PhonePe is a Fin-Tech company headquartered in Bangalore (India) founded in December 2015, that provides online payment system based on UPI, which is a new process in electronic funds transfer launched by National Payments Corporation of India (NPCI). It is licensed by the Reserve Bank of India for issuance and operation of a Semi Closed Prepaid Payment system. PhonePe is the digital wallet and the first Unified Payment Interface App based in the country. UPI enables one time transfer fund instantly from one Bank Account another using a Virtual Payment Address (V.P.A), without having to enter the Bank Details of the party. PhonePe is an UPI enabled RBI licensed wallet. It is just like any other wallet where one can add money & spend it across various merchants.