Today, UPI payment system is most popular payment method. Most of us are using it for online shopping, money transfer and utility bill payments. But do you know this UPI system works upon VPA?
In this post, I am going to tell you what is VPA and how you can use it for sending money.
What Does VPA Means | VPA Kya hai
The full form of the VPA is Virtual Payment address. It is a unique address of bank account holder. It is used to make payments through the UPI System. The VPA is used in place of Bank account number and IFSC.
If you have used the UPI app, you must have the VPA. Most of the apps itself creates your VPA. While some gives you the option to set VPA yourself. No two person have the same VPA. That is why, it is used to make payments.
Structure of VPA
VPA is similar to the email address. Like email address a VPA has 2 parts. The symbol of @ is used as separator between these two parts.
The suffix may be same for many parts as It is decided by the app and Bank. e. g. @sbi, @okicici, @ybl, @apl. The prefix part would be unique to you. Often it is taken from your mobile number.
How To Get a VPA
Firstly, install BHIM UPI app or any other UPI enabled app. And link your bank account with it. Then it creates a UPI ID automatically. This UPI ID is your VPA, i.e. Virtual Payment Address.
But do not confuse between VPA and UPI ID. Both are same. At the time of introducing of UPI payment system, only the term VPA was in use. However, in the present time, UPI ID and UPI address are also in use. Different apps use different terms. Like, BHIM app and Paytm use UPI ID, PhonePe uses VPA and Google Pay uses UPI address.
Why should You use VPA instead of Account Number
Transaction through the VPA takes not only less time, but it helps those who do not want to use net banking or mobile banking. Let us see the reasons why you should use VPA instead of Account Number-
- No need to fill the bank account details every time. Once you have linked, the money will be deducted from your bank account through the mobile.
- You can create and save multiple VPA in your app. But you have to select one as a default VPA address. Even you can modify the VPA made by your app.
- It is safe and easy. The beneficiary can see only your VPA and not your bank account details. And no one can access your bank account details through the VPA.
- You can track all the transactions through the single VPA.
- You can find out the VPA of the beneficiary without asking him. Just enter the mobile number of the receiver, suffix with @ and UPI app name. Tap on verify. If it exists, details of the receiver will appear to you.
- The receiver details become verified within a few seconds.
- No need to ask account number and IFSC code from the receiver.
How to Find Out your VPA
Do you know your VPA? You can find out this in your UPI App. In some apps, you can see this on the home page. But in other you have to take some steps. Have a look-
In BHIM UPI app you have to tap on Profile on the home page. Then you can see your VPA in the form of your mobile number followed by @upi.
In Google Pay you can see it at the top of the home page below your name. Google Pay uses your email id to make VPA. So, the first half is your email id. And the second half is with the name of your bank.
In Paytm home page tap on UPI option. Here you can see your VPA same as in BHIM but followed by @paytm.
In Phonepe home page, tap on your profile picture. Profile page will be displayed. Now tap on My BHIM UPI ID. Thus you can see your VPA. Here also your mobile number is used for VPA. And it is followed by @ybl.
How To Send Money using VPA
As you know to send money through the VPA, you have to download the UPI enabled app. Link the bank account with the App. Thus your VPA is created. You must ensure that your VPA is linked with the bank account. Also, you should ensure that you have linked the same mobile number with the bank account and UPI App. Now let us see how you can send money using VPA.
I am using the BHIM UPI App for sending the money. If you have any other UPI app, you may use that. But the basics will be approximately the same.
Step 1, Login the app with UPI passcode. Tap on Send option. Enter the UPI ID (VPA) of the beneficiary and tap on VERIFY.
Step 2, The app verifies the VPA. After successful verification, the name of the beneficiary appears. If the VPA is wrong it shows you a message- ‘Beneficiary UPI ID incorrect’.
Step 3, Now enter the amount. Write the Remarks. However, it is optional. Check the Debit Account. You can see the last four digits of your default account. If you have saved more than one account in the app, you may select the other. Now tap on PAY.
Step 4, Verify the details of the beneficiary and your account details. If you want to Edit, you may. Otherwise, tap on CONFIRM.
Step 5, Now enter the UPI PIN, which you have created at the time of installing the UPI app. Press on OK. Thus your payment is successful.
Hence in this way, you can send money hassle-free at your convenience through VPA.
VPA or Virtual Payment Address or UPI ID is the substitute of the account number. It is used in the UPI Payment system. You can use the VPA instead of the account number while making a payment. VPA is very important for online shopping when you use UPI for the payment.