What is instant UPI settlement or real-time settlement for UPI transactions?

For any customer payments done on POS machines or QR stickers, the settlement to the merchants usually happens on T+1 day (i.e., the next day after the transaction is done) in their registered Current account.However, with Kotak Bank's Instant UPI Settlement service, merchants can receive funds instantly in their Kotak Current Accounts for all successful UPI transactions done by their customers on Kotak POS machines or QRs.

Point Of Sale (POS) is an Electronic Data Capture (EDC) machine that accepts Debit/Credit Card payments. You can also accept UPI payments on your POS device if Dynamic QR facility is enabled The customer needs to tap/swipe/insert the card on the machine to make a payment and the funds will be directly transferred to your account

Can anyone avail Instant UPI settlement facility?

Only merchants who hold a Kotak Current Account are eligible for this service. It applies to all UPI transactions done on POS terminals, Bharat QR, and UPI QR stickers. Currently, this service is available for new Kotak merchants only.Also, this service is enabled at the MID level, so all TIDs linked to that particular MID will be activated with the service.

How can Instant UPI Settlement help merchant's business?

With Instant UPI Settlement, merchants can access their funds within seconds.Merchants can enjoy increased cash flows, manage low working capital, pay bills at any time without delays, repay any due loans, along with managing their stocks.