For payments that are part of your daily settlement 

The different payment statuses are,

• Settled -  The customer payment is successful. It will be credited to your linked bank account as per the regular settlement cycle. 
• Pending - This is a temporary status. If the payment status doesn’t show successful or failed after 180 seconds, please select the relevant transaction and raise a ticket.
• Failed -  The amount is not credited to your PhonePe Business account. Please request the customer to make the payment again.

You can view the payment status beside the relevant transaction ID under the Transactions tab in the History section of your app or tap the button below.