UPI has emerged as one of the fastest methods of fund transfer and payments in India. It is devised for both push and pull transfers i.e., both payment & collection of funds with the use of a Virtual Payment Address (VPA) and UPI PIN. In this article, we shall understand what is UPI Collect, how it is processed and what are the benefits.
Unified Payment Interface
UPI is a payment mechanism which allows two people to exchange funds using a unique virtual payment address (VPA). There is no need to share banking information with the other party for the transaction to take place. UPI facilitates transactions with a single identifier or UPI ID or VPA.