PhonePe
PhonePe is one of the most popular payment methods to use to move money around in India. As such, it is usually one of the very best banking options to use at Indian online betting sites.
With the PhonePe app being accessible in 11 Indian languages, it is a useful resource and more than 500 million people have already signed up to use the service - it is truly ubiquitous now. Our guide to PhonePe cricket betting sites tells you all you need to know, so read on for more.
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PhonePe was launched a decade ago in December 2015. Within a year of the company's creation, the team being PhonePe joined forces with Yes Bank to create a UPI-based mobile payment app.
This helped to supercharge its popularity in India, with PhonePe now being majority owned by Walmart, the supermarket chain from the United States, which wants to launch an IPO.
PhonePe has also taken home various prizes over the years, including at the India Advertising Awards 2018 where it triumphed in the Telecom and Technology category.
Pros and Cons of Using PhonePe at Betting Sites
As with all betting payment methods, there are some advantages, as well as some draw backs as you'll see below:
- Widely used - around one in three Indians now use PhonePe
- Security - high level of safety standards for every transaction at PhonePe
- No fees - users will not have to pay fees for deposits or withdrawals
- Fraud protection - PhonePe's security team employs real-time monitoring
- No anonymity - PhonePe users need to provide their real name to the site
Is This the Right Betting Payment for Me?
Overall, some one in three Indians now use PhonePe as one of their online payment methods. So let's dive deeper to see if this is the right betting payment method for you:
Security
PhonePe has made security a very high priority, using an advanced security infrastructure.
To make a transaction using PhonePe, a consumer will need to use fingerprint/face ID, along with adding both their UPI PIN and password for authentication.
Security teams at PhonePe closely monitor all transactions in real-time, which makes sure that they are able to block any suspicious activity.
Fraud complaints are also reported and fraudulent users blocked from accessing PhonePe.
PhonePe works with organisations like National Cybercrime Portal, CyCord and CyberSafe and the latest encryption technology has also been incorporated by the company as well.
Withdrawal and Deposit fees
So, is it straightforward to use PhonePe as a deposit or withdrawal option? Let's take a look.
Keep in mind that online betting sites that accept Indian customers are likely to set their own minimum and maximum PhonePe limits, so always check this before picking the method.
Speed
Deposits made using PhonePe are rapid with the money added to accounts right away.
For withdrawals, it can depend on the speed transactions are processed by PhonePe cricket betting sites. But most users will get their money within a few hours.
Anonymity
While some payment methods allow Indian users to be anonymous at online gambling sites, this is not the case with PhonePe at the present time.
PhonePe requires its users to provide their real name when they sign up to use the service.
Fingerprint/Face ID are also needed as part of the security standards in place at PhonePe.
How to Deposit
Follow our quick step-by-step guide to making online betting deposits using PhonePe:
- Login at your chosen online betting site and go to the cashier area
- Select PhonePe from the list of options for supported payment methods
- Add the amount you wish to deposit with PhonePe and confirm
- The money should then be instantly transferred to the account from PhonePe
How to Withdraw
Follow our quick step-by-step guide to making online betting deposits using PhonePe:
- Go back to the cashier at your Indian online sports betting site of choice
- Check that PhonePe is supported as a withdrawal option and select it
- Noting the minimum/maximum limits in place, decide how much to withdraw
- Add the requested amount and then verify and confirm the transaction
- Money should be received within a few hours, but it can take a couple of days
Summary of PhonePe
PhonePe is one of the most popular payment methods in India - the company claims around one in three Indians has signed up - so it is a natural choice to use for online betting.
With very high security standards, users can feel assured their money is safe using PhonePe.
However, unlike some online gambling payment methods such as cryptocurrency, it is not possible to remain anonymous when using PhonePe to make a deposit online.
Regardless, benefits of using PhonePe for online betting in India include the fact it is supported by almost all bookmakers that can be joined in the country.
There are also no fees for making deposits with PhonePe and users get to keep all of their winnings as there is not usually any charge for withdrawing via the payment method either.
It is clear that PhonePe is one of the best payment methods to use for gambling in India.
From the wide range of possible payment methods, we thoroughly recommend PhonePe.
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