Virtual Payment Address in UPI Apps

Last Updated at: August 14, 2020
187
Virtual Payment Address in UPI Apps

The advancement of science and technology has had an impact on all walks of life, including the ease of money transfer. The establishment of the Unified Payment Interface has made it easier than ever before to pay our bills and transfer money online. In this article, we will take a look at how UPI apps work, what the Virtual Payment Address is, and why the VPA ID is essential. 

  1. What is UPI Money Transfer?

  2. What is VPA for UPI Apps?

  3. How VPA Helps With UPI Transactions 

  4. Why Use VPA

What is UPI Money Transfer?

The Unified Payment Interface, better known as UPI, is the latest technology put to use to help make money transfer faster, simpler, and more accessible. The system assists with transferring money between accounts and services, helping facilitate bill payments, individual money transfers and online shopping. The system is simple to use, as it only requires the downloading and installing of an app. After registering the UPI app with your designated bank account, you can make transactions with ease, at the touch of a button. UPI money transfers all eliminate the need to pay extra transaction charges, making it a more elegant and economical solution. 

What is VPA for UPI Apps?

The Virtual Payment Address, better known as VPA within the UPI circle serves as a unique code or identifier that helps the system differentiate and identify different users and accounts. While it serves as an identifier, it is independent of the bank account number that you have and is an entirely different unique keyword used to authorise transactions. It mainly serves as a type of email ID for your bank account, helping people send and receive money with ease. While UPI money transfer may be done using IFSC codes, bank account details and other information, the VPA address is the easiest to remember. Therefore, rather than repeatedly entering the bank account number and additional information every time, users can replace that with a simple and unique identifier. 

How VPA Helps With UPI Transactions

After installing a UPI app, it will ask you to choose a VPA address or VPA number, as it can be either. This number serves as an identifier that allows you to send money, or receive it through other accounts. The VPA address can be just about anything, from your name to the first part of your email address. Some people even use their mobile number as their VPA number to make it easier to remember it. Furthermore, the UPI app will have to be on the mobile phone that contains your registered mobile number. Hence, your UPI app and your registered mobile number have to match for you to complete the bank account linking process.

 get free legal advice 

Why Use VPA?

  1. UPI money transfer has made life easier for everyone by allowing us to make transactions with ease and efficiency.
  2. UPI money transfer has eliminated the need for extra transactional charges.
  3. The system allows you to make and receive virtual payments from any phone that has a UPI app installed.
  4. Making use of one unique VPA address makes it easy to keep track of all your payments done through various portals and sources. 
  5. You no longer have to remember lengthy bank account numbers or IFSC codes. As the VPA address usually contains a personal detail, it is a lot easier to remember than a random string of numbers.
  6. You have the option to track the status of your previous accounts and transactions using your VPA number.
  7. Due to the rising popularity of online or digital India. Most businesses and enterprises now accept UPI money transfer, making it an instrumental technology. 

How to get a VPA Address

  • Download and install a UPI App.
  • Link the UPI App to your registered bank account using your registered mobile number.
  • Complete the mobile verification process, and set an authentication technique to enter the UPI app.
  • Once you are done with the verification, create a VPA for yourself using the Create VPA option.
  • You may choose your email ID, or make one for your own depending on the VPA’s availability.
  • Once the system verifies that an ID is unique, it is approved instantly and becomes your virtual payment address.

Sending and Receiving Money Via VPA

  1. Log in to your UPI App using your PIN.
  2. Go to the Fund Transfer option, and from the tab, choose the Payment Using UPI option.
  3. Now enter the VPA address of the sender, and click on Verify.
  4. After verification, enter the amount you want transferring and click on Next.
  5. Lastly, input your UPI Pin to validate the transfer and send the money.

To Receive Money 

  • Log in to your UPI App using your PIN.
  • Choose the UPI option, and then click on the Collect Via UPI option.
  • Input the VPA address of the person you want to request money from and click on Verify.
  • Next, enter the money you require and add appropriate remarks.
  • Choose the VPA to which you want the money to be transferred.
  • Submit the request and wait for the receiver to complete the fund transfer.

 

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Virtual Payment Address in UPI Apps

187

The advancement of science and technology has had an impact on all walks of life, including the ease of money transfer. The establishment of the Unified Payment Interface has made it easier than ever before to pay our bills and transfer money online. In this article, we will take a look at how UPI apps work, what the Virtual Payment Address is, and why the VPA ID is essential. 

  1. What is UPI Money Transfer?

  2. What is VPA for UPI Apps?

  3. How VPA Helps With UPI Transactions 

  4. Why Use VPA

What is UPI Money Transfer?

The Unified Payment Interface, better known as UPI, is the latest technology put to use to help make money transfer faster, simpler, and more accessible. The system assists with transferring money between accounts and services, helping facilitate bill payments, individual money transfers and online shopping. The system is simple to use, as it only requires the downloading and installing of an app. After registering the UPI app with your designated bank account, you can make transactions with ease, at the touch of a button. UPI money transfers all eliminate the need to pay extra transaction charges, making it a more elegant and economical solution. 

What is VPA for UPI Apps?

The Virtual Payment Address, better known as VPA within the UPI circle serves as a unique code or identifier that helps the system differentiate and identify different users and accounts. While it serves as an identifier, it is independent of the bank account number that you have and is an entirely different unique keyword used to authorise transactions. It mainly serves as a type of email ID for your bank account, helping people send and receive money with ease. While UPI money transfer may be done using IFSC codes, bank account details and other information, the VPA address is the easiest to remember. Therefore, rather than repeatedly entering the bank account number and additional information every time, users can replace that with a simple and unique identifier. 

How VPA Helps With UPI Transactions

After installing a UPI app, it will ask you to choose a VPA address or VPA number, as it can be either. This number serves as an identifier that allows you to send money, or receive it through other accounts. The VPA address can be just about anything, from your name to the first part of your email address. Some people even use their mobile number as their VPA number to make it easier to remember it. Furthermore, the UPI app will have to be on the mobile phone that contains your registered mobile number. Hence, your UPI app and your registered mobile number have to match for you to complete the bank account linking process.

 get free legal advice 

Why Use VPA?

  1. UPI money transfer has made life easier for everyone by allowing us to make transactions with ease and efficiency.
  2. UPI money transfer has eliminated the need for extra transactional charges.
  3. The system allows you to make and receive virtual payments from any phone that has a UPI app installed.
  4. Making use of one unique VPA address makes it easy to keep track of all your payments done through various portals and sources. 
  5. You no longer have to remember lengthy bank account numbers or IFSC codes. As the VPA address usually contains a personal detail, it is a lot easier to remember than a random string of numbers.
  6. You have the option to track the status of your previous accounts and transactions using your VPA number.
  7. Due to the rising popularity of online or digital India. Most businesses and enterprises now accept UPI money transfer, making it an instrumental technology. 

How to get a VPA Address

  • Download and install a UPI App.
  • Link the UPI App to your registered bank account using your registered mobile number.
  • Complete the mobile verification process, and set an authentication technique to enter the UPI app.
  • Once you are done with the verification, create a VPA for yourself using the Create VPA option.
  • You may choose your email ID, or make one for your own depending on the VPA’s availability.
  • Once the system verifies that an ID is unique, it is approved instantly and becomes your virtual payment address.

Sending and Receiving Money Via VPA

  1. Log in to your UPI App using your PIN.
  2. Go to the Fund Transfer option, and from the tab, choose the Payment Using UPI option.
  3. Now enter the VPA address of the sender, and click on Verify.
  4. After verification, enter the amount you want transferring and click on Next.
  5. Lastly, input your UPI Pin to validate the transfer and send the money.

To Receive Money 

  • Log in to your UPI App using your PIN.
  • Choose the UPI option, and then click on the Collect Via UPI option.
  • Input the VPA address of the person you want to request money from and click on Verify.
  • Next, enter the money you require and add appropriate remarks.
  • Choose the VPA to which you want the money to be transferred.
  • Submit the request and wait for the receiver to complete the fund transfer.

 

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