[ecis2016.org] A virtual payment address or VPA is a username like an email ID that is used for sending money through the Unified Payments Interface
Unified payments interface or UPI can be used to send money on a daily basis, at any time of the day. To use UPI, it is mandatory to have a valid username in place. This username is what is called a VPA.
You are reading: What is VPA: Know how to create virtual payment address and its benefits in monetary transactions
VPA full form
VPA full form is virtual payment address.
What is VPA in UPI?
Read also : What is a bill of exchange?
A virtual payment address is like an email ID used for sending money. UPI money transfers can be initiated without any IFSC code or bank account number. So, the VPA is the only information you require, for facilitating those transactions.
You need to ensure that your VPA is linked to your bank account, as well. The VPA will then act as an alternative identification for all your bank account details. VPA helps make UPI the easiest payment interface available. Using VPA, the whole process gets simplified, making it better than IMPS, NEFT, digital wallets and card payments.
How to create a VPA?
- Download any UPI app of your choice.
- Enter your bank account details.
- Choose a VPA.
- Link the VPA to the bank account.
- Submit the required details.
Benefits of VPA
- Money can be sent across on any day and at any time. Bank holidays do not hamper its functioning.
- You do need to register a beneficiary or payee.
- There is no need to enter all the bank account details like IFSC code and others.
- It is very easy to use.
- The transfers can be made in a speedy fashion.
[ecis2016.org] All about Unified Payments Interface and when was UPI introduced in India
How to create a VPA
- Download the mobile app and link it to your mobile number.
- Get your mobile number verified and linked to your bank account.
- After final authentication, create your VPA.
- Check to see if your VPA is available or not.
- Once your VPA is approved, you get your Virtual Payment Address.
How to send money via VPA
- Log in to your UPI app and enter your pin.
- Select the option for funds transfer.
- Enter the beneficiary VPA.
- Enter the amount to be transferred.
- Confirm the details once.
- Enter your MPIN.
- The payment will be made.
How to get money via VPA
- Log in to your UPI app.
- Select the option of collecting money via UPI.
- Type the VPA address of the person you expect to receive the payment from.
- Give the amount requested and add remarks.
- Choose the VPA to which you expect the money to be transferred.
- Submit the details requested.
- Wait for approval of the request, after which the money will be received.
Read also : MahaDBT Scholarship 2022: Everything you should know
Also read: What are UPI transaction limits?
VPA suffixes of banks
Every bank has its own VPA suffix in order to ensure that all payments are made to that respective bank only. It also helps indicate in which bank account the holder of the VPA has his account.
- SBI Pay: @SBI
- PNB UPI: @PNB
- Axis bank: @axis
- ICICI Bank UPI: @icici
- Bank of Baroda: @barodapay
- HDFC Bank UPI: @HDFC
- Yes Bank: @YBL
- BHIM: @upi
- Paytm Payment Bank – @paytm
- Google Pay (Tez) – Suffixes depend upon your bank.
The VPA can be linked to various bank accounts and does not expire if you do not use it for a set period of time. It can also be disabled by logging into your UPI app and disabling the respective function. The VPA can be edited too, using the same UPI app. Thus, VPA brings ease of payment and functioning and has revolutionised payments made today.
Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org
Source: https://ecis2016.org
Category: Must Knows
