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Instant UPI Settlement features
Instant Settlement is applicable for all UPI transactions done on Kotak POS terminal, UPI QR or static QR
No additional charges for the service
Available 24X7 including Sundays & public holidays
This service is applicable at the time of on-boarding for new Kotak merchants
Benefits of Instant UPI settlement service
Easy & early access to your money
Reduction in daily cash crunsh & increased cash flows
Better management of inventory & stock
Payments to creditors & vendors without any delays
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.
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.
With Instant UPI Settlement, merchants can access their funds within seconds.
Kotak Bank offers merchants the flexibility to choose how they prefer the settlements for their business.
With Same Day Settlement, all transactions (Cards & UPI) get settled the same day within a few hours basis the cycle opted by the merchant (cycle 1 & cycle 2)
With Instant UPI Settlement, settlements for all their UPI transactions happen instantly. For Card transactions, Instant Settlement facility is not available. Card transactions will get settled as per the defined settlement cycles.
