India
activeNeobank
- HQ
- Bengaluru
- Fee
- Free core
PhonePe
Indian UPI super-app. Wallet and payments layer. Not a bank.
Legal entity: PhonePe Private Limited
Rate this app
7.2Solid
AlternativesFive questions
At a glance
Is it a bank?
Yes — Payments app / PPI + UPI stack — not a commercial bank (RBI). Still read the entity on the statement.
If it fails?
UPI pulls from the linked bank. PPI wallet float follows RBI prepaid rules, not a commercial-bank DICGC box on “PhonePe Bank”. There is no PhonePe Bank on this file.
Salary?
No. Link a salary account at a scheduled bank.
Open from abroad?
Indian bank account + KYC gated.
Monthly fee
UPI is typically free at the handle. Confirm live wallet fees.
Account number
No IBAN-class local rail on this file.
NeoBankDBVerdict
Licence first · score second
7.2
/10 · Solid
PhonePe is how a large share of India moves INR. That does not make it a neobank. File it on Wallets. Put the deposit at the scheduled bank behind the UPI handle. Directories that drop PhonePe into “best Indian neobanks” are counting MAU as a charter.
What it is
PhonePe is a Bengaluru payments company. UPI, in-app funds, insurance and wealth SKUs sit on top of bank rails and PPI permissions. Holder depends on the SKU: linked scheduled bank for UPI; PPI rules for stored-value. Confirm live footer on phonepe.com.
Best for: Indian residents who want a UPI front end.
Last checked 2026-09-17. Not advice.
What it does well
- +UPI scale
- +Bank linking is the product
- +Everyday merchant QR
What to watch
- −Not a salary account
- −Wallet balance is not a bank deposit
- −Wealth and insurance SKUs are separate licences
Legal entity, not the app icon
Who is behind it
- Legal name
- PhonePe Private Limited
The product, not the brand colour
The account
- Platforms
- iOS · Android
- Partner bank
- Linked scheduled bank — confirm the handle
- Availability
- India
- Remote open
- Indian bank account + KYC gated.
- Salary / payroll
- No. Link a salary account at a scheduled bank.
- Local rails
- UPI from the linked bank
How money actually moves
- Who holds the cash
- E-money / stored-value — not a bank deposit
- How money moves
- UPI / INR
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- PhonePe lists a virtual card. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
UPI pulls from the linked bank. PPI wallet float follows RBI prepaid rules, not a commercial-bank DICGC box on “PhonePe Bank”. There is no PhonePe Bank on this file.
Who holds the money: Linked scheduled bank for UPI; PPI rules for stored-value — SKU-dependent
- RBIPayments app / PPI + UPI stack — not a commercial bank · India
Fees
- Monthly
- UPI is typically free at the handle. Confirm live wallet fees.
- FX markup
- Not a travel account
- ATM
- Not the product
Features
- –IBAN
- –Fee-free core
- –Multi-currency
- –Apple Pay
- –Google Pay
- ✓Virtual card
- –Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- UPI
- Bank linking
- Everyday merchant QR
Before you tap Sign up
How to open
Step 1
Link a scheduled bank
The deposit sits at that bank. PhonePe is the handle.
Step 2
Complete Indian KYC
An App Store listing is not a current account.
Official help: www.phonepe.com
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 6.8
- Fees20%
- 8.0
- Features15%
- 8.2
- App15%
- 8.6
- Global15%
- 3.8
- Support10%
- 6.8
Change log
Full logLicence
Opened file on Wallets. UPI layer. Not a bank.
Deposit sits at the linked scheduled bank. No PhonePe Bank on this file.
Available in
Straight answers
FAQ
01Is PhonePe a bank?
PhonePe holds a banking-style licence (RBI). Still read the legal entity on the statement, not the app icon.
02How is money protected?
UPI pulls from the linked bank. PPI wallet float follows RBI prepaid rules, not a commercial-bank DICGC box on “PhonePe Bank”. There is no PhonePe Bank on this file.
03Where is PhonePe available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with PhonePe.
04Card and wallets?
PhonePe lists a virtual card. Confirm the live product in the app — a card is not a current account.
05Can I open PhonePe remotely?
Indian bank account + KYC gated.
06What is the legal name behind PhonePe?
PhonePe Private Limited. Read the entity on the statement, not the app icon.
07Can I receive salary on PhonePe?
No. Link a salary account at a scheduled bank.
08Is PhonePe a bank?
No. Payments app / PPI + UPI. There is no PhonePe Bank on this file.
09Where is my money if I pay by UPI?
At the linked scheduled bank. DICGC follows that bank, not the purple icon.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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