UPI or Unified Payment Interface is a payment system which allows you to transfer money between any two parties. UPI is one of the most advanced methods among all the digital payments. For credit card or debit card transaction, you need to give card number, validity period and CVV number, and net banking transaction expose your bank account details. UPI allows you to pay directly from your bank account to different accounts or merchants without the hassle of typing your card details, or net banking/wallet password.
You can use the UPI App promoted by your bank, but it is not compulsory. If your bank account is with the ICICI Bank, but you can still use the UPI app of the axis bank. Apart from banks Phonepe, Bhim apps support UPI. How To Get UPI? Know How To Send Money Using UPI?
How to request money from UPI?
You can initiate a bank account transfer from anywhere with a few clicks. Using UPI option, you can request for money from friends or contacts. Know how to request money through UPI:
- Choose "Collect money'' in your UPI app.
- Enter payers virtual payment address
- Enter amount
- Enter the time when you want to collect.
- Give the remarks for the transactions
- Hit on confirm
The money collection facility of the UPI sends a message directly to the client. The message will be sent via the bank. It asks approval for the payment from him or her. If he or she approves the transaction, the money would be remitted instantly. If he/she does not want to pay he can decline approval. How To Change Or Reset UPI PIN With Google Tez?