UPI

UPI is a payment method added in Bisq v1.7.5.

Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. This is an umbrella organization for operating retail payments and settlement systems in India.

Where can I find out more about UPI?

Here is a list of UPI resources:

• Unified Payments Interface Wiki
• UPI video explainer
• UPI limits

What countries are available for UPI?

UPI is available users in India.

What currencies are available for UPI?

UPI supports INR currency.

What is the maximum trading duration for UPI?

The maximum trade time is 1 day. Generally UPI transfers will be completed instantly.

What is the maximum BTC limit for an UPI trade?

0.05 BTC.

Is UPI a payment method that can be signed?

No, UPI accounts do not require signing.

How do I set up a UPI account?

Pretty much all bank accounts in India can make UPI payments.

How do I add UPI as a payment method in Bisq?

It is easy to add your UPI account to Bisq.

1. Go to the top menu in Bisq and select Account.
2. Then select National Currency Accounts.
3. Click add new account
4. Select UPI
5. Complete the details
6. Choose to use a custom account name this helps makes it easier for you to manage multiple payment methods in Bisq (this will be visible only to you, for example: UPI - INR - Aam Aadmi)
7. Click save new account

If you have more than one UPI account you wish to add to Bisq you can create different accounts for each.

Make sure all the details are correct when you add.

Please make sure to include your Virtual Payment Address (VPA) also called your UPI ID. The format for this is like an email ID: with the sign “@” in the middle. For example, your UPI ID could be “receiver’s_name@bank_name” or “phone_number@bank_name.” For UPI there is a maximum limit of Rs. 100,000 that can be sent per transaction. If you intend to trade amount of over Rs. 100,000 per trade it is likely trades will have to take place over multiple transfers. Please note some banks have different limits for their customers.

How do I buy BTC with my UPI account?

You can buy BTC with UPI on Bisq in 2 waysː

1. Make an offer to buy BTC on the INR market.
2. Take an offer to buy BTC on the INR market.

In order to make a payment or transfer funds through UPI, you must have at least one of the following details about the beneficiary:

Virtual Payment Address (VPA) also called UPI ID - The format is like an email ID: with the sign “@” in the middle. For example, your UPI ID could be “receiver’s_name@bank_name” or “phone_number@bank_name.”

To send money to someone with a UPI ID, you only need to have your receivers UPI ID. You do not need their account number, account type, bank name, or IFSC code etc. When the offer is confirmed Bisq will provide you with the BTC Sellers UPI details for you to complete the payment. You should send payment immediately and confirm you have done so in Bisq by clicking 'payment started'.

If you have the option to include a payment reference please leave it blank. If your bank requires one, please just use your name that matches your bank account.

Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet.

Please send payment only to the VPA / UPI ID provided in Bisq. The maximum trade size is Rs. 100,000 per transaction. If your trade is over Rs. 100,000 you will have to make multiple transfers. Please note some banks have different limits for their customers.

How do I sell BTC with my UPI account?

You can sell BTC with UPI on Bisq in 2 waysː

1. Make an offer to sell BTC on the UPI market.
2. Take an offer to sell BTC on the UPI market.

When the offer is confirmed Bisq will provide with the BTC Buyer with your UPI details for you to complete the payment. They should send payment at their first opportunity and confirm they have done so in Bisq by clicking 'payment started'.

Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back.

If you intend to receive over Rs. 100,000 per trade you should expect the buyer to have to make multiple transfers. Please note some banks have different limits for their customers.

Are there any limits for me to be aware of when using my UPI account?

Minimum payment is 1 INR per transaction.

Maximum payment is 100,000 INR per transaction.

Some banks have different limits for their customers. The above limits are set by the National Payments Corporation of India.

Are there any fees for me to be aware of when using my UPI account?

UPI fees are low. They are either free or no more then about 5 INR per transaction.

How does dispute resolution when trading with UPI ?

For UPI payments are made on a bank smart phone app. Screenshots / videos can be used if there are any disputes.

SMS messages are also sent to payer and payee to confirm payment. These can also be used as evidence for any disputes.

If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame.

The mediator may ask the seller to send them information to prove their account details are correct, or in the case of the BTC Buyer making a payment late, or of the wrong amount.

For more information see dispute resolution.