Contents of this post
What is UPI?
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI-enabled Apps on the Google Play store from 25th August 2016 onwards.
Why it is unique in India?
- Immediate money transfer through mobile device round the clock 24*7 and 365 days.
- Single mobile application for accessing different bank accounts.
- Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
- 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.
- Bill Sharing with friends.
- Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
- Merchant Payment with Single Application or In-App Payments.
- Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
- Donations, Collections, Disbursements Scalable.
- Raising Complaint from Mobile App directly.
What are the benefits for the UPI users?
Benefits for banks:
- Single click Two Factor authentication
- Universal Application for transaction
- Leveraging existing infrastructure
- Safer, Secured and Innovative
- Payment basis Single/ Unique Identifier
- Enable seamless merchant transactions
Benefits for end Customers:
- Round the clock availability
- Single Application for accessing different bank accounts
- Use of Virtual ID is more secure, no credential sharing
- Single click authentication
- Raise Complaint from Mobile App directly
Benefits for Merchants:
- Seamless fund collection from customers – single identifiers
- No risk of storing customer’s virtual address like in Cards
- Tap customers not having credit/debit cards
- Suitable for e-Com & m-Com transaction
- Resolves the COD collection problem
- Single click 2FA facility to the customer – seamless Pull
- In-App Payments (IAP)
Which banks are live with UPI?
Here is the list of Banks which are live with UPI-
|Sr. No.||Bank Name||Details|
|1||Axis Bank||PSP & Issuer|
|2||Bank of Baroda||PSP & Issuer|
|3||Bank of Maharashtra||PSP & Issuer|
|4||Canara Bank||PSP & Issuer|
|5||Catholic Syrian Bank||PSP & Issuer|
|6||Central Bank of India||PSP & Issuer|
|7||DBS Digibank||PSP & Issuer|
|8||Federal Bank||PSP & Issuer|
|9||HDFC Bank||PSP & Issuer|
|10||HSBC||PSP & Issuer|
|11||ICICI Bank||PSP & Issuer|
|12||IDBI Bank||PSP & Issuer|
|13||IDFC Bank||PSP & Issuer|
|14||Indian Bank||PSP & Issuer|
|15||Indian Overseas Bank||PSP & Issuer|
|16||IndusInd Bank||PSP & Issuer|
|17||Karnataka Bank||PSP & Issuer|
|18||Karur Vysya Bank||PSP & Issuer|
|19||Kotak Mahindra Bank||PSP & Issuer|
|20||Punjab & Sind Bank||PSP & Issuer|
|21||Punjab National Bank||PSP & Issuer|
|22||RBL Bank||PSP & Issuer|
|23||South Indian Bank||PSP & Issuer|
|24||Standard Chartered Bank||PSP & Issuer|
|25||State Bank of India||PSP & Issuer|
|26||TJSB Bank||PSP & Issuer|
|27||UCO Bank||PSP & Issuer|
|28||Union Bank of India||PSP & Issuer|
|29||Yes Bank||PSP & Issuer|
|30||Bank of India||PSP & Issuer|
|31||City Union Bank||PSP & Issuer|
|32||Jammu & Kashmir bank||PSP & Issuer|
|33||Janta Sahakari Bank Pune||PSP & Issuer|
|34||Equitas small finance bank||PSP & Issuer|
|35||Airtel Payments Bank||PSP & Issuer|
|36||Fino Payments Bank||PSP & Issuer|
|37||Paytm Payments Bank||PSP & Issuer|
|38||Bandhan Bank||PSP & Issuer|
|39||Jio Payments Bank||PSP & Issuer|
|40||Dhanlaxmi Bank||PSP & Issuer|
|41||India Post Payments Bank||PSP & Issuer|
|42||ESAF Small Finance Bank||PSP & Issuer|
|43||AU Small Finance Bank||PSP & Issuer|
|44||Dombivli Nagri Sahakari Bank||PSP & Issuer|
|45||NSDL Payments Bank||PSP & Issuer|
|47||Cosmos Co-op Bank||Issuer|
|48||The Surat Peoples Co-op Bank||Issuer|
|49||Jana Small Finance Bank||Issuer|
|51||Utkarsh Small Finance Bank||Issuer|
|52||A P Mahesh Co-operative Urban Bank Ltd||Issuer|
|55||Apna Sahakari Bank Ltd||Issuer|
|56||Vasai Vikas sahakari bank ltd||Issuer|
|57||Thane Bharat Sahakari Bank||Issuer|
|58||Mehasana Urban co op Bank||Issuer|
|60||Kalyan Janta Sahakari||Issuer|
|62||Rajkot Nagrik sahakari Bank||Issuer|
|63||Maharashtra Gramin Bank||Issuer|
|64||Gujarat State Co-operative Bank||Issuer|
|65||Hasti Co-op Bank||Issuer|
|66||GS Mahanagar Co op Bank(MAHANAGR BANK IN MAIN DATA BANK)||Issuer|
|68||Karnataka Vikas Gramina Bank||Issuer|
|69||Andhra Pragathi Gramina Bank||Issuer|
|70||Kallapanna Arwade Ichalkaranji Janata sahakari Bank||Issuer|
|71||Kerala Gramina Bank||Issuer|
|72||Pragathi Krishna Gramin Bank||Issuer|
|73||Andhra Pradesh Gramin Vikas Bank||Issuer|
|74||Chhatisgarh Rajya Gramin Bank||Issuer|
|76||Telangana Gramin Bank||Issuer|
|77||Saurashtra Gramin Bank||Issuer|
|78||Meghalaya Rural Bank||Issuer|
|79||Uttarakhand Gramin Bank||Issuer|
|80||Jharkhand Rajya Gramin Bank||Issuer|
|81||Rajasthan Marudhar Gramin Bank||Issuer|
|82||Mizoram Gramin Bank||Issuer|
|83||Bassein Catholic Co-operative Bank||Issuer|
|84||Tamilnad Mercantile Bank||Issuer|
|85||Assam Gramin Vikas Bank||Issuer|
|86||Jalgaon Janta co op Bank||Issuer|
|87||The Vishweshwar Sahakari Bank Limited||Issuer|
|88||Tripura Gramin Bank||Issuer|
|89||Manipur Gramin Bank||Issuer|
|90||Chaitanya Godavari Gramin Bank||Issuer|
|91||Kashi Gomati Gramin Bank||Issuer|
|93||Baroda Gujarat Gramin Bank||Issuer|
|94||Baroda Rajasthan Kshetriya Gramin Bank||Issuer|
|95||The Sutex Co Op Bank||Issuer|
|96||NKGSB Co-op Bank||Issuer|
|97||Ujjivan Small Finance Bank||Issuer|
|98||Baroda Uttar Pradesh Gramin bank||Issuer|
|99||Samruddhi Co-operative Bank Ltd||Issuer|
|100||The Varanchha Co-Op Bank Ltd||Issuer|
|101||Urban Co-op BankLtd, Dharangaon||Issuer|
|102||Suco Souharda Sahakari Bank Ltd||Issuer|
|103||Sarva Haryana Gramin Bank||Issuer|
|104||Telangana State Co-op Apex Bank||Issuer|
|105||Andhra Pradesh State Cooperative Bank||Issuer|
|106||Maharashtra State Cooperative Bank||Issuer|
|107||Paschim Banga Gramin Bank||Issuer|
|108||Bhilwara Urban Co-operative Bank Ltd||Issuer|
|109||Suvarnayug Sahakari Bank Ltd.||Issuer|
|110||The Udaipur Mahila Urban Co-Operative Bank Ltd.||Issuer|
|111||Maratha Cooperative Bank Ltd||Issuer|
|112||The Vijay Co-operative Bank Ltd, Ahmedabad||Issuer|
|113||The Udaipur Mahila Samridhi Urban Co-operative Bank Ltd.||Issuer|
|114||Sarva UP Gramin Bank||Issuer|
|115||The Muslim Cooperative Bank Ltd||Issuer|
|116||Hutatma Co-Op Bank Ltd||Issuer|
|117||Punjab Gramin Bank||Issuer|
|118||Abhyudaya Co-op Bank Ltd||Issuer|
|119||Nainital Bank Ltd||Issuer|
|120||Himachal Pradesh Gramin Bank||Issuer|
|121||The Ahmedabad Mercantile Coop bank||Issuer|
|122||The Ahmedabad District Coop bank||Issuer|
|123||Madhya Bihar Gramin Bank(Dakshin Bihar Gramin Bank )||Issuer|
|124||Adarsh Cooperative Bank Ltd||Issuer|
|125||Suryoday Small Finance Bank Ltd||Issuer|
|126||Shree Kadi Nagarik Sahakari Bank Ltd||Issuer|
|127||J & K Grameen Bank||Issuer|
|128||The Municipal Co-op Bank||Issuer|
|129||The Malad Sahakari Bank||Issuer|
|130||The Baroda Central Co-op Bank Ltd||Issuer|
|131||Fincare Small Finance Bank||Issuer|
|132||Kalupur Commercial Bank||Issuer|
|133||Patan Nagrik Sahakari Bank||Issuer|
|134||Sarvodaya Commercial Co-operative Bank||Issuer|
|135||Sindhudurg Co-op Bank||Issuer|
|136||Bharat Co-op Bank(Mumbai)||Issuer|
|137||Vikas Souharda Co-op Bank||Issuer|
|138||Shri Arihant Co-operative Bank Ltd||Issuer|
|139||The Udaipur Urban Co-Operative Bank Ltd.||Issuer|
|140||Sandur Pattana Souharda Sahakari Bank||Issuer|
|141||Nutan NagrikSahakari Bank||Issuer|
|142||The SSK Co-op Bank||Issuer|
|143||The Ahmednagar Merchants Co-op Bank Ltd||Issuer|
|144||The Baramati Sahakari Bank Ltd||Issuer|
|145||Shri Veershaiv Co-op Bank Ltd.||Issuer|
|146||The Sabarkantha District Central Coop Bank Ltd||Issuer|
|147||Priyadarshini Nagari Sahakari Bank Ltd Jalna||Issuer|
|148||The Satara District Central Co-operative Bank Ltd.||Issuer|
|149||The Kaira District Central Co-Op. Bank Ltd.||Issuer|
|150||The Banaskantha District Central Co-Op. Bank Ltd.||Issuer|
|151||The Visakhapatnam Cooperative Bank Ltd.||Issuer|
|152||Bhagini Nivedita Sahakari Bank Ltd,Pune||Issuer|
|153||The Anand Mercantile Co-Op. Bank Ltd.||Issuer|
|154||Citizen Co-operative Bank Ltd – Noida||Issuer|
|155||Shri Rajkot District Co-op Bank Ltd||Issuer|
|156||Krishna Bhima Samruddhi Local Area Bank||Issuer|
|157||Chartered Sahakari Bank Niyamitha||Issuer|
|158||Sterling Urban Co-operative Bank Ltd||Issuer|
|159||Capital Small Finance Bank||Issuer|
|160||Kokan Merchantile Co-operative Bank Ltd||Issuer|
|161||Pune Cantonment Sahakari Bank Ltd||Issuer|
|162||Rani Channamma Mahila Sahakari Bank Belagavi||Issuer|
|163||The Gadchiroli District Central Co-operative Bank||Issuer|
|164||Fingrowth Co-operative Bank Ltd||Issuer|
|165||The Banaskantha Mercantile Co-operative Bank Limited||Issuer|
|166||Bank of America NA||Issuer|
|167||Nagarik Sahakari Bank Maryadit, Vidisha||Issuer|
|168||Jalna Merchant’s Cooperative Bank Ltd., Jalna||Issuer|
|169||The Darussalam Cooperative Urban Bank Ltd||Issuer|
|170||The Gayatri Co-operative Urban Bank Ltd||Issuer|
|171||Janaseva Sahakari Bank Ltd Pune||Issuer|
|172||Janakalyan Sahakari Bank||Issuer|
|173||The Himachal Pradesh State Co-operative Bank Ltd||Issuer|
|174||Sri Vasavamba Cooperative Bank Ltd||Issuer|
|175||Pali Urban Co-operative Bank Ltd||Issuer|
|176||Manvi Pattana Souharda Sahakari Bank NI||Issuer|
|177||Jivan Commercial Co-operative Bank Ltd||Issuer|
|178||Shree Dharati Co-operative Bank Ltd||Issuer|
|179||Coastal Local Area Bank Ltd||Issuer|
|180||Citizens Co-operative Bank Ltd||Issuer|
|181||Shri Chhatrapathi Rajarsshi Shahu Bank||Issuer|
|182||The Kanakmahalakshmi Co-operative Bank Ltd||Issuer|
|183||The Pochampally Co-operative Urban bank Ltd||Issuer|
|184||The Surat District Co-op Bank Ltd.||Issuer|
|185||Yadagiri Lakshmi Narasimha Swamy Co-Op Urban Bank Ltd||Issuer|
|186||The Modasa Nagarik Sahakari Bank Limited||Issuer|
|187||Shri Mahila Sewa Sahakari Bank Limited||Issuer|
|188||Kolhapur District Central Co-operative Bank Limited||Issuer|
|189||Smriti Nagrik Sahakari Bank Maryadit, Mandsaur||Issuer|
|190||Indore Paraspar Sahakari Bank Ltd||Issuer|
|191||Samarth Sahakari Bank Limited||Issuer|
|192||Associate Co-operative Bank Limited, Surat||Issuer|
|193||Shri Basaveshwar Sahakari Bank Niyamit, Bagalkot||Issuer|
|194||The Adarsh Urban Co-op. Bank Ltd., Hyderabad||Issuer|
|195||The Vallabh Vidyanagar Commercial Co-operative Bank Ltd||Issuer|
|196||Malviya Urban Co-operative Bank Limited||Issuer|
|197||Sri Rama Co-operative Bank Ltd||Issuer|
|198||Model Co-operative Bank Limited||Issuer|
|199||The Merchants Souharda Sahakari Bank Ltd||Issuer|
|200||Prime Co-operative Bank Ltd.||Issuer|
|201||Shivalik Mercantile Co-op. Bank Ltd.||Issuer|
|202||Saibaba Nagari Sahakari Bank Maryadit||Issuer|
|203||Madhya Pradesh Rajya Sahakari Bank Maryadit||Issuer|
|204||Mann Deshi Mahila Sahkari Bank Limited||Issuer|
|205||Shree Mahavir Sahakari Bank Ltd||Issuer|
|206||The New Urban Co-Operative Bank Ltd.Rampur||Issuer|
|207||North East Small Finance Bank Limited||Issuer|
|208||The Akola District Central Cooperative Bank Ltd||Issuer|
|209||Irinjalakuda Town Co-Operative Bank Ltd||Issuer|
|210||Surat National Co-operative Bank Limited||Issuer|
|211||The Latur Urban Coop Bank||Issuer|
|212||The Co-operative Bank of Rajkot||Issuer|
|213||The Sirsi Urban Sahakari Bank Limited||Issuer|
|214||VIKRAMADITYA NAGRIK SAHAKARI BANK||Issuer|
|215||The Rajkot Commercial Co-op Bank Ltd.||Issuer|
|216||Sadhana Sahakari Bank Ltd Pune||Issuer|
|217||The Eenadu Coop Urban Bank Ltd||Issuer|
|218||Chhattisgarh Rajya Sahakari Bank Mydt||Issuer|
|219||Sadhana Sahakari Bank Ltd Pune||Issuer|
|220||Sardar Vallabhbhai Sahakari Bank Ltd||Issuer|
|221||Lonavala Sahakari Bank Ltd||Issuer|
|222||The Godhra Urban Coop Bank Ltd||Issuer|
|223||Vaishya Nagari Sahakari Bank Ltd Parbhani||Issuer|
|224||Kolhapur Mahila Sahakari Bank Ltd.||Issuer|
|225||Rajgurunagar Sahakari Bank Ltd.||Issuer|
|226||The Jalgaon Peoples Co-op Bank Ltd.||Issuer|
|227||Bhadradri Co-operative Urban Bank||Issuer|
|228||Shree Panchganga Nagari Sahakari Bank Ltd||Issuer|
|229||The Kakatiya Co-operative Urban Bank Limited||Issuer|
|230||Shri Janata Sahakari Bank Limited, Halol||Issuer|
|231||The Dahod Urban Co-operative Bank Limited||Issuer|
|232||The Sarvodaya Nagrik Sahakari Bank Limited||Issuer|
|233||Deogiri Nagari Sahakari Bank Ltd Aurangabad||Issuer|
|234||Navi Mumbai Co-operative Bank Limited||Issuer|
|235||Ambajogai Peoples Co-operative Bank Limited||Issuer|
|236||Mahesh Sahakari Bank Limited||Issuer|
|237||The Bhagyodaya Co-operative Bank Limited||Issuer|
|238||The Khamgaon Urban Co-operative Bank Ltd, Khamgaon||Issuer|
|239||The Kolhapur Urban Cooperative Bank Ltd., Kolhapur||Issuer|
|240||The Sardar Bhiladwala Pardi People’s Co-Op. Bank Ltd.||Issuer|
|241||The Saurashtra Co-operative Bank Ltd., Ahmedabad||Issuer|
|242||Tirupati Urban Co-operative Bank Limited||Issuer|
|243||The Kranthi Co-operative Urban Bank Limited||Issuer|
|244||Rajarshi Shahu Sahakari Bank Limited||Issuer|
|245||Karnataka Mahila Sahakara Bank Niyamitha||Issuer|
|246||The Karnataka State Co-operative Apex Bank Limited||Issuer|
|247||Sree Charan Souhardha Co-operative Bank Limited||Issuer|
|248||The Jamkhandi Urban Co-operative Bank Ltd||Issuer|
|249||Amreli Jilla Madhyastha Sahakari Bank Ltd||Issuer|
|250||Saraspur Nagrik Co-operative Bank Ltd||Issuer|
|251||The Co-operative Bank of Mehsana Ltd||Issuer|
|252||The Mandvi Nagarik Sahakari Bank Ltd||Issuer|
|253||Jijamata Mahila Sahakari Bank Ltd||Issuer|
|254||Sri Sudha Cooperative Bank Ltd||Issuer|
|255||The Gandhinagar Nagrik Cooperative Bank Ltd||Issuer|
|256||Kankaria Mainagar Nagrik Sahakari Bank Ltd||Issuer|
|257||Akhand Anand Co.op Bank Ltd||Issuer|
|258||The Surat Mercantile Coop Bank Ltd||Issuer|
|259||Shri Bharat Urban Co-operative Bank Ltd Jaysingpur||Issuer|
|260||Mahanagar Nagrik Sahakari Bank Maryadit||Issuer|
What is a UPI-PIN?
UPI-PIN (UPI Personal Identification Number) is a 4-6 digit passcode that you can create/set during first-time registration with this App. You have to enter this UPI-PIN to authorize all bank transactions. If you have already set up a UPI-PIN with other UPI Apps you can use the same on BHIM.
- Banks issued MPIN is different from the UPI UPI-PIN,
- Please generate a new UPI-PIN in the BHIM app
- Please do not share your UPI-PIN with anyone.
- BHIM does not store or read your UPI-PIN details and your bank’s customer support will never ask for it.
What happens if I enter wrong UPI-PIN during a transaction?
In case you enter the wrong UPI PIN, the transaction will fail. In case you input the wrong UPI PIN multiple times, the bank may temporarily block sending money using UPI from my account (this varies from bank to bank).
I have selected the Bank name to link with UPI but it does not find my bank A/C?
In such a case, please ensure that the mobile number linked to your bank account is the same as the one verified in any UPI App. If it is not the same, your bank accounts will not be fetched by the UPI platform.
How do I pay an online merchant through UPI?
When you shop online, you can pay through UPI when you see UPI as a payment option. On clicking that, you will need to enter your Payment Address (eg – xyz@upi). Once entered, you will receive a collect request on your BHIM app. Enter your UPI-PIN here and your payment will be complete. As easy as this!
Do money transfers happen on UPI only during banking hours?
All payments are instant and 24/7, regardless of your bank’s working hours.
I have paid for my transaction but not received anything. Why is that?
Once you complete a transaction, you should see a success status on the BHIM screen and receive an SMS from your bank. In some cases, due to operator issues, it can take a longer time. In case you have not received your confirmation within an hour please contact the customer support at your bank.
How is UPI different from IMPS?
UPI is providing additional benefits to IMPS in the following ways:
- Provides for a P2P Pull functionality
2. Simplifies Merchant Payments
3. Single APP for money transfer
4. Single click two-factor authentication
Does a customer need to register before remitting funds using UPI?
Yes, a customer needs to register with his/her PSP before remitting funds using UPI and need to link his accounts.
Does the customer need to register a beneficiary before transferring funds through UPI? What details of beneficiary will be required?
No, registration of Beneficiary is not required for transferring funds through UPI as the fund would be transferred on the basis of Virtual ID/Account+IFSC/Aadhaar Number. (Please check with your PSP and Issuing bank with regard to the services enabled on the App).
What happens if my mobile phone is lost?
In case of mobile loss, one needs to simply block his mobile number thus no transaction can be initiated from the same mobile number which is a part of device tracking, and at the same time, a UPI pin would be required for any transaction which is not to be shared with anyone.
Can I link more than one bank account to the same virtual address?
Yes, several bank accounts can be linked to the same virtual address depending on the functionalities being made available by the respective PSPs.
What are the different channels for transferring funds using UPI?
The different channels for transferring funds using UPI are:
What if my account is debited but the transaction does not go through?
UPI provides for real-time reversals for declines and the amount would be transferred back to the payer account immediately. In case if it does not reverse the amount immediately, you can contact your bank for the same.
What is the limit of fund transfer using UPI?
At present, the upper limit per UPI transaction is Rs.1 Lakh.
What happens if I forget my pin?
In case someone forgets the UPI pin, he needs to re-generate a new UPI pin using his debit card details (the last six digits of their debit card & expiry date).
Will I be able to use UPI after I change my sim or mobile?
In case of change in sim/mobile/application of the PSP, customers would require to re-register themselves for UPI.
What if I change my handset?
If you change your handset, you will need to:
- Download the PSP app again
- Register through mobile verification
- Your VPA will be auto saved
What if I lose my phone?
If you lose your phone, the UPI-PIN is required to authorize all transactions which will not be known to any third person, and hence they will not be able to use the UPI app. In addition, please contact our customer support at your bank in the event you lose your phone.
My UPI transaction has failed but my bank account has been debited?
In case of failure, money will be refunded back to your account. Sometimes this takes longer than intended. If you do not receive the refund within 1 hour, please contact customer support at your bank.
How can a merchant start accepting payments on UPI?
To enable the UPI system, merchants need to partner with the acquirer bank. Acquiring the bank will provide the UPI infrastructure to merchants.
When will merchant receive the money after UPI transaction?
The merchant will receive the money immediately after the customer confirms the payment into the merchant Pool bank account/ merchant bank account as per their agreement.
What is MCC code and who provides MCC code?
MCC Code (merchant category code) is the four-digit number listed in the ISO 18245 for retail financial services. MCC is used to classify the business by the type of goods or services it provides. And the MCC code is provided by the bank while the onboarding process.
How can a merchant start accepting payments on UPI?
To enable the UPI system, merchants need to partner with the acquirer bank. Acquiring the bank will provide the UPI infrastructure to merchants.
What are available integration modes for merchant?
Merchant can integrate UPI through QR, Intent, application-based, and Collect modes
What is QR based integration mode?
QR-based integration is features given to merchants where they can use a QR for UPI transactions. In the QR the merchant information is stored like merchant UPI ID and amount. So, when the customer scans the QR for payments the customer will get the merchant information on the payment page.
If a customer returns the goods or rejected the services, how will the merchant return the money?
The merchant will ask the bank to refund the charged amount as per the defined process.
An Accountant, GSTP, GST blogger, Website Creator, SEO Builder & Co-founder of the website https://gstportalindia.in for the help of GST Taxpayers of India. Having a perfect accounting experience of more than 10 years in a Private Ltd Company.