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Introduction

Your Kotak Mahindra Bank BHIM UPI allows you to send/receive money using unique identifiers called 'Virtual Payment Addresses (VPAs)/UPI ID' for e.g. (your chosenUPIid)@Kotak.' You don't have to pull out your debit or credit cards or recall information such as bank account numbers or IFSC codes. No problem of adding a beneficiary before transferring money to another person's UPI ID.

Transactions using UPI are instant and are completed within seconds. The fund transfers are made in real time enabling the recipient to get the money into their accounts instantly. Also, you don’t have to waste time on adding a beneficiary and wait for the beneficiary to be activated before you can transfer funds.

UPI transactions can be used to make various banking transactions like fund transfers, bill payments, payments at merchant establishments for your purchases, etc., UPI allows the transfer of money using both the Push & Pull process, where both the Sender and the Recipient may initiate the transaction. Multiple bank accounts can be connected to a single APP for money transfer. A secure two-factor authentication with a single click ensures that your transaction is safe and secure. IMPS allows the transfer of money from the sender to the recipient and the exchange is initiated by the sender.

What is UPI? How does it work?

Kotak Mahindra Bank Upi

Unified Payments Interface (UPI) is a portal developed by the National Payments Corporation of India (NPCI) to facilitate interoperability between banks. This is a one-stop solution for using separate bank accounts to carry out transfers from a single app.

UPI stands for Unified Payment Interface (UPI). It enables money to be immediately transferred via a mobile phone from one bank account to another. Payments can only be rendered via supporting mobile phone apps. The cash transactions through UPI are available 24x7.

Features of Kotak Mahindra Bank UPI Payment App

Kotak Mahindra Bank offers its UPI facility through its Mobile Banking app, Kotak Mobile Banking App. They have also partnered with Khaalijeb, a TPAP (Third party App provider) to offer UPI services to customers.

Salient Highlights of the Kotak Mahindra Bank UPI 

The app allows you to perform various UPI related transactions: 

  • Create your VPA (Virtual Payment Address) on the app with just a few simple clicks
  • Allows you to link all your bank accounts under a single app, provided, all the bank accounts are UPI enabled
  • Send or receive money with just the VPA ID of the other person
  • Collect Money option to approve requests by other persons to receive money from your account
  • Check the balance of all the linked bank accounts from your UPI App
  • Set or reset your UPI PIN on the app itself
  • Check the transaction status and transaction history to keep track of your finances
  • Raise a query or complaint from the app for immediate resolution

How to create a VPA/UPI ID for Kotak Mobile Banking App?

  • Tap on 'BHIM UPI' in the 'My Kotak' section or the 'Banking' section.
  • Go to 'Manage VPA' in the 'BHIM UPI' menu and press 'Build VPA'
  • Choose the account you want to connect to your VPA. In the case of current VPAs, this will be shown automatically.
  • Enter a new VPA in the space given and verify that it is open.
  • Click on the 'Build VPA' button and confirm information
  • Your VPA will be developed and ready for use

What are the steps to send money through Kotak Mahindra Bank UPI?

It’s very simple to send or transfer money using Kotak Mahindra Bank UPI. 

  • Tap on 'BHIM UPI' in the 'My Kotak' section or 'Banking' section of the Kotak Mobile App.
  • Go to 'Send Money' in the 'BHIM UPI' menu.
  • Select your Payment mode – 'Pay to VPA' or 'Pay to Account'

How to send money to a VPA/UPI ID?

  • Choose the VPA from where you want to make the payment
  • Enter the recipient's VPA, Amount, Remarks and press Submit.
  • Confirm information to complete payment 

How to send money to a bank account? 

  • Pick the VPA from where you want to make the payment
  • Enter the Beneficiary Account Number, IFSC Code, Amount, Comments and Submit
  • Confirm information to complete payment

What are the steps to request money using UPI?

You can receive money from another person in a few simple clicks: 

  • Go to 'Request Money' in the BHIM UPI menu.
  • Choose the VPA from where you want to make the payment
  • Enter the VPA from where you want to ask for the money, Amount and Comments
  • Please submit and confirm the details
  • The request for money will be submitted to the stated VPA and the receiver will have to accept the request to complete the payment.
  • You can review the money requests you have got, as well as those initiated by you in the 'Pending Money Requests.'

How to use the Scan & Pay through QR Code option?

 Scan & Pay through QR code is available in many in-store outlets. 

  • Once you have completed your shopping and ready to make the payment, look for the Bharat QR/UPI QR code at the billing counter
  • Login to the Kotak Mobile Banking app on your smartphone, using your fingerprint or 6-digit mPIN
  • To start payment, click the BharatQR Scan & Pay button.
  • Scan the displayed QR code
  • Choose your account/UPI ID and enter the exact amount you need to pay to the merchant.
  • Authenticate a transaction using your mPIN (passcode)

How to apply for an IPO using your Kotak Mahindra Bank UPI ID?

The Securities & Exchange Board of India (SEBI) has made it possible for retail investors to invest in IPOs via registered brokers, DPs (deposit participants) and RTAs (Registrar and transfer agents) through UPI. The IPO application process is very easy to learn and follow.

  • Create a Kotak UPI ID/VPA by opening the BHIM UPI section of the Kotak Mobile Banking app.
  • Please enter your Kotak UPI ID/VPA or any other UPI ID (UPI 2.0 allowed Apps linked to your Kotak Bank account) in the IPO application form and send the same during the IPO issue time.
  • A request for a mandate will be sent to your Kotak Mobile Banking App (if Kotak UPI is used or another UPI App (if any other UPI id is used) that you need to approve by entering the UPI PIN post to verify all information in the request for a mandate.
  • Once authorised, the balance will be blocked in your Kotak Bank account and will not be available until the end date or expiry date of the mandate.
  • If you get the share allocation, the balance will be deducted from your account.
  • If you do not obtain the shares, the block will be removed and the balance will be released for use in your Kotak Bank account.
  • In the case of partial allocation of shares, the corresponding amount would be debited and the remaining amount would be paid out to the customer's account.

How to make online payments to merchants using Kotak Mahindra Bank UPI?

Kotak Mahindra Bank UPI allows you to make payments for your online purchases. It is very simple and similar to your credit or debit card payments.

  • Add the items you want to purchase on the shopping sites cart
  • Go to the payments page
  • Choose UPI as your payment option
  • Here you enter your Kotak Mahindra Bank’s VPA ID
  • You will now receive a collection request on your Kotak Mahindra Bank UPI App
  • You open the app and authorize the transaction by entering the UPI PIN
  • The amount is debited and the payment for your shopping is completed

Merchant solutions on Kotak Mahindra Bank UPI

Kotak Mahindra Bank has a dedicated UPI Merchant team with deep domain expertise and a range of online and offline solutions for merchants.

Offline UPI Solutions

  • Dynamic QR printed on Bill/ Desktop
  • Static QR code on payment counter & cafes
  • Push Payments
  • Collect request payments

Online UPI Solutions

  • Trigger Collect requests or generate QR codes for user to scan and pay
  • Registration and Pay within app
  • Minimal tech effort with smooth UX
  • Intent Call (Only for Android Devices)

Kotak Mahindra Bank UPI FAQs

1. What is an UPI Mandate?

UPI Mandate is a feature that allows you to pre-authorize (Mandate) transactions to be debited from your bank account later. The mandate of the UPI is to be used in situations where money is to be transferred later, but the commitment to that is to be made now. It is likely that the sender will forget to send money later in order to establish a mandate or to make a service/merchant payment where this feature may be necessary. The account of the consumer shall be debited when the mandate is fulfilled.

2. Can I connect more than one account to a single VPA account?

Yes, you can do that. Choose your current VPA when connecting to your second bank account. If you connect more than 1 account to a VPA, you can set up a default account to send and receive money.

3. What happens if the transfer transaction fails or is transferred to an incorrect account?

You need to carefully check all the details of the beneficiary before making any transactions. In the event that such an error occurs, you can file a complaint from the application itself via the complaint section. In the event of a failed transaction, the balance will be refunded directly to the account within 7 working days.

4. What are some of the reasons for the UPI transaction to fail?

There are many explanations for a failure of the UPI transaction:

  • The system must have been down
  • False UPI PIN
  • Incorrect receiver UPI ID
  • If the recipient is not on the Bharat Money Interface

5. What happens if my phone is lost or stolen?

If you lose your phone, the UPI PIN needed to approve all transactions would not be known to a third party and will therefore not be able to use the Bharat Interface for Money. In addition, you have to contact the customer service department at your bank to make sure that your account is not misused.

6. What's the UPI PIN?

UPI PIN (UPI Personal Identification Number) is a 4 to 6-digit secret code that you create/set when you first register with this app. You must enter this UPI PIN to approve all bank transfers. If you have already set up a UPI PIN for other UPI Services, you can use the same for Bharat Interface for Money (BHIM) Banks given MPIN are different from the UPI PIN. Please use the Bharat Interface for Money app to create a new UPI-PIN.

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