With progression in the field of science and technology now it is very easy for you to transfer your money. The UPI (Unified Payment Interface) has made it easy for everyone to transfer your money, to pay your bills or your merchant payments. In this article we take a glance at the detailed understanding about the VPA (Virtual Payment address) by discussing about what is VPA? , Why we should Use VPA? , How you can get a VPA Address? , Advantages of VPA and the rules for your VPA.
So, let’s start it without any waste of a single minute.
What is VPA?
A VPA (Virtual Payment Address) act as a unique identifier that helps in identifies different users and their accounts. It is independent ID of anyone’s bank account number. VPA can be used to transfer money by using a UPI application. You have no need to give your bank account details repeatedly for making many payments. The VPA address is very easy to keep in mind or to remember.
Why we should Use VPA?
We should use VPA (Virtual Payment Address) because:
- It has made life easier for us by allowing us to make transactions with very efficiency.
- VPA has eliminated the requirement of extra transactional charges.
- VPA made it easy for you to transfer your payments from any phone that has a UPI application.
- Unique VPA address makes it easy for you to keep a track of all your payments done through various devices.
- You have no need to remember long bank account numbers. Because the VPA address is very easy to remember.
- By your VPA number you have the choices to track the status of your previous transactions.
- Due to the rising popularity of online payment. Most businesses and organizations are now accepting UPI money transfer.
The difference between UPI and VPA
UPI enables bank account holders to transfer money using a Virtual Payment Address (VPA) without giving any your additional bank information.
VPA is an ID, which a user makes with their bank’s mobile application accounts. To starting with UPI as a payment option, you require a VPA.
How you can get a VPA Address?
You can get a VPA address by very easily by following steps:
- Install UPI Application in your mobile.
- Link the UPI Application with your registered bank account by using your mobile number.
- Finish the verification process, and then enter in the UPI application.
- Once you finish the verification process, make a VPA address for yourself.
- You also select your email ID, or make one for your own.
- Once the system verifies that VPA ID is unique then it becomes your virtual payment address.
Advantages of VPA
The advantages of VPA are following:
- Very sensitive information such as your account details or payment details can be easily hid with other peoples.
- VPA address is very easy to remember rather than to remember your account number.
- VPA can also be easily customized according your choice.
- VPA can also be change many times from the UPI application without going your bank branch.
- Each VPA is used with many bank accounts.
- It does expire. Even if you are not using it regularly or for some time it remains active.
- You can easily track your previous transaction.
Some rules for your VPA:
- VPA has only alphabets and numbers.
- Two VPAs address can’t be the same its means, two people can’t have the same VPA address but can have the same username.
- You can’t choose the VPA suffix because it is fixed by the bank.
- You can use one VPA for many accounts, but for that you have to set an account as default.
- Whenever you want you can easily change without any restrictions.
Hope, after reading our article you will be able to understand the complete term of VPA. The term VPA means Virtual Payment Address. It is a unique UPI ID or UPI Address, which you can use transfer money by UPI application in your mobile. It hides your sensitive information such as your bank account number and mobile number. It’s made your money transfer very easy.