What exactly is the PhonePe Wallet and how does it work? Is it different from UPI, and what features does it offer in terms of storing money, making payments, or earning rewards?
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The PhonePe Wallet is a semi-closed digital wallet that allows users to store money digitally and use it for a variety of transactions like mobile recharges, bill payments, shopping, and payments at partnered merchants. Unlike UPI, which facilitates direct bank-to-bank transfers, the PhonePe Wallet allows you to pre-load funds and use them without needing to authenticate every time through your bank. It’s especially useful for quick checkouts, refunds, or when your bank server is down.