Leverage the full potential of UPI Payments by integrating Prepaid Payment Instruments. Watch this video to know more about Prepaid Wallets on UPI.
- Increased touch points to make payments via their prepaid wallets irrespective of the wallets integrated with your business.
- Ease of completing wallet payments with better reach on UPI.
- Store money in their wallet without worrying about the amount being stuck in the wallet.
1. How can customers link their digital wallets to UPI?
To link a wallet to UPI, customers need to:
- Head over to the wallet issuer app (Amazon Pay, PhonePe) on their smartphone.
- Secure a VPA address issued by the wallet issuer through mobile number verification.
- Once the VPA address is assigned, the registration of the wallet on UPI is complete.
Only those who have completed the KYC verification process can link their wallets with UPI.
2. How will the customer make a UPI payment with wallets?
To make a payment via digital wallets on UPI:
- The customer can scan the UPI QR through their wallet app and make wallet payments on UPI. No UPI PIN is required while making a wallet transaction on UPI.
- The customer can also enter the VPA address or the phone number linked to their registered wallet on the checkout page to make UPI payments.
The mobile number linked to UPI should be in use on the smartphone and should be the same number linked to the wallet.
3. How can I identify UPI payments made using prepaid wallets?
You can retrieve the details of the account type (bank account or credit card) used for UPI payments through the Payment Webhook, Fetch Payment API, and the Dashboard.
- Payment Webhook: The payment entity will now include the payer account type details. Refer to the .
- Fetch Payment API: The payment entity will now include the payer account type details. Refer to the .
- On the Razorpay Dashboard:
- Click on a UPI payment to look at the payment details.
- The payment drawer will display the following information for wallet payments on UPI:
- Payment Method: UPI
- Paid from: Wallet
4. What is the coverage of wallet acceptance via UPI?
The following wallet issuers support linking wallets to UPI:
- Amazon Pay
- PhonePe
- Fampay
- OneCard
In terms of bank coverage, the following banks will identify wallet transactions on UPI from 30th August 2023:
- Axis Bank
- HDFC Bank
- Yes Bank
- ICICI Bank
5. How do I enable wallet transactions via UPI for my business?
Razorpay will take care of enabling this feature for you.
6. Will I be charged for wallet transactions via UPI?
A Platform fee of 2% is levied for all wallet transactions via UPI. This pricing is determined by rates shared by banks and a wallet issuer service charge.
7. Which businesses are currently not supported from accepting wallet payments on UPI?
You will not be able to accept wallet payments on UPI if you fall under the
category.
FAQs
Offer Prepaid Wallets on UPI as a payment method to your customers. Leverage the full potential of UPI Payments by integrating Prepaid Payment Instruments. Watch this video to know more about Prepaid Wallets on UPI.
Which UPI wallet is best? ›
Top Best UPI Apps in India 2024
- BHIM App. ...
- Paytm. ...
- CRED. ...
- Freecharge. ...
- iMobile App. ...
- Mobikwik. ...
- PayZapp. PayZapp is yet another popular UPI app offered by HDFC Bank. ...
- Pockets By ICICI Bank. Pockets is an innovative UPI money transfer app by ICICI Bank.
Create a new UPI ID
- On your mobile device, open the Google Pay app .
- At the top right, tap your Profile picture.
- Tap Bank account.
- Tap the bank account you added to Google Pay.
- Next to "UPI ID," tap Edit .
- To create a UPI ID, tap Plus .
For making the payment with a prepaid wallet via UPI, you will first have to load money in the wallet from your bank account or credit card. Using a credit card for loading money in the wallet will, however, lead to extra charges.
Does UPI work in the USA? ›
Yes, NRIs can use UPI from their registered overseas mobile number from the approved geographies, i.e. Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK and USA for INR transactions in India. How can an NRI set up a UPI/ VPA ID?
Can US citizens use UPI in India? ›
The RBI has allowed UPI transactions for travellers from G20 countries. The Reserve Bank of India had issued a circular in February this year, allowing access to Unified Payments Interface (UPI) to Non Resident Indians (NRIs) and foreign nationals visiting India.
Can I use UPI without a bank account? ›
Yes, you can create a UPI ID without a bank account by using digital wallets that support UPI, such as Bajaj Pay. These wallets allow you to link your UPI ID to the wallet instead of a traditional bank account.
How is UPI better than mobile wallets? ›
The difference between UPI and mobile wallet – UPI vs mobile wallet. Mobile wallet: Stores money digitally and can be used for various transactions. UPI: Facilitates direct bank-to-bank transfers without needing to store money separately.
Is UPI better than PayPal? ›
UPI is linkеd to a usеr's bank account, and transactions arе madе through thе Immеdiatе Paymеnt Sеrvicе (IMPS) or thе National Elеctronic Fund Transfеr (NEFT) systеm . PayPal, on thе othеr hand, is a global onlinе paymеnt systеm that еnablеs usеrs to makе transactions in morе than 200 markеts.
Why UPI is not working in USA? ›
Instant payments haven't taken off in the US yet. That's in part because the US economy is card-based. Banks make a lot of money on interchange fees and late payments, which means it's difficult to sacrifice profitable credit and debit cards for free instant payments.
Better, faster, slicker: Send money to India with UPI
- Log in to your Wise account.
- Select Send and enter your amount.
- Set INR as the recipient currency.
- Choose to add a new recipient, and tap UPI.
- Add your friend or family member with their UPI ID.
- Check your details and tap to send. Ta da!
UPI services are now available in multiple countries, including Sri Lanka, Mauritius, Bhutan, Oman, Nepal, France, and UAE. NPCI International Payments Limited has signed agreements with Southeast Asia countries.
Is prepaid wallet and UPI same? ›
The difference between UPI and wallet – UPI vs Mobile Wallet
Once loaded, payments can be made in one click. On the other hand, UPI uses funds directly from your bank account for completing transactions. You need to enter a pin code to validate the transaction.
What are prepaid wallets? ›
A Prepaid Wallet license is a Prepaid payment instrument that facilitates the purchase of goods and services, including funds transfer, against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holders by. Cash, By debit to a bank account, Or by credit card.
How do I create a UPI wallet? ›
Install the app from the app store on your smartphone. Sign up using your mobile number and create a secure PIN. Navigate to the UPI section and select 'CREATE UPI WALLET'. Add money to your UPI wallet through available methods like cash deposits or card payments.
Is UPI a prepaid payment instrument? ›
PPI (Prepaid Payment Instrument) and UPI (Unified Payments Interface) are digital payment systems, yet they differ in functionality. PPIs like prepaid cards or mobile wallets require preloaded funds for transactions and are independent of bank accounts, catering to those without traditional banking access.
What is the difference between UPI and wallet? ›
The difference between UPI and mobile wallet – UPI vs mobile wallet. Mobile wallet: Stores money digitally and can be used for various transactions. UPI: Facilitates direct bank-to-bank transfers without needing to store money separately.
What type of payment is UPI? ›
UPI or Unified Payments Interface, is a transformative technology that enables real-time digital payments through a UPI-enabled smartphone app. It allows users to send and receive money, make instant bill payments, and authorize transactions in a single step on one application.
What is a prepaid wallet? ›
A Prepaid Wallet license is a Prepaid payment instrument that facilitates the purchase of goods and services, including funds transfer, against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holders by. Cash, By debit to a bank account, Or by credit card.
