Business
PhonePe’s wallet inactivity notifications: What users need to know
New Delhi, June 20: Recent wallet inactivity notifications from PhonePe have led to increased consumer interest in digital wallets and how they function. One of the key observations from these discussions is that many users continue to assume that their PhonePe account, UPI account, and PhonePe Wallet are the same. In reality, these are different payment instruments that operate independently and serve different purposes.
As digital payments become increasingly common in everyday life, understanding how wallets work and how they differ from UPI can help consumers make informed decisions and better understand the products they use.
Understanding the difference between UPI and wallets
When you make a payment through UPI on PhonePe, the money is debited directly from your linked bank account. A PhonePe Wallet, on the other hand, is a prepaid payment instrument (PPI) where money is stored separately from your bank account.
This distinction is important because the inactivity fee applies only to the PhonePe Wallet and not to UPI-linked bank accounts.
Understanding how wallet inactivity charges work
One of the concerns raised by users is whether PhonePe can deduct the inactivity fee from their bank account if their wallet has no balance. The answer is no.
If a user’s PhonePe Wallet has a zero balance and has remained inactive for an extended period, the inactivity fee will not be recovered from the user’s linked bank account or through UPI. Similarly, the wallet balance will not become negative.
In other words:
- No deduction will be made from a linked bank account.
- No deduction will be made via UPI.
- A wallet with insufficient balance will not show a negative balance.
Why some active PhonePe users may still receive notifications
Some users have reported receiving inactivity notifications despite using PhonePe regularly for QR-code payments, bill payments, or money transfers. This happens because wallet activity and UPI activity are tracked separately.
A customer may actively use PhonePe every day through UPI while their PhonePe Wallet remains unused for months or years. In such cases, the wallet can still be classified as inactive even though the user continues to use the PhonePe app.
Advance Notification and User Choices
According to PhonePe, affected users are notified 15 days in advance before any inactivity fee is deducted from the wallet balance.
During this period, users have the opportunity to:
- Activate their wallet.
- Add money to the wallet if they wish to continue using it.
- Withdraw eligible balances.
- Review whether they want to continue maintaining the wallet.
Addressing common questions around KYC
Some users believe they must complete Full KYC before they can reactivate their wallet. However, reactivating a wallet does not necessarily require converting a Minimum KYC wallet into a Full KYC wallet.
Users can activate their wallet by completing OTP verification and making a transaction using the wallet. Upgrading to Full KYC is not a prerequisite for activation.
Understanding wallet balances and cashback credits
Another area of confusion involves cashback rewards. Many users assume that cashback balances are stored inside their PhonePe Wallet. In reality, cashback rewards are typically credited to a separate Gift Card Balance, which is distinct from the PhonePe Wallet.
As a result, receiving cashback does not automatically mean that a wallet is active, nor does it mean the cashback balance is subject to wallet inactivity deductions.
Wallet closure and customer support
Some users have reported difficulties while attempting to close their wallet through the app, including error messages or requests for additional verification.
In such situations, users are advised to contact PhonePe customer support for assistance with account closure or wallet-related issues.
Why inactivity charges exist
Wallets are regulated as prepaid payment instruments and require maintenance, compliance, and operational support even when they are not actively used.
As a result, some wallet providers levy inactivity or maintenance fees on dormant wallets. The practice is not unique to a single company and has been observed among multiple wallet providers in the prepaid payments ecosystem.
The key takeaway in this case is that the inactivity fee applies only to the PhonePe Wallet, which is a separate prepaid payment instrument. It does not apply to UPI transactions, does not affect linked bank accounts, and does not result in negative wallet balances.
For users who have received a notification, the most important step is to determine whether they have an active PhonePe Wallet and decide whether they want to continue using it, reactivate it, or close it.
Business
IT Q2 results beat low expectations, but demand recovery pushed to FY28: Report

India’s information technology (IT) services sector delivered Q2 FY27 results that were modestly ahead of subdued expectations, but the broader recovery in demand is increasingly being pushed into FY28 as companies contend with pricing pressure and AI-driven disruption, a report said on Friday.
The report from BNP Paribas India said investors responded positively to better-than-expected earnings after analysing quarterly results from 15 Indian IT services companies, including five large-cap and 10 mid-cap firms.
Shares of the covered companies rose by a median 5 per cent following the results after having declined about 23 per cent year-to-date in 2026.
The market rewarded better-than-feared revenue, margin expansion and strong deal momentum, while penalising margin pressure and weak deal wins. Demand remains steady but narrow, with the financial services vertical as the bright spot.
“While FY27 headline revenue growth guidance cuts seemed modest, the organic cut was sharper, implying that FY27 organic revenue is likely to trail FY26, with acquisitions filling in the gap partly,” the report said.
“AI-led work continues to grow even as clients demand pass-back of the productivity gains, shrinking the legacy books and pushing down pricing pressure. With seasonally weak H2FY27, companies now expect recovery in FY28, supported by large deal ramp-ups,” the report noted.
Collectively, 60 per cent of the firms beat on revenue and 53 per cent beat on EBIT margin expectations, while 27 per cent missed on revenue growth and 40 per cent missed EBIT margin expectations.
Deal Total Contract Value (TCV) inched up modestly annually in Q2FY27, underpinned by strong wins of three companies. Headcount increased slightly sequentially, while attrition and utilisations improved modestly.
Another recent report said that management commentary across nearly all major Indian IT companies during Q1 FY27 earnings season showed that clients demanded measurable outcomes, governance frameworks and stronger data foundations before committing to large-scale AI rollouts.
Business
India bolsters ties with diamond-producing countries

India, as Chair of the Kimberley Process (KP) for 2026, has flagged key priorities concerning the global diamond industry, including responsible rough diamond sourcing as part of its outreach ahead of the KP Plenary to be held in Delhi from November 30 to December 4, according to a statement issued by the Commerce Ministry on Thursday.
The issue was discussed at a stakeholder consultation in Angola’s Luanda on Tuesday, chaired by Additional Secretary Yashvir Singh on India’s behalf, which brought together the Chairs and Vice-Chairs of KP Working Groups and Committees (KP Working Bodies), the KP Vice-Chair (of Ghana), and the former KP Chair (of the United Arab Emirates). Representatives of observers and partner organisations, including the World Diamond Council and the African Diamond Producers’ Association (ADPA), also participated in the discussion, the statement said.
India has observer status in the ADPA, providing an institutional platform for engagement with African diamond-producing countries. This offers opportunities for cooperation in securing rough diamond supply chains, technical knowledge exchange, value addition, market access and the promotion of ethical and sustainable practices.
The 13th Extraordinary Meeting of the ADPA Council of Ministers, held alongside the 20th anniversary celebrations, approved a Memorandum of Understanding (MoU) between the Gem & Jewellery Export Promotion Council (GJEPC), India, and the ADPA. The MoU seeks to strengthen cooperation between the Indian gem and jewellery industry and African diamond-producing countries, including through capacity building and skills development in diamond sorting, valuation and manufacturing, exchange of technical expertise, and the promotion of trade and investment linkages across the diamond value chain, the statement said.
Yashvir Singh said: “India’s chairship places emphasis on confidence, compliance and credibility. The consultation in Luanda provided an opportunity to engage directly with the leadership of the KP working bodies, the KP Vice-Chair and observers on issues that are important to the future of the Process and the diamond industry. Our endeavour is to build a shared understanding of the issues before the New Delhi Plenary and to advance practical outcomes through constructive dialogue and consensus-based decision-making.”
Discussions covered the sustainability of diamond-producing countries and communities, sustainable funding and continuity of the KP Secretariat, digitalisation of certification and statistical processes, and strengthening compliance with the Kimberley Process Certification Scheme.
Participants also exchanged views on the reform of the conflict diamond definition, responsible sourcing, artisanal and alluvial diamond production, consumer confidence and the importance of effective reporting and peer-review mechanisms.
The ADPA, established in 2006 in Luanda, seeks to enhance cooperation among African diamond-producing nations. It effectively comprises 15 member countries and 8 observers, including two non-African observers, namely Russia and India. Its member countries collectively account for over 60 per cent of global diamond production.
Business
Adani Ports to acquire Europe’s Evos for 2.56 billion euros in major global expansion

Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday announced the acquisition of Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, in an all-cash transaction valued at an enterprise value of 2.56 billion euros.
Under the agreement, APSEZ will acquire a 100 per cent stake in Evos from Igneo Infrastructure Partners.
The deal values Evos at an equity value of 1.18 billion euros and implies an acquisition multiple of 11.7 times CY25 EV/EBITDA.
The transaction will be funded through debt and remains subject to regulatory approvals and works council consultation.
“APSEZ, India’s largest and one of the world’s fastest growing Integrated Transport Operator, agrees to acquire 100 per cent stake in Netherlands-headquartered Evos B.V. (Evos) from Igneo Infrastructure Partners. The proposed transaction is an all-cash deal at an enterprise value of 2.56 bn euros,” the official statement said.
For calendar year 2025, Evos reported revenue of 392 million euros and EBITDA of 219 million euros, translating into a robust EBITDA margin of 56 per cent.
Following the acquisition, the combined entity’s pro forma net debt-to-EBITDA ratio is expected to stand at 2.76 times and decline to around 2.5 times by FY27.
Commenting on the deal, Karan Adani, Managing Director of APSEZ, said the acquisition marks a significant milestone in the company’s journey toward handling one billion tonnes of cargo and building a truly global integrated transport platform.
“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform. We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs,” Karan Adani noted.
“We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth,” he added.
Headquartered in the Netherlands, Evos operates 6.3 million cubic metres of storage capacity across eight strategically located port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta.
The company has a presence in major energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.
-
Crime4 years agoClass 10 student jumps to death in Jaipur
-
Maharashtra2 years agoMumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra2 years agoMumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra2 years agoFalse photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News2 years agoMinistry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Maharashtra2 years agoMaharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News2 years agoJ&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface
-
Crime2 years agoBaba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
