The only detail necessary to receive or transfer money on platforms based on UPI (Unified Payment Interface), VPA is a unique piece of your own virtual financial identifier! VPA stands for Virtual Payment Address and is currently used by all online money transfer applications.
No other financial information, such as your bank account number or IFSC code, is required to process an online transaction. Your VPA address, also known as the UPI ID, will do the job on its own!
VPA allows you to transact anytime, anywhere. It’s like an email address, with the bank name appended to the ID suffix. For example, xyz2001 @ okicici is a VPA address, with the ICICI bank name appended as a suffix. Indispensable for carrying out transactions based on UPI, it facilitates all electronic transactions and makes them instantaneous!
Ziploan provides more information about your VPA address, so be sure to check that as well. All of your transactions, like shopping, paying bills, and even paying for a business loan, can be done using VPA, making it a complete and complete financial address.
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How to create your VPA ID?
Creating a VPA ID is simple and we’ll explain it in even clearer terms. You just need to follow a few simple steps and then you will have your own VPA address which will help you in UPI transactions.
- Download any UPI app you want – it can be Google Pay, PhonePe, Paytm, etc.
- Fill in all bank details – account number, IFSC code, name of account holder, etc.
- Choose a VPA ID that’s right for you or whatever you would use.
- The next step is to link your VPA ID to your bank account.
- The last step is the verification process. This may involve a pattern check, a security question, etc.
How to use your VPA ID?
Using your VPA ID isn’t a big task either. It only requires a few simple steps, which need to be done on your phone itself. These simple steps make using the VPA easier and making remote transactions accessible:
- Open the UPI app you are using on your phone. It can be Google Pay, Paytm and so on.
- Enter the security PIN code to unlock your app.
- Click on the “New payment” section.
- Select the option “Transfer money”.
- Select UPI ID or VPA now.
- Enter the VPA or UPA ID of the person you want to send the money to.
- Check the VPA ID, then enter your UPI PIN code.
- The money will reach the person instantly!
Transfer and receive money with VPA
Transferring money and receiving it through UPI based apps is quite easy. It requires minimal detail and is much more efficient than other digital payment methods. To transfer money using VPA, you need to enter the VPA / UPI ID of the person you want to pay your money to or the beneficiary.
After a verification step, the money will be instantly transferred to the beneficiary’s account. To receive money from a third party, you must initiate a payment request and send it to the sender.
The request must then be verified by the sender, and only then can he make the payment. This is a secure and reliable process, and verification from both parties only guarantees its credibility and integrity.
What are the advantages of the APV?
The benefits of VPA are virtually limitless. It’s a great way to track all of your transactions and is safer and more secure than traditional methods. With VPA, you are guaranteed that your money will be refunded if it has been wrongly deducted!
- Track all transactions: Using VPA through your UPI app makes it easy to keep track of all transactions, as all can be traced down to a single account, and your UPI app keeps track of all transactions for your convenience.
- 24 * 7 instant payments: VPA allows you to make payments from any corner of the world to whoever you want! The service is available 24/7, and your money can be transferred anytime of the day!
- No need other details: You don’t need to remember your bank account number or IFSC code, as a single VPA ID will be useful for all the transactions you make. It is also relatively easier to remember.
- Safe and secure transaction: UPI transactions are safer and more secure than conventional methods. Indeed, your bank details remain secret when you make a payment with your VPA, and your VPA can even be changed!
Apart from these visible differences, there are other qualities that make VPA a better option than digital wallets, cards, etc. The conciseness of instant transactions and ease of memorization make it a better option than other digital methods! The APV is also suitable for small business owners as it can help them with day-to-day transactions and pay off their business loans as well!
How much has the VPA / UPI ID increased since it was introduced in the country?
UPI (UPI full form – Unified Payment Interface) has been in circulation on the market since 2016 and has grown steadily since. More and more merchants and customers have adopted it, and according to the National Payments Corporation of India, there are almost 261 banks on UPI platforms worth 7 71 444.98 crore!
All this during the month of October 2021 alone. With the growth of UPI, the use of VPA has also increased, and VPA has become one of the most used forms of digital identifiers from 2021. The growth VPA ID from January 2020 to September 2020 is remarkable, growing from INR 2,162 billion to INR 3,290 billion, making it an asset for the country’s financial industry!
Ziploan is an organization that supports MSMEs and small businesses in need of financial support. There are many qualified small businesses that face financial hurdles, and we aim to bridge the finance and skills gap by providing them with MSME loan ranging from Rs.1 Lac to Rs.7.5 Lacs. To learn more about our initiative and for information, visit our website today!
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Virtual Payment Address (VPA) – FAQ
UPI ID or Virtual Payment Address (VPA) is a unique identifier created by the user to send or receive money through UPI. Having a UPI ID, linked to a UPI compatible bank, allows a user to receive money into their bank account without sharing their account number or other details.
To find your UPI ID:
1) Open Google Pay.
2) At the top right, tap your photo.
3) Tap Bank Account.
4) Tap the bank account whose UPI ID you want to view.
5) You will find the associated UPI ID under “UPI IDâ€.
The most important concept of UPI is the virtual payment address or VPA. It is also known as UPI PIN code, UPI code or UPI ID. The VPA is a unique identifier that you create for your bank account. This unique identifier can be used for online money transfer between banks in India like IMPS, NEFT, RTGS, etc.
At the top right, tap your photo. Tap Bank Account. Tap the bank account whose UPI ID you want to view. You will find the associated UPI ID under “UPI ID”.
A UPI or VPA (Virtual Payment Address) identifier is a unique identifier that is used to make UPI payments in place of bank details. A PhonePe UPI identifier is a unique identifier linked to your bank account which has at least 3 characters followed by an identifier (@ybl / @ibl / @axl).
Virtual payment address, also known as VPA, is something like an email id, which is given to a person using the Unified Payment Interface (UPI) service to send or receive money. With UPI, fund transfers can be initiated without an IFSC code or bank account number.
An APV looks like abc @ here. You can check availability and create one as you wish. This APV is linked to your bank account. As mentioned above, a VPA like example @ here can be linked to an Axis Bank account, and vice versa.
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