you have ordered food online by using PhonePe to get the cashback of say 50% on your order which should generally be credited to your PhonePe wallet. However, if you deactivated your PhonePe wallet you will not receive the amount of cashback. Henceforth, you will miss the chance to avail the benefits of cashback from PhonePe.
Watch Zee Business video here:
In short once the PhonePe wallet is deactivated it will never get activated in future, even if it is done by mistake and you will miss the chance to get these offers.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.