The electronic fund transfer company under Flipkart private limited is used to offer a fund transfer, Mobile recharge,DTH, datacards, Mobile wallet, Electricity bill & utililty payments bills, they provide online payment system using BHIM UPI method with one time bank account registration with Phone application.Also they have partered with more retailers with exciting cashback offers, the cashback amount is settled as phonepe gift voucher balance, using that balance can make mobile recharge, utility bills and paying through phonepe merchants only, you can’t able to transfer that balance to bank account.
Now in this post i’l explain you how to transfer that amount in your gift voucher balance to your bank account to change your cashback amount into real cash.
Apart from utility bills, fund transfer system,phonepe launched a Gold category in phonepe app,using this you can buy certified 24 karat gold from a minimum amount of Rs.1 to a maximum of upto 60 grams of Gold.Also you can monitor the Live Gold prices linked with the rates in the commercial bullion market.The every rupee you spent for gold can be sell online and also deliver as physical 24K Gold at your door step.
In phonepe the every purchase of gold has included a 3% GST in total amount for each gram of gold, but while selling online, you can sold for actual cost of gold without GST.So if you buy and sell gold via phonepe means you’l be having a loss of 3% of money for each gram.Now using this Gold method we are going transfer our cashback balance to bank account.
How to Transfer
- Firstly Signup or Signin to Phonpe account.
- After Signin, go to homescreen for Gold option & open it.
- Accept the terms and continue to Phonepe Gold.
- Enter your total cashback amount,as per that grams calculated automatically.
- Click on Proceed to payment.
- Pay amount with the Gift voucher balance.
- Now your Gold Purchase is Successful.
- Now you want to wait for 24 hours to sell the purchased gold.
- Manage your purchased Gold in My 24 Karat Gold Locker.
- Enter the gram weight you having in grams, as per that amount calculated automatically.
- Click on Sell & your gold sold Successfully.
- Sold gold amount get credited to your default bank account provided in phonepe.
- Also you can deliver purchased gold to your Home address Safely.
That’s it, by this method you can transfer your cashback amount to your bank account, but you will be charged GST for purchasing gold, so you’l not get the full amount of cashback in you bank account. But i recommended this method for less than 1 gram gold purchasing, Happy Shopping….