Advantages And Disadvantages Of UPI

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UPI is a Unified Payment System that allows people to transfer money between two parties. It functions similarly to NEFT, RTGS or IMPS. However, UPI is more well-defined and standardised across the banks. This enables you to initiate money transfer from any bank in the blink of an eye. What is UPI Account? All banks that participate in UP- 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. On the other hand, VPA is an ID created by the users by linking their accounts with their bank’s mobile application. What is Citibank…show more content…
• As soon as the money is sent to your bank account, you just have to check the confirmation SMS from the bank regarding the received amount. Features of Citibank UPI: Some key features of Citibank UPI are listed here. • This is a real-time money transfer method that allows you to transfer funds 24/7. The transfer is significantly fast as it uses IMPS as a platform. • Fund transfer is easy as minimum information is required to initiate the process. Both sender and receiver is not required to share the confidential information such as bank account number, IFS code, Adhaar number, etc. Such minimal information requirements make Citibank UPI a highly secure mode of funds transfer as well. • Using mobile phone means that you can transfer money from almost anywhere. You just need a decent internet data pack to avail such important and fast mode of money transfer. • Citibank UPI is available both for Citibank account holders and non-account holders as well. Non-customers just have to make sure that their bank is live on both UPI and IMPS platform. • Multiple bank accounts can be linked to Citibank UPI and users can manage multiple accounts through a single…show more content…
1 lakh per day. However, the fund transfer limit is subject to change as per the bank’s regulations. The bank can also allow privileged customers to transfer more than the standard limit. • Citibank UPI is free of cost. This means that you would not have to pay any charges for UPI transactions. Citibank UPI Customer Support: Being a new mode of payment, not every Citibank UPI customer is familiar with the concept and this is why Citibank customer support is ready to help you at all times. Customers can seek Citibank UPI assistance 24/7 in the event of any confusion or queries. They can call Citibank UPI customer service cell on numbers 02228232265/18602102484. Frequently Asked Questions (FAQs): Q. Is there any necessary requirement regarding the registration of beneficiary before funds transfer from Citibank UPI? A. Fund transfers through UPI are done on the basis of virtual payment ID, MMID, IFS code, and Adhaar number. Such brief and immediate processes do not need any beneficiary to

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