Unified Payment Interface (UPI) enables all bank account holders (of banks participating in UPI) to send and receive money from their smartphones with a single identifier (UPI ID) without entering any additional bank account information. UPI can also be used to pay merchants who accept UPI as a payment mode.
With increased promotions of digital payments in India there has also been increased push from consumers to transact through UPI which is easy and convenient. Also it give and additional opportunity to the merchant to cater to the customer and capitalizes on the additional business which might have lost due to Change/tender issues.
Currently there are no charges for transactions done through UPI. This is in response to the Zero MDR circular/notification issues by Government of India.
UPI services are available 24 hours of the day, all days of the week, throughout the year including all public holidays
Bharat QR is a QR based payment solution which represents a new channel of initiating and accepting payments between buyers and sellers (or consumers and merchants) using the mobile phone. This solution has been jointly set up by NPCI, Visa and MasterCard which is capable of digitizing a payment transaction between consumers and merchants by setting up an ecosystem where a Quick Response (QR) code is used as the form factor to represent the payee (merchant) for accepting payments.
These QR Codes are deployed at merchant locations for customer-initiated retail transactions and allows the customer to be in control of initiating & authenticating the payment to merchant without providing the merchant any of his/her credentials.
BQR Version 4.0 permits transactions through UPI and Cards.
BHIM QR is UPI Based QR. It is preferably used for P2P or P2M Transaction using Virtual Payment Address. Bharat QR is specifically used for P2M transaction wherein payment is done via cards i.e., UPI/Debit card/Credit Card/Pre-paid Card
The QR codes enabled for the merchants can be used as long as the merchant’s business / Bank account is operational.
You may reach out/contact immediately to your solution provider/acquiring bank and can also register the issue through the platform provided by solution provider.
Currently there is no on-going Scheme from Government or the regulators for incentivizing the merchants to accept payment through UPI QR. But the solution providers may incentivize the merchants to accept payments through UPI QR.
Merchant needs to check the authenticity /credibility of the solution provider before associating with them for their business.
Offline merchant can use the QR on the terminal charge slip, bill, POS display, PCPOS machine & physical static QR on outlet. Offline merchant can also use their UPI ID to initiate the transaction. To enabling UPI system, merchant need to partner with the acquirer bank or any UPI Solution provider which will provide the UPI infrastructure to merchant.
Yes UPI is supported for all accepting payments in all the types of accounts. (Provided that the Acquiring bank of merchant allows the same).
No, the merchant need not have to open a separate account to register as a merchant. Merchant may provide/link his existing bank account as a recipient by informing the same to the acquiring bank or the solution provider.
Merchant needs to check the credibility of the solution provider and the terms and conditions as per the agreements.
Merchant may get in touch the UPI solution provider and can get the details changed at the backend.
Yes, the merchant can change the bank account details by informing the solution provider in case the QR is provided by the Aggregators. In case the merchant needs to change the bank, he may approach the new bank to get a new UPI QR code.
Yes, Merchant may have multiple QR codes from multiple solution provider to accept payments. The decision lies solely on the merchants’ preference and agreements with the solutions providers.
Yes it is Secure and safe for the entire ecosystem with proper security measure taken at the product level. Also every merchants have Unique merchant QR which is safe.
UPI Ecosystem provides immediate money transfer to recipient’s bank account. Merchant can receive the money immediately after customer confirms the payment, which may vary as per the merchant’s agreement with the solution provider/bank.
In-case the customer’s account is debited and if confirmation given by the customer, merchant can be assured on the receipt of the payment. Merchant may also check the status with solution provider in such cases.
There is no limit for receiving money in the UPI. However, for sending money the upper limit per UPI transaction is Rs.1 Lakh and up to 20 transaction per days.(Also depends on the limits provided to the customer by issuing bank)
Yes, a detailed Recon/Transaction History report can be sought from the Acquiring Bank/Solutions provider.
Yes, the merchant can inform the solution provider and can get a single Bank account linked to the UPI based solutions to accept the payments.