Fintech giant PhonePe continues its streak of new launches by introducing the ‘Income Tax Payment’ feature. This feature allows individuals and businesses to conveniently pay self-assessment and advance tax directly from within the PhonePe app. The new feature eliminates the need to log in to the tax portal, simplifying the tax payment process.
Partnership with PayMate to Enable Seamless Tax Payments
To enable this feature, PhonePe has partnered with digital B2B payments and service provider PayMate. The collaboration aims to provide users with a seamless and secure experience while making their tax payments through the app.
PhonePe Payment Options and Benefits
The ‘Income Tax Payment’ feature allows users to pay taxes using credit card or UPI. Credit card payments offer 45-day interest-free period and reward points based on the bank’s policies. It also provide opportunity to earn reward points on their tax payments, based on their bank’s policies.
Efficient Process and Acknowledgement
Taxpayers make tax payment. Tax authorities issue a Unique Transaction Reference (UTR) number within one working day. UTR is an acknowledgement. Tax authorities provide challan for tax payment within two working days. This makes the process efficient and transparent.
PhonePe Transforming Tax Payment Experience for Users
Niharika Saigal, head of bill payments and recharge business at PhonePe, shared the company’s vision for the ‘Income Tax Payment’ feature. She stated, “Paying taxes can often be a complex and time-consuming task, and PhonePe is now offering its users a hassle-free and secure way to fulfill their tax obligations. We believe that this will transform the way our users pay taxes as we have now made the process both simple and easy.”
PhonePe was founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer. It has over 400 million registered users and is the largest UPI app in India in terms of user base and market share. In June 2023, PhonePe processed a staggering 446.14 crore UPI transactions worth INR 7.46 lakh crore.
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