kotak.com KayPay Service : Kotak Mahindra Bank

Organisation : Kotak Mahindra Bank
Facility : KayPay Service
Website : https://www.kotak.com/en.html

KayPay Service :

Introducing Kaypay, Kotak Mahindra Bank’s first UPI (Unified Payment Interface) based, bank agnostic payment app. This app will let customers send and receive money using UPI platform without displaying their account number.

Related : Kotak Mahindra Bank Cheque Deposit Kiosk CDK Service : www.statusin.in/21755.html

Customers can create a virtual payment Address (VPA) that is linked to their bank accounts from which money can be sent or received. The Virtual Payment Address acts as a unique payment identifier for a bank customer. UPI can also be used to pay merchants who accept UPI as a payment mode.

Features :
Using Kaypay, you can do the following :
** Create your Virtual Payment Address (VPA)
** Send Money or Receive Money
** Collect Money
** Link all your bank accounts (part of UPI)

** Balance enquiry
** Set/Reset UPI PIN
** Check transaction status
** Raise a query

Get Started :
** Open the app
** Verify the mobile number that is registered with the bank
** Link your accounts & create virtual payment address as “yourname [AT] kaypay” using my accounts section

** If you have a UPI PIN, you can use that. If not, you can set a new one
** You are now ready to transact – send or request money using a VPA

How to send money :
** Choose the account from where you want to transfer money
** Enter the virtual payment address or account-IFSC of the recipient
** Enter Amount
** Enter UPI PIN to confirm the transaction

How to request money :
** Choose the Virtual Payment Address (VPA) in which you want to receive money
** Enter the VPA from which you want to receive money
** Enter the amount
** Enter remarks or comments and confirm

FAQs :
1. How fast is a transaction over Kaypay?
Transactions over Kaypay takes place – instantly and are completed within seconds. The entire process works on the newly launched UPI platform

2. What types of transactions can I do using Kaypay?
Kaypay currently supports various financial & non-financial transactions
** You can send money to your contacts and account numbers
** You can request for money from your contacts
** You can check your balance

3. What are the transaction limits in Kaypay?
Kaypay limit is same as UPI limit. This is currently set at Rs. 1 Lakh per transaction and will be modified basis regulatory requirement from time to time.

4. What are the working hours for money transfers on Kaypay?
Kaypay is riding on UPI platform and money transfer using the same can be done 24×7 instantly and is not dependent on banking hours.

5. Is Kaypay app compatible with every Mobile OS?
i. Kaypay is currently only compatible with Android OS. It is compatible with all android phones running Android 4.0 or above.
ii. iOS support will be available in near future followed by other OS versions.