Kaypay

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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. 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.

This application will enable P2P (Person to Person) & P2M (Person to Merchants) payments in a quick and hassle-free way.


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
 

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About Kaypay

What is Kaypay?

Kaypay is Kotak Mahindra Bank's UPI (Unified Payment Interface) app. This is a bank agnostic payment app wherein you can link all your Bank accounts (UPI enabled) and send or receive money without revealing your bank account details in a secure manner.

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

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

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.

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 24x7 instantly and is not dependent on banking hours.

How do I start using Kaypay?

To use Kaypay, you need an android mobile phone with active internet connection. You also need an Indian mobile number on the device which is linked to the same bank you would like to transact from on the Kaypay app You can check details on UPI and account linking in other FAQs.

Is Kaypay app compatible with every Mobile OS?

Kaypay is currently only compatible with Android OS. It is compatible with all android phones running Android 4.0 or above.

iOS support will be available in near future followed by other OS versions.

Can I send money to anyone using Kaypay?

You can send money to
  • Beneficiary who already have a VPA (Virtual Payment Address) with Kaypay or any other UPI enabled application
  • If the beneficiary doesn't have a VPA, you can send money to him/her using their Account number and IFSC

Do I need to be a customer of a particular bank to use Kaypay?

You can be a customer of any bank in India that is participating on UPI platform. The list of banks available will be displayed at the time of linking the account in the app.

Are there any charges for using Kaypay?

Kaypay is currently free for registered customers


About UPI

What is this UPI?

Unified Payment Interface (UPI) is a platform that provides customers of any participating bank to send or receive money using any UPI enabled mobile application. A customer can pay or request money without asking for account numbers by simply using the Virtual Payment Address - A unique payment identifier for a bank customer. UPI can also be used to pay merchants who accept UPI as a payment mode.

What is the advantage of UPI payments?

Following are some of the advantages of UPI
  • Transfer money securely using VPA instead of account numbers
  • Link all your bank account at one place
  • Share your VPA instead of account numbers for receiving money
  • Instant money transfer

What is a VPA?

The Virtual Payment Address (VPA) is a unique identifier assigned to your bank account by any of the UPI apps, including Kaypay. The VPA has a format of username@appname. Any app used for UPI transactions map a bank account to this unique identifier. This VPA can be shared with anyone wanting to send you money using the UPI platform / app. The VPA is also used when sending money using UPI. The receiver sees this as a sender address and can identify you basis the same

Do I need to enable mobile banking on my bank account to use Kaypay?

You simply need to have your mobile number linked to your bank accounts and should be enabled for receiving notifications from the bank. It is not mandatory be a mobile banking customer.

Do I have to give Kaypay my bank a/c details?

You do not have to enter your complete account details on Kaypay. All you have to do is select your bank and we will display your account details in a masked format. You can verify the same and account can be added. This exchange of information takes place over a secure UPI infrastructure.


Bank Account Linking

How do I link my bank account using Kaypay

You can link bank account from A/C Management section.
  • Click on "+" icon to add a bank account
  • Select bank from dropdown
  • All the accounts for that bank linked to the mobile number will be populated.
  • You can do various activities with this account - Create MPIN, change MPIN, Reset MPIN, Create VPA
Please note you cannot register an account with jointly Operated signatories and/or without debit card

Can I link multiple bank accounts with Kaypay?

Yes, you can link as many accounts as you want using Kaypay. The only conditions are that you need to have a valid account with the bank which is live on UPI. Also this account needs to be mapped to the mobile number used at the time of registration.

You will need to create individual VPAs for each of your bank accounts

I am trying to link my bank a/c for UPI txns but do not find my bank in the list.

In order to link your bank account, your bank needs to be live on UPI platform. If you are unable to see your bank in the list, it is likely that the bank is currently not enabled on UPI platform. Request you to check with your bank about the same.

I have selected the Bank name to link with UPI but it does not find my bank a/c.

This could be due to any of the following:
  • The app you are using is unable to connect to UPI. You can try again after some time.
  • The accounts you hold with Bank do not qualify for UPI based transactions. Please ensure that you have a qualifying account and related details. You cannot register an account with jointly operated signatories and/or without debit card
  • You are not using the mobile number registered with the Bank to fetch the accounts. Please ensure that correct mobile number is mapped to the UPI app.
  • There can be some temporary problem at the bank side. You can try again after some time

Why does my mobile number with Kaypay and the one registered with my bank account have to be the same?

UPI platform fetches the bank account linked against your mobile number for the bank you select. For this activity, application uses the same mobile number as used at the time of Kaypay registration and hence both the mobile numbers - Kaypay registration & bank registered mobile need to be same in order to link your bank accounts seamlessly for UPI transactions.


MPIN

What is an MPIN?

MPIN or UPI MPIN is a 4-6 digit code created by you for your bank. The length of the code is dependent on your bank. This PIN is used for authenticating every transaction done using Kaypay for the account selected at the time of the transaction.

Is the MPIN different from my Kaypay password?

Yes, Kaypay password is the PIN required to enter the application whereas MPIN varies from account to account and is used for transaction authentication.

How do I set the MPIN for my bank account from Kaypay?

The process for setting up MPIN is as follows.

  • If you do not have MPIN, in accounts section, you will see an option to create MPIN. Click on that
  • Enter last 6 digits of your debit card linked to the selected account along with Expiry Month/Year
  • Next page, on NPCI's screen, you have to enter the OTP received via SMS by your issuer bank. On this page, you also have to create 4-6 digit PIN for your account.
  • Your bank will validate all the details entered and provide confirmation on MPIN creation
  • This MPIN can be used across all UPI apps for this particular account

How do I change my MPIN?

In accounts section, you would see the option to change PIN under the specific account page. You can change this on NPCI page by entering old and new PIN. Post validation with the bank, your new PIN is set

I have forgotten my MPIN, what do I do now?

Kaypay app provides and option of resetting the MPIN in case you have forgotten. Click on reset, and follow the process written below
  • Enter last 6 digits of your debit card linked to the selected account along with Expiry Month/Year
  • Next page, on NPCI's screen, you have to enter the OTP received via SMS by your issuer bank. On this page, you also have to create 4-6 digit PIN for your account.
  • Your bank will validate all the details entered and provide confirmation on MPIN creation
  • This MPIN can be used across all UPI apps for this particular account

My MPIN which was set through the app earlier is not working on Kaypay.

There might be temporary issue with the bank account selected or the PIN entered might be in correct. We suggest you to try once again or reset the MPIN.

What happens if I enter wrong MPIN during a transaction?

In case you enter the wrong MPIN during transaction, your transaction would fail. Please note that if you enter wrong MPIN for 3 consecutive times, your account will be blocked for 12 hours before you can reinitiate the transaction.


Kaypay Transactions

How do I transact using Kaypay for sending money?

You can send money to someone using VPA (Virtual Payment Address) or using Account/IFSC of the beneficiary.

In order to enter beneficiary details, you needs to first add a beneficiary or add at the time of transaction.
  • Click on send on money on the home page
  • Select the debit account - own account
  • Select the beneficiary account/VPA or add real time.
  • Enter amount & remark
  • Click on 'Send Money'
  • You can see the summary and click on Confirm
  • You are directed to NPCI's MPIN screen and enter the MPIN for that account
  • Transaction is processed and confirmation is displayed.

How do I request for money using Kaypay?

Collect money is a feature wherein you are able to request money from someone else using UPI. This would be a timed transaction wherein you can pre-decide the max time to complete the transaction for the person who is getting collect request. Collect request can only be sent to a VPA.

Leg 1: Initiating collect request

When you want to send collect request to some VPA
  • Click on Collect Money on the home page
  • Select the credit account - own account
  • Select the debit VPA - Sender's VPA
  • Enters the amount & remark
  • Enter the max available time for the sender to respond/pay
  • Clicks on 'Collect Money'
  • See the summary and click on Confirm
  • Confirmation screen is displayed.

Leg 2: Responding to a collect request

When you want to respond to a collect request received by the same app VPA or other app VPA
  • You can see the notification in the notification section with basic details - requested amount, requestor VPA Or can see the push notification sent out by the app
  • Click on the notification
  • See all the values prefilled
  • Confirm the details
  • You are directed to NPCI's MPIN screen and enter the MPIN for that account on UPI
  • Transaction is processed and confirmation is displayed.
  • You also have option to reject / decline the collect request

How do I add beneficiary in Kaypay?

You can add beneficiary to send or collect money. These beneficiary can be either their VPA (for both send and collect) Or Bank Account (For only Sending). Process for adding beneficiary would be as follows by going in beneficiary section.
  • Click on "+" icon at the right bottom corner.
  • Select the type of beneficiary
    • If VPA
      • Enter the VPA of beneficiary along with Nickname to be set
      • The same is validated on UPI
      • If validated, this is added in beneficiary list
    • If Account
      • Enter Account Number, IFSC and preferred Nickname
      • The same is added in beneficiary list
You can also do this activity at the time of sending or receiving money by clicking on "+" icon.

Why is my transaction failing?

Transactions could fail due to multiple reasons - sender as well as beneficiary side. Some of the reasons could be as follows.
  • Wrong MPIN entered.
  • Bank connectivity or system failure.
  • Some rule or constraints at either of the banks.
  • Wrong VPA or no accounts linked to beneficiary VPA at the time of transaction
In most cases, you would be able to see the reason for failure on the screen after the transaction attempt is completed.

In case of repeated failures or in case of no response, you can raise a query in the app for the transaction.

My Kaypay transaction has failed but my bank account has been debited.

You need to raise a complaint or query using the Kaypay app used to do this transaction. We respond to your query as originator of the transaction. Alternatively, you can also connect with the bank customer service and give details about the transaction and they should respond after getting the details.

I have sent money over UPI which shows as successful, but the receiver has not received the money.

You need to raise a complaint or query using the Kaypay app used to do this transaction. We respond to your query as originator of the transaction. Alternatively, you can also connect with the bank customer service and give details about the transaction and they should respond after getting the details.

How will I know if my Kaypay transaction is successful?

Once the transaction is successful, it should ideally be visible on the app screen itself. If for some reason it is not visible or connection drops, you can check the status of the transaction in transactions section of the app. You will also receive an SMS from the app for the successful transaction.

How can I view my transaction history?

You can view your transaction history by clicking on Transactions section of the app. You can select the date range for the history required and all the transactions within that range would be displayed on the app.

Is there any limit to the number of transactions I can make?

Currently, you are allowed to do only 20 transactions per day from one linked account. Per transaction has a limit of Rs. 1 lakh.

I do not have a virtual payment address of the beneficiary. Can I still use Kaypay to send money?

Yes, for sending money, you can send to registered VPA on Kaypay or any other app of the beneficiary or this can be sent to Account Number and IFSC of the beneficiary using the Kaypay app.

How do I know if someone has sent me a request for sending money or collecting money

You can see the notification in the notification section with basic details - requested amount, requestor VPA Or can see the push notification sent out by the app


Kaypay Account Settings

I have forgotten my login password, what do I do now?

You can click on forgot password link at the time of login and follow the process for resetting the password and create a new one.

How do I see my bank account balance?

In order to check your balance, you have to
  • Click on A/c Management
  • Select the bank account you want to see balance for
  • Click on Balance
  • Enter your UPI PIN for the account
  • You can see the balance

What if I change my mobile carrier or service provider?

Change of mobile carrier or service provider has no impact your Kaypay account as long as mobile number remains the same.

What if I change my handset?

Your Kaypay account remains active as long as your mobile number does not change. Change of mobile will only require you to revalidate your mobile number and provide the app password to enter.

Will you ever auto-deduct payments from my account?

No. Kaypay doesn't have auto deduct functionality for payments. Transaction can only be done by authenticating using MPIN at the time of transaction.


Security

How safe is Kaypay?

Kaypay is very safely designed using UPI as its backbone.

Every Kaypay transaction for sending money or even to check balance goes through mandatory two factor authentication - Device lock and MPIN for each transaction.

MPIN process: MPIN is captured on a secure page of UPI and not on the app which makes it quite safe as you are not disclosing your MPIN to Kaypay.

Apart from MPIN, app itself is secured using an App Password to enter the app anytime.

What if I lose my phone?

Even if you lose your phone, you are completely secure from account risk stand point. Your phone is locked using an app password and every transaction is protected with an MPIN which is known only to you.


Get Started:

  • Open the app
  • Verify the mobile number that is registered with the bank
  • Link your accounts & create virtual payment address as "yourname@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
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