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Kotak UPI – Kaypay

Kaypay, the very first Unified Payment Interface launched by Kotak Mahindra Bank is a bank agnostic payment application that allows customers to receive and send money through the platform without the need to even display their account number. Users are allowed to create a VPA, or a Virtual Payment Address, which will be linked to their bank accounts and these accounts can be used to send and receive funds. The VPA serves as a distinctive payment identifier so far as bank customers are concerned. Customers can also use the Unified Payment Interface to make payments to merchants who accept it as a mode of payment. The Kaypay application is said to enable Person to Person (P2P) as well as Person to Merchants (P2M) payments in a speedy and hassle-free manner.

Features and Benefits of Kaypay

Kaypay can be used to perform the following actions:

  • Create a VPA (Virtual Payment Address)
  • Receive or send money
  • Link all of your bank accounts
  • Collect funds
  • Set or reset the Unified Payment Interface PIN
  • Balance enquiry
  • Raise queries
  • Check status of transactions

How does Kaypay work?

To get started with Kaypay, you will have to open the application and verify your mobile number which is registered with the bank. You will then be asked to link your accounts before creating your VPA (Virtual Payment Address) in the My Accounts section. The VPA will be yourname@kaypay. In case you have a Unified Payment Interfact PIN, it can be used here, if not, you will have to create a new one. Once the aforementioned steps have been followed, you will be allowed to go ahead and transact using a Virtual Payment Address.

Sending Money through Kaypay

In order to send money to another entity using Kaypay, you will have to select the account from which the money is to be transferred. Then, enter the VPA address or the recipient’s account IFSC. You will then have to enter the amount and also the Unified Payment Interface PIN so that the transaction is confirmed.

Requesting Money through Kaypay

In order to request money from another entity using Kaypay, you will have to select the VPA on which the funds are to be sent. You will then have to enter the Virtual Payment Address from which the money will be sent to your account. Then, you will have to enter the amount you wish to request and then add comments and remarks before confirming the request.

Kotak UPI FAQs

  1. What is Kaypay?
  2. Kaypay is the Unified Payment Interface of Kotak Mahindra Bank. It is a bank agnostic payment application through which all your UPI-enabled bank accounts can be linked to receive or send funds in a safe and secure manner.

  3. What kind of transactions can be carried out using Kaypay?

    Kaypay can be used to make both non-financial as well as financial transactions. Money can be sent by customers to their contacts and account numbers, money can be requested from your contacts and you will also be allowed to check your balance.

  4. Are there timings to follow when I want to send or receive money using Kaypay?

    Kaypay works on Unified Payment Interface platform so customers have the freedom to transfer money using the app at any time. There are no banking hours to follow.

  5. Do I have to pay a fee or charge to use Kaypay?

    No. All you have to do is register yourself and Kaypay can be used for free of cost.

  6. Which bank should I be a customer of to use Kaypay?

    Kaypay does not require customers to be a customer of any bank in particular. As long as you are a customer of a bank within the country that participates on the Unified Payment Interface platform, you can use the application to send and receive money.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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