UPI Transaction Charges

Contents
  1. What is UPI
  2. Understanding UPI ID and a PIN
  3. How does it work
  4. Benefits of UPI
  5. SBI UPI
  6. PhonePe UPI
  7. How to Make UPI Payments with PhonePe
  8. Kotak UPI
  9. Frequently asked questions

With the introduction of the Unified Payment Interface, India has made a significant step toward becoming a cashless economy (UPI). You may now use your smartphone as a virtual debit card thanks to a new payment methodology. It has also made instant money sending and receiving possible. The QR code approach has eliminated the use of digital wallets.

What is UPI

  • UPI is a single platform that brings together a variety of banking services and features into one place. To send and receive money, all you need is a UPI ID and PIN. A cell phone number or a virtual payment address can be used to make real-time bank-to-bank payments (UPI ID).
  • The National Payments Corporation of India (NPCI), in collaboration with the Reserve Bank of India and the Indian Banks Association, has launched the Unified Payments Interface (UPI) (IBA). NPCI is the company in charge of RuPay's payment infrastructure, which is comparable to Visa and MasterCard. It enables the interconnection and movement of funds between multiple banks. The Immediate Payments Service (IMPS) is another NPCI project. The enhanced version of IMPS is known as UPI.

Understanding UPI ID and a PIN

A UPI ID is a one-time code that can be used to transmit and receive money from a bank account. The UPI PIN is a four-digit personal identification number that must be input to authorise a money transfer via UPI. The account holder can choose his or her own PIN.

How does it work

  • The use of UPI has simplified the money transfer process. You don't have to remember the account number, account type, IFSC, or bank name of the receiver. Instead, you can send money to them simply by knowing their Aadhaar number, bank account cell phone number, or UPI ID. You can create a UPI ID on any app that supports the UPI service.
  •  A UPI ID usually starts with your phone number, followed by the @ sign, and finishes with the app you're using. If your phone number is 90xxxxxx60 and you use the Paytm app, your UPI ID may be ‘90xxxxxx60@paytm'. 
  • The ID can be created by entering your bank account information into the app. To ensure that you are an authorised individual, the app will send an OTP to your registered mobile number. You will be required to generate a PIN for the UPI ID after entering the OTP. After finishing the registration, you can send money to any of your contacts' mobile numbers. You can also ask anyone on your contact list for money.

Benefits of UPI

  • The process of making online payments has been simplified.

  • UPI payments for instant fund transfer can be used to pay for hailing services, food delivery services, and shopping sites.

  • Online payments are accepted at nearby eateries, grocery stores, and department stores.

  • Payments for rent, mobile recharges, and utility bills can all be made promptly online.

SBI UPI

  • The Unified Payments Interface (UPI) of the State Bank of India (SBI) is a form of payment mechanism or solution that allows funds to be received and delivered using the BHIM SBI Pay APP. All SBI clients, as well as those with accounts at other UPI-enabled banks, can use this service. A Virtual Payment Address (VPA) or an account number and Indian Financial System Code can be used to transfer funds (IFSC).
  • The VPA functions as a virtual identifier and is commonly used as a virtual id. The National Payments Corporation of India (NPCI) launched UPI, and the Reserve Bank of India oversees the payments system (RBI). The National Payments Coordinating Institute (NPCI) monitors all retail payments in the country to ensure a smooth and efficient flow of digital transactions via a mobile application. Users can quickly evaluate this service by installing the SBI Pay app on their smartphones.

SBI UPI Transaction Limit

The maximum SBI UPI transaction limit for a single day is Rs. 1 lakh. As a result, you can't use BHIM SBI Pay to perform UPI transactions worth more than Rs 1 lakh in a single day.

UPI transaction charges sbi

Please note that there are currently no upi transaction charges associated with using this app to conduct transactions.

How do I sign up for SBI UPI?

Step 1: Go to the Google Play Store and download the SBI UPI app.

Step 2: Verify the registered mobile number by SMS after the download is complete. This should be the same phone number you have on file with your bank.

Step 3: After receiving the SMS, the app will automatically validate the phone number.

Step 4: Enter a ‘Virtual Address,' ‘First Name,' ‘Last Name,' and ‘Email' to begin the registration process. Choose the appropriate bank by answering the hidden question.

Step 5: Select the ‘Next' button after accepting all terms and conditions.

Step 6: Select a bank account and then click "Register." Make your password six digits long.

Step 7: Create an m-PIN by providing debit card information and confirming the m-PIN in OPT.

Step 8: The respective mobile number will receive a registration confirmation message.

How to Use the SBI UPI Pay App to Transfer Money?

Step 1: On your smartphone, open the SBI PAY app and enter the 6-digit pin.

Step 2: Select an account by clicking ‘Pay'.

Step 3: Enter the recipient's or payee's VPA. If you have any comments, please write them down.

Step 4: Enter the amount to be transferred and press the ‘Pay' button.

Step 5: Submit after entering the m-PIN.

PhonePe UPI

PhonePe is a mobile payment platform that allows you to send money via UPI, recharge phone numbers, and pay utility bills, among other things. PhonePe uses the Unified Payment Interface (UPI) technology, and all you have to do is enter your bank account information and generate a UPI ID. There is no need to reload the wallet because the funds will be safely and securely deducted from your bank account at the touch of a button.

How to Make UPI Payments with PhonePe

Step 1: Launch the PhonePe application. Tap on 'UPI Bank Accounts' under 'My Money.'

Step 2: Click 'Add New Bank Account,' then select your bank.

Step 3: Select the mobile phone number you registered with the bank.

Step 4: After your bank account has been validated, you will be able to see all of your account's details.

Step 5: Select 'Set BHIM UPI PIN' from the drop-down menu. Enter the last six numbers of your card, as well as the expiration date.

Step 6: You will receive an OTP on your cell phone after your card has been confirmed. Fill in your card's OTP and PIN.

Step 7: Create a new UPI PIN. The BHIM UPI ID will be linked to your bank account.

PhonePe transaction charges

There are currently no additional PhonePe transaction charges.

Kotak UPI

Kaypay, Kotak Mahindra Bank's first Unified Payment Interface, is a bank-agnostic payment application that allows clients to receive and send money using the platform without having to provide their account information. Users can create a VPA or Virtual Payment Address, that is linked to their bank accounts and can be used to send and receive money. In the case of bank customers, the VPA acts as a unique payment identification. Customers can now utilise the Unified Payment Interface to pay for goods and services at merchants who accept it. Person to Person (P2P) and Person to Merchant (P2M) payments are reported to be made quickly and easily with the Kaypay application.

Kotak UPI charges

All you have to do is register, and Kaypay will be available to you for free.

Frequently asked questions

Is it possible for a user to link multiple bank accounts to the VPA?

To use the app, you must link to more than one bank account.

Is it possible to link SBI Pay to other e-wallets?

No, You cannot link other e-wallets to SBI pay.

What if I misplace my phone?

 In this scenario, the customer should contact customer service and have the number blocked to prevent misuse.

Is it possible to track the status of a transaction on SBI Pay?

Yes. The ‘My UPI Transactions' page on the app allows you to keep track of your transactions.

What if the phone is used by someone else? Is it possible for him to make payments through the app?

No, it is not. This will not be feasible unless the m-PIN is provided.

What happens if a user changes his or her SIM card or mobile phone number?

If a customer's sim card expires, they can still use the app after updating their new phone number.

What are PhonePe's multiple payment options?

In PhonePe, you have two payment options: Bank Account and PhonePe Wallet.

What if monies are deducted from my account but do not reach the payee due to an error?

In this situation, the cash will be credited back to the payee's account. Please contact customer service if the monies are not credited back to you within 48 hours.

Is having a bank account required to use PhonePe?

Yes, it is correct. PhonePe cannot be used without a current and operational bank account.

To use Kaypay, I need to be a customer of kotak bank?

Customers do not have to be customers of a specific bank to use Kaypay. You can use the programme to send and receive money if you are a customer of a bank in the country that uses the Unified Payment Interface platform.

What types of transactions can be completed with Kaypay?

Both non-financial and financial transactions are possible with Kaypay. Customers can send money to their contacts and account numbers, and you will be able to request money from your contacts. You will also be able to check your balance.

Is there a specified timing to send or receive money with Kaypay?

Customers may use the Kaypay app to transfer money at any time because it runs on the Unified Payment Interface platform. There are no bank hours to adhere to.