Virtual Payment Address ( VPA )

Virtual Payment Address also referred as VPA is something like an email-ID, which is given to an individual using the Unified Payment Interface (UPI) service to send or receive money. With UPI, fund transfers can be initiated without IFSC code or bank account number. So, VPA is essentially the only piece of information required for all transactions. The UPI interface gives users the privilege to send money to any bank account holder with UPI on a 24 by 7 basis, instantaneously. To successfully start using UPI, it is mandatory to have a valid username, which is nothing but a VPA.

The VPA is specifically mapped to the user's bank account and is a unique ID.

Virtual Payment Address and UPI

The biggest use of this address is to facilitate financial transactions via the UPI payment system. In order to do that successfully, a bank account holder who is also a UPI payment app user, needs to have VPA address linked to their account. VPA replaces bank account details.

This VPA can be then used to transfer funds from one account to another directly, without ever needing to provide any other bank account details.

It is the VPA that makes UPI payment system unique. Using VPA as its strong point, the UPI payment method gets simplified. VPA makes it possible for UPI to be a friendly mobile based app for fund transfer, making it a better system then IMPS, NEFT, digital wallets, and card payments.

How to Create VPA

  • Download a UPI-enabled app
  • Provide your bank account details
  • Choose a VPA
  • Link VPA to bank account
  • Submit details after verification

Uses & Benefits of VPA

  • Money can be sent and received even on bank holidays and weekends
  • Funds can be transferred from anywhere, anytime on a 24 by 7 basis
  • There is no need to go through the tedious process of registering a beneficiary/payee
  • There is no need to use IFSC code or provide the bank account number of payee to send money. Only the VPA is required.
  • Economical and easy-to-use
  • User-friendly and speedy transfers

How to get a VPA?

VPA is part of the UPI payment system. So, it can be got from the UPI App. The process to get a VPA is as follows:

  • Download the UPI app and link it to a bank account through your mobile number. Use the mobile number which is already registered at your bank.
  • You’ll have to go through a mobile verification process, after which follows another verification round. This verification can be a security question, a grid or any such authentication technique.
  • Once the final authentication is done, create a VPA for the account you provided.
  • Just as it is with email address, you are provided with a VPA of your choice if the availability check confirms its available. If it isn’t available, try a different address.
  • Once you provide a unique VPA, it gets approved instantly, and you get a virtual payment address.

Sending money via VPA

The arrival of VPA and UPI app has made funds transfer a much easier business than it used to be. To send money to someone using the UPI app, you must have the VPA of that person. Follow these steps to transfer money using VPA:

  • Enter your PIN and login to your UPI app.
  • Select fund transfer through UPI as your preferred option.
  • Enter the beneficiary VPA, the amount to be transferred and remarks.
  • If you have multiple VPAs, choose the one linked with the bank account you would like to pay from and click Submit.
  • Confirm the details and type your MPIN to validate.

Receiving money via VPA

Instead of being handed over cash or a NEFT, anyone can request to receive money via UPI. The steps to receive money using VPA are as follows:

  • Download and login to any UPI-based mobile app.
  • Select UPI, then click on “Collect via UPI”.
  • Type the VPA address of the individual who you are requesting money from.
  • Give the amount requested and add remarks.
  • Choose the VPA address/account at which you need the money transferred.
  • Submit details requested and await approval from the other end.
  • Once approved by the individual you are requesting money from, the amount gets credited to your chosen account.

VPA suffixes of some common banks

  • SBI Pay: @SBI
  • PNB UPI: @PNB
  • Axis bank: @axis
  • ICICI Bank UPI: @icici
  • Bank of Baroda: @barodapay
  • HDFC Bank UPI: @HDFC
  • Yes Bank: @YBL

Check IFSC Code for Top Banks:

FAQ's for VPA (Virtual Payment Address)

  1. What is VPA?
  2. Virtual Payment Address (VPA) acts as an identifier that can be used for all transactions made via the UPI system through a mobile app theta is UPI-enabled.

  3. Is it possible to link multiple bank account to one VPA?
  4. Yes. This is possible. The same VPA can be linked to different banks accounts.

  5. If I have an existing VPA can I link the same to a new app?
  6. Yes. This will be possible but it also depends on the type of app you are using to make the payment or initiate the fund transfer. Some banks do not allow you to use an already existing VPA.

  7. Will my VPA expire if I do not use it?
  8. Even if you do not use it for a set period of time, it will not expire.

  9. Is any other bank account information required if you are using VPA?
  10. No. Just the VPA is required.

Other IFSC Related Article

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