What is UPI?
Unified Payment Interface (UPI) enables all bank account holders (of banks participating in UPI) to send and receive money from their smartphones with a single identifier (the virtual payment address (VPA)) without entering any additional bank account information. UPI can also be used to pay merchants who accept UPI as a payment mode.
What is a Virtual Payment Address (VPA)?
"Virtual Payment Address" is an identifier (that takes a form of abc@bank wherein "abc" is a unique name that you can choose for yourself) that can be uniquely mapped to an individual account. Unified Payment Interface (UPI) services offer customers the option to create any number of VPAs for making and receiving payments
How long does it take for the money to get credited into the beneficiary account?
For successful UPI transactions, funds get credited into the beneficiary's account instantaneously.
What is the advantage of UPI Funds transfer over other fund transfer mechanisms?
The service is instant and available 24X7, even on public/bank holidays. Customers can transfer funds in simple steps by providing the virtual payment address of the beneficiary. Also, there is no pre - registration required for the beneficiary.
What is the Unified Payment Interface (UPI) transaction limit?
The UPI transactions limits vary from bank to bank. Bank may change the transaction limits for UPI under National Payments Corporation of India (NPCI) upper limits as per the bank’s policy. The upper limit mandated by NPCI is Rs 1 lakh per transaction and Rs 1 lakh cumulative transaction value. A maximum of 10 transactions can be initiated in 24 hours from the first transaction.
Are there any charges for transactions done using UPI?
Currently there are no charges for transactions done through UPI. There may be revisions on charges from time to time.
My UPI transaction has been failed. How has my bank account been debited?
In case of failed transactions, the money (if debited) will be credited to your account instantly. In case of timed out transactions, amount will be settled to the beneficiary account or debit account within two working days.
I have paid for my transaction but not received anything. Why is that?
Once you complete a transaction, you should see a success status on the UPI APP and receive an SMS from your bank. In some cases due to operator issues it can take a longer time. In case you have not received your confirmation within an hour please contact the Customer Care team of your bank or you can lodge complaint from the UPI APP itself.
I have transferred money using UPI. When will be credited to my trading and back office systems ?
Your Back office ledger would be credited immediately. The amount would be credited in the trading system within 15 minutes of successful transfer during trading hours. In some cases there could be delays due to payment gateway issues. Please write to us at email@example.com in case you come across delays in credit.
What is Bharat Interface for Money (BHIM)?
Bharat Interface for Money is an app that lets you make quick and easy payment transactions using UPI. You will not have to fill-out tedious bank account details. You can easily make direct bank to bank payments and instantly collect money using just the Mobile number or the Payment Address.