Definition
Multi-bank linking means connecting more than one bank account to a single digital payment platform, such as UPI. This allows users to switch between accounts while making payments without logging into multiple apps.
Examples
- A person linking both their salary and savings account to one UPI app.
- Merchants linking current and savings accounts to manage personal and business payments.
Importance
- Offers flexibility by allowing choice of account for each payment.
- Simplifies fund management.
- Reduces the need to juggle between multiple apps.
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