UPI (Unified Payment Interface) is now new method to send and receive money

In wake to present demonetization ,we have a now cashless channel started by some banks call UPI (Unified Payment interface) . In layman terms UPI is nothing but a email ID kind of thing where each customer will have a unique ID which will be mapped to their bank account. Here customer need not to tell account no. ,Account holder name or his bank IFC code.

Unified Payments Interface (UPI) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application.[2] UPI was launched by National Payments Corporation of India with Reserve Bank of India’s (RBI) vision of migrating towards a ‘less-cash’ and more digital society. UPI has built on the Immediate Payment Service(IMPS) platform.

UPI platform can be used for:

1) Immediate money transfer through mobile device round the clock 24*7 and 365 days.
2) Single mobile application for accessing different bank accounts
3) Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
4) Bill Sharing with friends.
5) Merchant Payment with Single Application or In-App Payments.
6) Scheduling PUSH and PULL Payments for various purposes.
7) Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
    Donations, Collections, Disbursements scalable.

How to Create Virtual address for customer ?

In order to create a virtual address customer need to register for UPI service via their respective bank apps or some third party apps are also there to register.

Your virtual address will be like a email ID for example if you have a Bank account in SBI then your Virtual address will be like this [XYZ]@sbi . If you have account in HDFC then your virtual address for your account will be something [xyz]@hdfcbank  ( bracket is not part of virtual address)

List of participating Banks which provide UPI service currently ( other bank are  in process to implement)

Sr. No	Bank Name	Name of UPI App
1	State Bank of India	SBI  Pay
2	ICICI Bank	Pockets – ICICI Bank
3	HDFC	HDFC Bank MobileBanking
4	Andhra Bank	Andhra Bank ONE
5	Axis Bank	Axis Pay
6	Bank of Maharashtra	MahaUPI
7	Canara Bank	Canara Bank UPI – Empower
8	Catholic Syrian Bank	CSB UPI
9	DCB
10	Federal Bank	Lotza
11	Karnataka Bank	KBL – Smartz
12	Punjab National Bank	PNB UPI
13	South Indian Bank	SIB M-Pay (UPI Pay)
14	United Bank of India	United UPI
15	UCO Bank	UCO-UPI
16	Union Bank of India	Union Bank UPI
17	Vijaya Bank	Vijaya UPI App
18	OBC	OBCUPI PSP
19	TJSB
20	IDBI Bank
21	RBL Bank
22	Yes Bank	Yes Pay Wallet and PhonePe
23	IDFC
24	Standard Chartered Bank
25	Allahabad Bank
26	HSBC
27	Bank of Baroda
28	Kotak Mahindra Bank
29	IndusInd

Send Money via EMAIL : Mail MONEY : KOTAK BANK

Kotak bank has once again started intresting way of fund transfer ” Mail Money service”, you can send money to a beneficiary by just knowing his/her email ID and mobile number. You don’t have to register beneficiaries. You don’t need to know beneficiary’s bank, account number, IFSC etc.Currently, this service is available on Kotak Net Banking Log in to Net Banking –> Banking –> Transfers and Payments –>Mail Money. You can cancel Transaction by using the ‘Cancel Transaction’ option in Internat Banking The transfer request can be cancelled till the time the funds are not debited from your account.
Existing charges if applicable for NEFT/ IMPS will be levied as per General Schedule of Features and Charges (GSFC).You need to be registered for Net Banking with unconditional transaction rights. Service is available for individual customers only.
How if Works
Enter the beneficiary details like name, email ID, mobile number and payment amount. 2 OTPs will be generated and shared through SMS – one will be sent to you and the other to the beneficiary. The beneficiary will receive a mail from Kotak Mahindra Bank with the redemption link. Beneficiary needs to enter both the OTPs and then enter his/her account details to receive the amount.OTP will expire 7 days from the payment date.You have the option to re-generate the OTP. A new link and OTP will be sent to your beneficiary email ID, along with a new OTP sent to you, which you need share with the beneficiary.

Use the ‘Re-generate OTP’ option in Net Banking. A new link and  new OTPs will be generated. The link will be emailed to the beneficiary on the email ID provided by you.
After Beneficary recives link and OTP  a beneficiary has to input the details for the bank account where he/she wishes to receive the money. The beneficiary account can be with any bank. Beneficiary will need to enter IFSC code, Bank Name, Bank account details and submit the request. Beneficiaries having a Kotak Bank account will only have to enter the Bank account details. The transfer request will be executed via fund transfer modes like NEFT/ IMPS.Funds will be debited from the remitters account as per the payment date requested by him. The transfer request will be executed via NEFT/ IMPS (Immediate Payment service). If the beneficiary bank participates in IMPS, the transfer will be executed immediately; otherwise it will be processed in the NEFT clearing cycle. The transfer is subject to sufficient balance in the debit account at the time of execution of request.

Limit of Transaction
     Rs. 10,000 per transaction and
    Rs. 50,000 per day

Features of Mail Money
     Mail money by just knowing the email ID and mobile number of beneficiary
    No beneficiary registration required
    Beneficiaries can choose to deposit the money in the accounts of their choice
    Schedule transfers for the next 7 days
    Option to cancel the payment till the time the transfer is not done
    Regenerate One Time Passwords (OTPs) if sender or beneficiary forget or misplace them
    View transaction history
    Triple security through passwords (OTPs) sent to both sender and beneficiary mobile numbers and redemption link sent to beneficiary’s email ID
    OTPs auto expire after 7 days of payment date mentioned by customer
    Alerts sent to both sender and beneficiary

Send and Receive money among Facebook Friends : KAYPAY :Kotak Mahindra Bank

Kotak Mahindra Bank has started Fund transfer between Facebook Friend.All you need to have a Facebook account and a BANK account. User need to register on http://www.kaypay.com using Facebook account
Follow this step to transfer fund within your Facebook friend

1)Log-in using Facebook account
2)Search for the Kaypay app and click to reach the launch page of the app
Agree to the terms & conditions laid by Kotak Mahindra Bank for using the app and ‘Allow’ it to access your Facebook profile content
3)Take the next step to register your bank account
Once the registration process is complete, you can easily transfer money to your Facebook friends
Steps for transferring money:
1) A friend from your Facebook list, to whom you wish to transfer the money
2) Select your account from which you want to transfer funds. If you have more than one account, your default account number will be pre-populated
3) Enter the desired amount
4) You can choose to add a message for your friend
5) Enter the One Time Password, click here to know how to generate an OTP
6) Confirm the transaction
You can transfer funds to anyone on your Facebook friend list.All your unregistered friends will get a Facebook notification informing them of the money transfer. They will have to register their bank account with Kaypay in which they want to receive the money. If they don’t register within 48 hours, the money will be credited to your account.There is no Charges for FUND Transfer as of now.

Limits For Sender(in Rs) For Recipient (in Rs)
Daily               2500                      25000
Monthly       25000              25000

What is Inter-bank Mobile Payment Service (IMPS) ?

Inter-bank Mobile Payment Service (IMPS)

Now you can send/receive money using mobile number and an additional 7 digit MMID number. The benefits are multiple-Only Mobile Banking customers can remit money under IMPS. However, all customers can receive funds in their accounts using this Service.If you wish to receive funds through IMPS, please register your mobile number with the Bank and get 7 digit MMID. For receiving remittance, you will share your mobile number and MMID with the person sending money (remitter).

How to get MMID number?
All our mobile banking customers are issued 7 digit MMID for the primary account registered. For obtaining MMID for other accounts, they may visit the Branch and apply for MMID by filling up a form.
You can also generate MMID for all your accounts enable for Mobile Banking Service, through menu option- IMPS- Generate MMID. IMPS Merchant Payments (P2M – Person-to-merchant) service allows customers to make instant, 24*7, interbank payments to merchants or enterprises via mobile phone. IMPS enables mobile banking users a facility to make payment to merchants and enterprises, through various access channels such as Internet, mobile Internet, IVR, SMS, USSD.
The key features of IMPS merchant payments service are as follows:
· Instant Interbank fund transfer
· Merchant needs to get on-board IMPS network with one Bank. Customer of any Bank in the IMPS
       merchant network can make payment to merchant through IMPS
· Convenient and time-saving
· Anytime, anywhere service
· Safe & secure
· 24*7*365 availability Instant
· Instant confirmation to sender and receiver
Customer needs to be a mobile banking user of their respective Bank. Customer needs to do the following in order to get started:
· Register mobile number with the account in the respective Bank
· Get MMID. MMID stands for Mobile Money Identifier and is 7-digit number that is provided by Bank to customer. This number is used to identify customer Bank and is linked to the account number. The combination of mobile number and MMID is unique for the particular account, and customer can link same mobile number with multiple accounts in the same Bank, and get separate MMID for each account
· Get M-PIN. M-PIN is Mobile PIN, a secret password that is provided by Bank to customer. Customer needs to authenticate transaction using M-PIN
· Download mobile banking application or use SMS / USSD facility provided by the Bank. In order to perform IMPS transactions, customer needs to download mobile banking application or use SMS / USSD facility provided by the respective Bank
 · Perform transaction using mobile banking application or SMS / USSD facility

For more details  http://www.npci.org.in/impsmerpay1.aspx  http://www.npci.org.in/merchant.aspx

IMPS (Interbank Mobile Payment Service)
Information regarding participating banks on IMPS  http://www.npci.org.in/impsmerpay1.aspx
How to register your mobile number and obtain MMID for your respective bank http://www.npci.org.in/impsmerpay10.aspx
How to generate OTP for your respective Bank http://www.npci.org.in/impsmerpayotp.aspx