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PhonePe launches income tax payment feature on its app

By Gloria Mathias

July 25, 2023

  • B2B Payments-as-a-Service Platform
  • Digital India
  • Domestic Payments
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PhonePe, FinTech, Digital Payments, Insurance Platform, Monthly Subscriptions, Digital Payments, UPI, Insurance Broking, Income Tax Payments, India PhonePe has launched the ‘Income Tax Payment’ feature on its app. This enables users to pay self-assessment and advance tax directly from the payments app.

The feature allows taxpayers, both individuals and businesses, to pay directly from within the PhonePe app. This eliminates the need to log in to the tax portal, creating a seamless and efficient experience for taxpayers.

PhonePe has partnered with PayMate, a digital B2B payment service provider, to enable this feature. Users can choose to pay their taxes using their credit card or UPI.

With credit card payments, users also get a 45-day interest-free period and earn reward points on their tax payments, depending on their bank. Once the payment has been made, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgement within one working day. The challan/receipt for the tax payment will be available within two working days.

Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe said, “At PhonePe, we are committed to continuously enhancing our offerings to meet the evolving needs of our users. We are thrilled to announce the launch of our latest feature, the convenience of paying income taxes on the PhonePe app itself.

“Paying taxes can often be a complex and time-consuming task, and the app is now offering its users a hassle-free and secure way to fulfil their tax obligations. We believe that this will transform how our users pay taxes as we have now made the process both simple and easy,” added Saigal.

PhonePe was founded in 2015 and has emerged as India’s payments app, enabling digital inclusion for consumers and merchants alike. The company has also successfully digitized merchants spread across Tier 2,3,4, and beyond, covering 99% of pin codes in the country. The platform forayed into financial services in 2017, providing users with safe and convenient investing options.

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