UPI is a Unified Payment System that allows people to transfer money between two parties without actually having to share account details. It functions similarly to NEFT, RTGS or IMPS. However, UPI is more well-defined and standardised across the banks. This enables you to initiate a money transfer from any bank to another in the blink of an eye.
What is an UPI Account?
All banks that participate in UPI allow their account holders to send and receive money through a VPA (Virtual Payment Address). This eliminates the need for entering additional bank information such as account number, IFS code, etc. UPI is like a unique email ID except it is used for financial transactions only. The VPA is an ID created by a user when linking their accounts with their bank’s mobile application.
What is Citibank UPI?
Citibank is an established and reputed name in the private banking sector within the country and across the world. Citibank UPI allows account holders to send and collect money through a single platform –their mobile phone. The amazing feature of the Citibank UPI is that the account holder can link multiple bank accounts to a single VPA. When someone uses this VPA, it does not require any additional sensitive information such as bank account number, IFS code, etc. The app can be used for requesting the money from the other UPI users as well.