VPA: Virtual Payment Address
A person who uses the Unified Payment Interface (UPI) service to send or receive money is granted a Virtual Payment Address (VPA), which is akin to an email-ID. Fund transfers can be started via UPI without a bank account number or IFSC code. In essence, the only piece of information needed for every transaction is the VPA.
The UPI interface allows users to send money instantly and 24 hours a day to anyone who has a UPI-enabled bank account. It is a must to have a valid username, which is nothing more than a VPA, in order to successfully begin using UPI.
UPI and virtual payment address
The VPA is what distinguishes the UPI payment mechanism. The VPA payment method simplifies the UPI payment method by utilising its strong feature. UPI is superior to IMPS, NEFT, digital wallets, and card payments because to VPA, which enables it to be a user-friendly mobile-based software for fund transfers.
How to Make a VPA?
- Install a UPI-compatible app
- Give your bank account information
- Select a VPA
- Connect the bank account to the VPA.
- after verification, send details
Benefits & Uses of VPA
- Even on bank holidays and weekends, money can be transferred and received.
- On a 24/7 basis, money can be moved from anywhere at any time.
- The time-consuming process of registering the beneficiary or payee is not necessary.
- To send money, you do not need to include the payee’s bank account number or the IFSC code. Just the VPA is needed.
- affordable and simple to use
- Easy to use and quick transfers
- Pay with any mobile phone-connected account that has enough funds in it to cover the transaction.
- The ‘Pay with VPA’ option can be used to transfer money to any bank account. It is sufficient to enter the recipient’s VPA, the payment sum, and remarks.
- While RTGS, IMPS, and NEFT are all subject to fees from a number of banks, VPA transactions made through the UPI network are essentially cost-free.
- Your bank accounts are connected through UPI. You can create VPA for each of your UPI-enabled bank accounts using a single bank UPI app.
How do I obtain a VPA?
- Get the UPI app and use your mobile number to connect it to a bank account. Utilise the cellphone number that is currently associated with your bank.
- You must go through a mobile verification process, which is followed by a second round of verification. A grid, a security question, or another type of authentication method can be used for this verification.
- Create a VPA for the account you gave after the final authentication is complete.
- You are given a VPA of your choice if the availability check shows it is available, just like with an email address. Try an alternative address if it isn’t accessible.
- Once you submit a special VPA, it is immediately authorised, and you are given a virtual payment address.
Money transfer via VPA
The introduction of the VPA and the UPI app has made the process of transferring money considerably simpler than it always was. You need the recipient’s VPA in order to send money to them via the UPI app. For a VPA money transfer, adhere to following steps:
- Log in to your UPI app using your PIN.
- Decide on UPI fund transfers as your preferred choice.
- The beneficiary VPA, the transfer amount, and any comments should be entered.
- Select the VPA that is associated with the bank account you want to use to make the payment if you have multiple VPAs, then click Submit.
- Verify the information, then enter your MPIN to validate.
using VPA to receive payment
Anyone can ask to receive money via UPI rather than receiving cash or a NEFT. Following are the processes for using VPA to get money:
- Download and log in to any smartphone app that uses UPI.
- Choose UPI, then select “Collect via UPI.”
- Write down the person’s VPA address from whom you are requesting money.
- Give the requested sum and any further comments.
- Select the VPA address or account where you want the funds sent.
- Send the needed information, then wait for a response.
- Money is credited to your preferred account after being approved by the person you are seeking it from.
What Happens During a VPA Transaction?
the VPA prefixes of a few popular banks
- @paytm> Paytm Payment Bank
- @YBL> Yes Bank
- @HDFC> HDFC BankÂ
- @barodapay> Bank of Baroda
- @axis> Axis bank
- @PNB> PNB
- @SBI> SBI
- @upi> BHIM
- Suffixes for Google Pay depend on your bank.
AutoPay UPI
Limit on Google Pay UPI Transactions
- The daily transaction limit for consumers across all UPI apps is Rs. 1 lakh.
- In total, ten transactions are permitted each day across all UPI apps.
- A user may request up to Rs. 2,000 from one other person.
Limit on PhonePe UPI Transactions
- All UPI applications allow users to make a total of Rs. 1 lakh in transactions per day.
- In total, ten transactions are allowed each day across all UPI apps.
FAQs about VPAs (Virtual Payment Addresses)
(Virtual Payment Addresses are unique identifiers for making digital payments.)
(You can create a VPA through your bank’s mobile app.)
(No, a VPA is a separate identifier for digital transactions.)
(In some cases, you can change your VPA through your bank.)
(Yes, VPAs use encryption for secure transactions.)
(Yes, you can link multiple VPAs to one account.)
(You can recover it through your bank’s app.)
(No, you can use VPAs for online shopping and bill payments.)
(VPAs are primarily used in India.)
(No, VPAs are for digital transactions, not ATM withdrawals.)
(VPAs typically don’t expire.)
(Yes, you can share your VPA to receive payments.)
(Transaction limits may vary by bank.)
(Some banks allow linking one VPA to multiple accounts.)
(Yes, you can set up recurring payments with VPAs.)
(VPAs are not case-sensitive.)
(Yes, VPAs are used for both personal and business payments.)
(You can check your transaction history in your bank’s app.)
(Contact your bank immediately to report any unauthorized transactions.)
(VPAs are typically linked to your bank’s app but can be used on various UPI-enabled platforms.)
: Please feel free to contact us by email at