Kotak UPI – Kaypay

FAQs on Kotak UPI – Kaypay

• What is Kaypay?

  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.

• 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.

• 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.

• 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.

• 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.

• What is the purpose of a UPI Mandate?

  The UPI Mandate feature enables users to pre-authorise transactions, allowing debits from their bank accounts at a later time. This functionality is mainly useful for situations where a commitment to transfer funds is made in advance, such as service or merchant payments. The account holder's account is debited once the UPI mandate is executed. 

• Can I link more than one bank account to a single VPA account?

  Yes, one can link more than one bank account to a single VPA. When connecting a second bank account, users can select their existing VPA. In the case of multiple linked accounts, users can designate a default account for sending and receiving funds. 

• What should I do if a transfer transaction fails or is sent to the wrong account?

  In the event of a failed or misdirected transaction, users should thoroughly review the beneficiary details before initiating transactions. If an error occurs, users can file a complaint directly from the application's complaint section. Any funds from a failed transaction are automatically refunded to the account within seven working days. 

• What are the common reasons for UPI transaction failures?

  UPI transactions may fail due to various reasons, including system downtime, incorrect UPI PIN entry, inaccuracies in the recipient's UPI ID, or if the recipient is not registered on the Bharat Money Interface. 

• What if my phone is lost or stolen?

  In the event of a lost or stolen phone, the third party would be unable to access the Bharat Interface for Money as the UPI PIN, necessary for transaction approvals, remains confidential. Additionally, users are advised to promptly contact their bank's customer service to ensure the security of their account. 

• What is the UPI PIN?

  The UPI PIN is a four-digit to six-digit secret code established during the initial registration with the app. This unique code is required to authorise all bank transactions. Users must create a new UPI PIN within the Bharat Interface for Money app, as MPINs from other UPI services are distinct and cannot be used interchangeably. 

• How do I create a VPA/UPI ID with the Kotak Mahindra Bank Mobile Banking App?

  To create a VPA on the Kotak Mobile Banking App, navigate to the 'BHIM UPI' section in 'My Kotak' or 'Banking.' Select 'Manage VPA' and click 'Build VPA.' Choose the account to link, enter a new VPA, verify the details, and confirm. Your VPA will be generated and ready for use. 

• What is the process of sending money through Kotak Mahindra Bank UPI?

  Sending money with Kotak Mahindra Bank UPI is straightforward. Access the 'BHIM UPI' section, go to 'Send Money,' and choose your payment mode ('Pay to VPA' or 'Pay to Account'). For VPA payments, select the recipient's VPA, enter the amount and remarks, and confirm. For bank account transfers, provide the beneficiary details and confirm the transaction. 

• How can I request money using Kotak Mahindra Bank UPI?

  Initiating a money request with Kotak Mahindra Bank UPI is easy. Navigate to 'Request Money' in the BHIM UPI menu, choose the relevant VPA, enter the recipient's VPA, amount, and comments, and then submit and confirm. The request will be sent to the specified VPA, and the recipient must accept it to complete the transaction. 

• How do I use the Scan & Pay through QR Code option with Kotak Mahindra Bank UPI?

  Utilising the Scan & Pay feature through a QR code is convenient. After shopping, look for the Bharat QR/UPI QR code at the billing counter. Open the Kotak Mobile Banking app, click 'BharatQR Scan & Pay,' scan the displayed QR code, choose your account/UPI ID, enter the payment amount, and authenticate the transaction with your mPIN. 

• How can I apply for an IPO using Kotak Mahindra Bank UPI ID?

  Investors can apply for IPOs through Kotak Mahindra Bank UPI. Create a Kotak UPI ID/VPA within the BHIM UPI section of the mobile app. Enter the Kotak UPI ID/VPA in the IPO application form during the IPO issue time. Approve the mandate request received on the app by entering the UPI PIN. The allotted amount will be blocked until the end date or mandate expiry, and in case of share allocation, the balance will be deducted. 

• What offline and online solutions does Kotak Mahindra Bank UPI offer for merchants?

  Kotak Mahindra Bank provides a range of UPI solutions for merchants, including offline solutions such as dynamic QR codes on bills/desktops and static QR codes at payment counters. For online solutions, merchants can trigger collect requests, generate QR codes, facilitate registration and payments within apps, and use intent calls for Android devices.