Virtual payment address is the full form of VPA.
Virtual payment address stands for a virtual medium that accomplishes the transaction process. It works as an email ID that is furnished with an individual. It features the usability of a unified payment interface service to the transaction of money. VPA is specially plotted to the user’s bank account with a unique ID. The VPA payment system is strong and safe. By using VPA, the UPI payment process becomes simplified. Undoubtedly it is a better system and structure than IMPS, Card payment.
Process to create VPA
You must go through the following steps to create a virtual payment address:
- You must first have a UPI-enabled application.
- Fill out the application with your bank account information.
- After that, choose a VPA.
- Now you must link your VPA account to your bank account.
- After the verification process, submit the details.
Uses And Benefits Of Using A Virtual Payment Address
The primary use of VPA is to make financial transactions using the UPI payment system easier. A virtual payment address is used to transfer money from one account to another without the need for bank account information. The following are some of the advantages of using a virtual payment address.
- You can perform transactions using a VPA even on vacations and weekends.
- By using a VPA, you can transfer funds at any time and from any location on a daily basis, removing the barrier of location.
- The tedious step of registering a beneficiary is ignored by VPA.
- You need not use the IFSC code to send money if you are using a virtual payment address.
- VPA is simple to operate.
- VPA offers an easy-to-use solution with quick transfers.
How can you send Money via VPA?
You can send money from VPA by following the instructions outlined below. You must first confirm that the VPA and UPI programs are installed. These ground-breaking applications make doing business much easier.
- You must first log in to the UPI app by inputting a pin.
- Then select a preferred method for transferring the funds.
- Now you must fill in certain information such as the beneficiary’s VPA, the amount of the transfer, and any remarks.
- If you have multiple VPAs, you can do this by selecting your associated bank account and then submitting.
Process Of Receiving Money Via VPA
VPA simplifies the process of receiving funds. Consigning cash via VPA rather than NEFT is more convenient. The following steps describe how money is transferred via VPA.
- Logging into the UPI mobile application is the first and most important step.
- Following the login process, select the UPI and then select Collect via UPI.
- Following that, you must input the VPA address of the person or person from whom you are getting funds.
- Now give the requested amount.
- Next you’ll be asked to add your comments.
- Now choose the VPA account where the funds will be transferred.
- Finally, send the detailed information to the other end and wait for approval.
- The money will be credited to your account once the request is approved on the other end.
Does it take any extra charge for transactions in VPA via UPI?
Virtual payment addresses do not levy extra fees during UPI transactions at this moment.