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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.
About 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.
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:
It’s very simple to send or transfer money using Kotak Mahindra Bank UPI.
How to send money to a VPA/UPI ID?
How to send money to a bank account?
You can receive money from another person in a few simple clicks:
Scan & Pay through QR code is available in many in-store outlets.
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.
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.
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
Online UPI Solutions
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:
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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