PhonePe launches 'Income Tax Payment' feature on its app for taxpayers.
PayMate partners with PhonePe to enable seamless tax payment options.
Users can choose to pay taxes using credit cards or UPI, with credit card payments offering a 45-day interest-free period and reward points.
If you still haven’t filed your ITR and want to pay your taxes seamlessly. PhonePe has introduced the 'Income Tax Payment' feature on its app, simplifying the tax payment experience for taxpayers.
This latest feature allows both individuals and businesses to pay self-assessment and advance tax directly from within the PhonePe app, eliminating the need for users to log in to the tax portal.
The partnership with PayMate, a renowned digital B2B payments and service provider, enables PhonePe to offer this convenient tax payment option to its users. With the 'Income Tax Payment' feature, users can select their preferred mode of payment, choosing between credit cards or UPI for the transaction.
The use of credit cards for tax payments comes with an additional benefit – users can enjoy a 45-day interest-free period on the transaction, providing added flexibility for managing their finances. Moreover, depending on the user's bank, they may also earn reward points on their tax payments, adding value to their financial transactions.
After completing the tax payment through the PhonePe app, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgment within one working day. The challan for the tax payment will also be made available within two working days, ensuring a seamless and efficient experience for users.
Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe, expressed her excitement about the launch of the 'Income Tax Payment' feature, stating that the company is continuously striving to enhance its offerings to meet the evolving needs of its users. She believes that this feature will simplify the often complex and time-consuming task of paying taxes, providing users with a hassle-free and secure way to fulfil their tax obligations.
Ajay Adiseshan, Founder and CEO, PayMate said, “We are delighted to collaborate with PhonePe as it gives PayMate access to a new target segment of consumers and small and medium-sized businesses. This partnership provides them with the convenience of making direct tax payments such as advance tax, income tax, and more. This is only one example of how we leverage our API stack to offer innovative solutions, addressing the needs of underserved markets.”
The PhonePe app enables users to complete their tax payments in just three simple steps. After opening the app and tapping on the 'Income Tax' icon on the homepage, users can select the type of tax they wish to pay, the assessment year, and provide their PAN card details. Finally, users need to enter the total tax amount and choose their preferred mode of payment to complete the transaction successfully.
With the 'Income Tax Payment' feature now available on the PhonePe app, taxpayers can look forward to a seamless, efficient, and secure tax payment experience. Whether individuals or businesses, users can rely on PhonePe and PayMate's collaboration to simplify their tax payment process.
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