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.
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
Check IFSC Code for Top Banks:
|State Bank of India IFSC Code||HDFC Bank IFSC Code||Indian Bank IFSC Code|
|Axis bank IFSC Code||Canara bank IFSC Code||ICICI Bank IFSC Code|
FAQ's for VPA (Virtual Payment Address)
1. What is VPA?
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.
2. Is it possible to link multiple bank account to one VPA?
Yes. This is possible. The same VPA can be linked to different banks accounts.
3. If I have an existing VPA can I link the same to a new app?
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.
4. Will my VPA expire if I do not use it?
Even if you do not use it for a set period of time, it will not expire.
5. Is any other bank account information required if you are using VPA?
No. Just the VPA is required.