Get started with UPI

UPI stands for Unified Payments Interface (UPI) which is platform provided by National Payments Corporation of India
(NPCI) to facilitate interoperability among various banks.

To start using UPI as a payment option, all you need is a VPA (Virtual Payment Address).

A VPA is an ID, which a user creates by linking their accounts to a bank’s mobile application. Download UPI App from Google Play store and create your own VPA ( which looks something like suresh@icicibank). The UPI app has to be linked to a bank account to send or receive money.

Features

Zero transaction fees.
Limit per transaction is currently
Rs 1 lakh.
Same day transfer to landlord account.
All the transactions on UPI are authenticated by 2 factor authentication.

Rent payments on UPI

Paymatrix will send a collect request to the tenant/ user on their Virtual Payment Address (VPA).

The user will receive a collect request from paymatrix@axisbank in their UPI app. Accept the request to complete the payment!

And the best part? No transaction fees applicable and same day settlement for payments through UPI.