UPI Payment Online

IMPS requires you to enter the payee's account number, name and IFSC code while UPI just requires a pre-assigned virtual ID or Virtual Payment Address (VPA) to process the payment.

Virtual Payment Address (VPA) is like an email ID. VPA is created for all users using the Unified Payment Interface (UPI) service to send or receive money. VPA acts as a proxy for the combination of bank account number and IFSC code and adds an additional layer of security when transacting.

UPI is built over the IMPS infrastructure and allows you to instantly transfer money between bank accounts. Developed by the National Payments Corporation of India (NPCI), it allows users to create Virtual Payments Addresses for banks linked to the UPI network and allow instant payments 24x7 via your mobile handsets.

The Bajaj Finserv app should be your go-to app for all UPI payments. The key benefits of using our app are:

• 24x7 instant money transfers powered by the Bajaj Finserv app from the trusted Bajaj Finserv group.
• Simplified interface to pay bills, recharge your phone and much more
• Our widespread network enables payments across millions of UPI-enabled merchants and billers
• A personalised payment experience
• Complete confidentiality of all your financial data
• Also, get exciting offers and vouchers from our partners
  

As per the NPCI guidelines, there is no charge on UPI transactions. The same may change after a certain threshold is reached. This will depend on your bank.

• Offline: Simply scan the QR code at offline stores or enter the Virtual Payment Address of the merchant and complete the transaction by entering your UPI PIN.

• Online: When shopping online, you can pay through UPI if UPI is one of the available payment options. On clicking that, you will need to enter your Virtual Payment Address (VPA). Once entered, you will receive a collect request on your Bajaj Finserv app. Enter your UPI PIN and your payment will be completed.

Bajaj Pay UPI works with all banks that support BHIM UPI. PSP partner of the Bajaj Finserv app is Axis Bank.

Roles and responsibilities of NPCI

1. NPCI owns and operates the Unified Payments Interface (UPI).
2. NPCI prescribes rules, regulations, guidelines, and the respective roles, responsibilities and liabilities of the PSPs and TPAP, with respect to UPI. This also includes transaction processing and settlement, dispute management and clearing cut-offs for settlement.
3. NPCI approves the participation of Customer Banks, PSP, Third Party Application Providers (TPAP) and Prepaid Payment Instrument issuers (PPIs) in UPI.
4. NPCI provides a safe, secure and efficient UPI system and network.
5. NPCI provides online transaction routing, processing and settlement services to members participating in UPI.
6. NPCI can, either directly or through a third party, conduct an audit on UPI participants and call for data, information and records related to their participation in UPI.
   
7. NPCI provides the PSP access to the system where they can download reports, raise chargebacks, update the status of UPI payment transactions, etc.
   

Roles & responsibilities of PSP

1. PSP is a banking company that is a member of UPI and connects to the UPI platform for providing UPI payment facility to the PSP and TPAP which in turn enables the users and merchants to complete payment transactions over UPI.
2. PSPs, either through its own app or TPAP's app, onboard and register the user on UPI and link their bank accounts to their respective UPI ID.
   
3. PSP is responsible for authentication of the user at the time of registration of such customer, either through its own app or TPAP’s app.
4. PSP engages and on-boards the TPAPs to make the TPAP's UPI app available to the user.
5. PSP has to ensure that TPAP and its systems are adequately secured to function on UPI.
6. PSP is responsible for ensuring that UPI-compliant applications and systems of TPAP are audited to safeguard the security and integrity of the data and information of the user, including UPI transaction data as well as UPI app security.
7. PSP has to store all the payments data, including UPI transaction data collected for the purpose of facilitating UPI transactions, only in India.
   
8. PSP is responsible to give all UPI customers an option to choose any bank account from the list of Customer’s Banks available on UPI platform for linking with the customer’s UPI ID.
9. PSP is responsible to put in place a grievance redressal mechanism for resolving complaints and disputes raised by the user.
   

Roles and responsibilities of TPAP:

1. TPAP is a service provider to the PSP and participates in UPI through PSP.
2. TPAP is responsible to comply with all the requirements prescribed by PSP and NPCI in relation to TPAP’s participation in UPI.
3. TPAP is responsible to ensure that its systems are adequately secured to function on the UPI platform.
4. TPAP is responsible to comply with all the applicable laws, rules, regulations and guidelines etc. prescribed by any statutory or regulatory authority in relation to UPI and TPAP’s participation on the UPI platform including all circulars and guidelines issued by NPCI in this regard.
5. TPAP has to store all the payment data, including UPI transaction data collected by TPAP for the purpose of facilitating UPI transactions, only in India.
   
6. TPAP is responsible to facilitate RBI, NPCI and other agencies nominated by RBI/ NPCI, to access the data, information, and systems of TPAP and carry out audits of TPAP, as and when required by RBI and NPCI.
7. TPAP shall facilitate the user with an option of to raise a grievance through the TPAP’s UPI-compliant app, e-mail, messaging platform, IVR etc. for redressal of customer grievances.

Dispute Redressal Mechanism

1. Every User can raise a complaint with respect to a UPI transaction, on the PSP app/TPAP app.
2. User can select the relevant transaction and raise a complaint in relation thereto.
3. A complaint shall be first raised with the relevant TPAP in respect to all UPI related grievances/ complaints of the User. In case the complaint/ grievance remains unresolved, the next level for escalation will be the PSP, followed by the customer’s bank and NPCI, in the same order. After exercising these options, the user can approach the Banking Ombudsman and/or the Ombudsman for Digital Complaints, as the case may be.

• The complaint can be raised for both types of transactions i.e., fund transfer and merchant transactions.
• The user shall be kept communicated by the PSP/TPAP by means of updating the status of such user’s complaint on the relevant app itself.

Following are the major reasons for failed UPI transactions:

1. UPI payment limit
2. Only one bank account linked with your UPI ID, and bank limit of transaction being exceed for the day
3. Incorrect details input for receiver
4. Enter the incorrect UPI PIN
5. Poor internet connection

Numerous UPI apps in India provide rewards and cashback, including popular options like Google Pay, Bajaj UPI Pay, Amazon Pay, CRED, and more.

No, UPI ID and UPI PIN differ. UPI ID serves as a virtual payment address for transactions, while the UPI PIN, a 4 or 6-digit password, authorises transactions from a specific bank account.

If you forget your UPI PIN, you can reset it by following the instructions provided by your UPI app. For example, in Google Pay, you can reset your UPI PIN by tapping on your profile picture, selecting the bank account for which you want to reset the PIN, and then tapping on 'FORGET UPI PIN'