PhonePe is a popular mobile payment application, with millions of Indians using it daily. Establishing in 2016 by PhonePe Private Limited, previously known as FxMartPvt Limited. It is a payment method based on UPI and is licensed by the Reserve Bank of India. PhonePe app is one of the most used mobile systems in India, with over 280 million users.
Are PhonePe betting sites a good choice for Indian bettors? Zero fees, easy transactions, local currency and availability in 11 local Indian languages make it one of the best choices for any Indian player. Read on, and you will have the opportunity to get an insight about :
- An up-to-date list of PhonePe betting sites in India
- The reason why it is safe and an excellent choice for you
- Information about how to deposit and withdraw when using PhonePe
Best Bookmakers offering PhonePe
Our listed PhonePe bookmakers have been tested and tried by a significant number of players. We have chosen the best betting sites in terms of reliability, zero fees and eligibility for a welcome bonus. Choose your favorite PhonePe bookmaker to make the most of your betting activity.
Why and how to use PhonePe in India
PhonePe is a popular payment method, to bet on Indian bettings sites. At the same time, there are no fees when you deposit to your bookmaker, and you can proceed with any transaction in your local currency. Also, you can deposit funds to your betting account using only your phone. It is secure and reliable since the Reserve Bank of India regulates it.
Moreover, if you would like to use UPI as your payment method, PhonePe betting sites allow you to proceed through it. Furthermore, if there are any blocked transactions, the amount is refunded to your PhonePe account within 48 hours. Another advantage is that almost every site that accepts this payment method offers a welcome bonus.
How to create a PhonePe account in India has a straightforward answer. Before you try betting with PhonePe, you need to install the PhonePe app. You can proceed through the App Store or Google Play Store, depending on your device (Android or iOS). Also, you have the choice to visit PhonePe’s official website to download the app. Adding a bank account is also essential. The registration process includes the following steps:
- 1 Verify your mobile phone number: You have to connect your mobile number with the PhonePe app. The number you provide needs to be linked to your bank account that you will use to fund the PhonePe Wallet. The app will send you a One-Time-Password (OTP) to your mobile number. Use it to verify your number and complete the verification.
- 2 Fill in your Personal Details: It requires basic information such as your full name and email address. After verifying your phone number is complete, PhonePe redirects you to a page where you need to fill in your details and generate a 4-digit password. After entering these details, you have to accept the Terms & Conditions and click on the ‘Activate Account’ option.
- 3 Create a VPA (Virtual Payment Address): Now, you will create your new Virtual Payment Address (VPA). It will act as the username for your new PhonePe account. This allows you to send and receive money without entering the account number.
- 4 Linking Bank Account: After the VPA is created, you need to connect the bank you will use to make transactions. PhonePe automatically asks for your bank details when you choose a bank by using your verified phone number. Confirm these details, and your account is now active.
To proceed with any transaction, you’ll need to provide your BHIM UPI PIN. If you already have one, your account is ready. If not, you need to choose the ‘BHIM UPI PIN’ option mentioned under the account details. To create the BHIM UPI PIN, you need to enter the last 6-digits of your Debit card, mention the ‘Expiration Date,’ and the OTP sent by the bank for verification. There is a unique UPI PIN for every bank. You will need this PIN whenever betting with PhonePe.
Is PhonePe safe in India?
Betting with PhonePe is a safe option for an Indian player. PhonePe Private Limited owns it and operates under the license provided by the Reserve Bank of India. It is a plus that the transactions go through a secure and safe banking network. Also, when you open a PhonePe account, you need your UPI PIN as an extra step to proceed with any transaction.
Is betting with PhonePe legal in India?
Even though the gambling legislation in India is a mix of federal and local laws, there are no restrictions when you betting with PhonePe. It is legal to use it on Indian betting sites. RBI (Reserve Bank of India) authorizes the PhonePe payment system. Also, it uses the UPI interface to secure money transfers.
How to deposit with PhonePe
Once you have downloaded the app and set up the account, funding your PhonePe sportsbook account is fast and easy.
Log in to your sportsbook account and choose ‘Deposit.'
A new window will open. You have to select PhonePe as your payment deposit method.
After you choose it, you will have to select the amount you want to deposit and fill in your details. Some Indian betting sites have fixed amounts and allow you to choose the amount that you want. Also, there might be a transfer limit, but this depends on the bookmaker. A lot of PhonePe betting sites have restrictions on how much you can deposit or withdraw.
Next, you will be redirected to PhonePe. Log in to your account and make the payment. Use your UPI PIN to complete the transaction, and the money will reflect in your account.
PhonePe betting sites allow you to proceed with a payout since you have made a deposit the same way. It will be mandatory to complete a verification procedure (KYC) when you make your first withdrawal. Since you log in to your bookmaker’s account, you have to choose it as a withdrawal method and type the amount you want to withdraw. Typically, it will take up to 24 hours for your withdrawal to be completed.
Even though PhonePe is a good choice for an Indian player, it is always good to have an alternative when you gambling. You can look at how it matches up to other payment options in India.
PhonePE vs Wallets
Wallets are one of the most popular payment methods for making payments at online betting sites. The main advantage of them is that you can proceed with transactions under the government radar when, at the same time, that doesn’t apply for transactions with PhonePe. Even though most bookies accept transactions via wallets, you are not always eligible for a welcome bonus. On the other hand, most PhonePe betting sites offer it.
PhonePE vs Paytm
There are not many differences between these two wallets since both are created exclusively for the Indian market. Paytm is one of the biggest wallets in India, with over 350 million users. Talking about their apps, Paytm gives you more options to deposit to it than the PhonePe app does. However, on Paytm bookies, when withdrawing money from the app to a personal bank account, fees are unusually high, up to 4%, when at the same time at PhonePe, you are able to transfer your balance to your bank account with a 0% charge.
PhonePE vs Netbanking/Online Bank Transfer
Despite the fact that there are betting sites in India that accept online bank deposits, deposit this way may not be so easy. Most of the banks in India will probably block your transaction since the gambling legislation in the country is still unclear. There is a federal law regarding gambling, but local law in some states is sometimes above the federal law. On the other hand, betting with PhonePe is totally legal.
Final word on PhonePe India by Book spy
PhonePe is a popular mobile app in India to deposit and withdraw payments on betting sites. Players can bet using it in the local currency, and it is available in more than 11 Indian languages. Moreover, low fees and the availability to take a welcome bonus on most bookies are significant advantages.
Although, like every payment method out there, it has some drawbacks. Some deposits can take up to 3 hours to be processed. Also, the withdrawal procedure may take up to 3 days in some cases. In conclusion, PhonePe betting sites could be a prevalent option for recreational players, providing safety and eligibility for any kind of promotion. Since the Reserve Bank of India regulates it, other wallets like Skrill or Neteller may be a better option for high-stakes players looking for under-the-radar betting.
Complete list of bookmakers with PhonePe India
Easy transactions, INR availability and zero fees when gambling with PhonePe are excellent features. Feel free to check the complete list of PhonePe deposit betting sites that accept Indian bettors.
PhonePe is a safe mobile money payment application available for all Indians. Zero deposit fees, easy transactions, local currency and availability in 11 local Indian languages are the main advantages.
The legislation in India is complicated with federal and local laws that apply to online betting. With the license provided by the Reserve Bank of India, betting with PhonePe is legal.
There are no deposit fees when using this payment service at PhonePe betting sites. Also, there are no fees when you transfer your money from your wallet to your bank account.
The answer is yes. Most of the PhonePe bookmakers in India that accept it as a payment method provide a welcome bonus and eligibility for any other promotion.