What Is VPA And What Are Its Benefits?
VPA stands for Virtual Payment Address, and as the name implies, it is a unique virtual address given to every UPI payments user. It is a highly flexible virtual address, and you can change it anytime you want.
Your VPA will be linked to your bank account, and you need to remember this while transferring the funds., VPA is not your actual bank address but instead acts as the virtual payment address for your transactions.
In UPI payments system, VPA is mandatorily required for transferring the fund because it eliminates the use of bank account details. With VPA, you don’t need anything else like the bank account number and the IFSC code of a recipient to transfer money.
With the emergence of VPA, the UPI payments method becomes the easiest and fastest payment method ever.
The VPA will just look like an email ID. For example, your can have lokesh@SBI or chand@PNB as your VPA.
Virtual Payment Address And UPI
With the emergence of VPA, you can easily hide bank account details from the hackers. The whole UPI transaction will take place without using your bank account details, and hence it ensures maximum security while compared to other modes of money transfer.
The transactions will be carried out by the NPCI, and only they know which VPA is linked to your bank account. In this process, the banks just act as the deductor or the creditor.
Benefits of Virtual Payment Address
1. You don’t have to specify your bank account details to send or receive money.
2. The VPAs are very easy to remember than the IFSC codes and the account numbers of your bank accounts.
3. The VPA is highly flexible. To make it highly secure, you can change the VPA whenever you want.
4. Selecting the VPA (virtual payment address) is an open process, and you can select the one as per your wish.
How To Get VPA?
Since it is a part of the UPI payments system, first you need to download the UPI app. Once downloaded, you need to link your bank account with the UPI app. You can link the UPI app with your bank account through your registered mobile number.
Next, you will have to verify your mobile number through OTP, and after the verification, you can easily create a VPA for your bank account.
Just like creating an email ID, you need to enter your choice of VPA and check for the availability. If your VPA choice is available, you will get instant approval. So, make sure that you select a unique VPA for your account.
Once the VPA is created, you can immediately start using it to send or receive money from another UPI app user.
Rules Of Virtual Payment Address
Here are the rules you should know about the VPA address.
1. You can have several VPAs as per your wish.
2. It is flexible, and you can change whenever you want.
3. Every VPA should be unique, and no two VPAs should be the same.
4. There is an option to link many bank accounts to a single VPA, but you have to choose one account as a default.
5. The bank will fix the suffix of the VPA, and you can’t change it.
VPA Suffix of the Different Banks
Here is a list of VPA suffix of various banks.
- Axis Bank – @axis
- Bank of Baroda – @barodapay
- BHIM – @upi
- HDFC Bank UPI – @HDFC
- ICICI Bank UPI– @icici
- PNB UPI – @PNB
- SBI Pay – @SBI
- Yes Bank – @YBL