Do you know the VPA full form and its role in banking and UPI?
The correct full form of VPA is Virtual Payment Address. VPA is an address that is used instead of your bank account number. You can be confused with the name VPA because every UPI uses a different name instead of saying it VPA. The other names of VPA are Payment Address, Virtual Id and UPI Id.
You can use the VPA in the place of the bank account number or IFSC. With the help of VPA, you can send and request money through UPI app. You can create your VPA after registering in the UPI app and linking the bank account with it. You can change your VPA anytime.
For transferring the money from VPA you don’t need any bank account number and IFSC code. VPA address looks like a Gmail address. For example, the VPA address of a person in axis bank is [email protected] before @ it represents the VPA and after @ it show whose bank’s VPA it is. VPA address should be connected to your mobile and bank account before sending and receiving the payment.
By using VPA you can do merchant payment, recharge, ticket booking, electricity bill payment, and online shopping bill payment. It is easy to remember your VPA than your bank account number. You can name your VPA according to you. You can link many bank account with one VPA but the default back account should be one.
For using the VPA you have to install the UPI app of a bank. After installing the app you have to register in it. Read this.
How To Create VPA
Creating a VPA is very easy the first thing you have to do is to install the UPI app on your mobile. After installing the UPI app follow the below instructions to create a VPA address:
- First install the UPI application like Paytm, Bhim, Google Pay.
- After installing the application register on the app.
- Now you have to fill your bank account details.
- Now create a VPA address like [email protected] and link it with your bank account.
Why Use VPA
There are many reasons for using a VPA. Some of the best reasons for using VPA are the following:
- You can take and send money even on the day the bank is closed.
- By using the VPA you can track your all money transactions.
- The VPA facility is available for the 24×7.
- If you are using VPA you can immediately check your transaction status.
- It is very easy to receive and send money through the VPA.
- The VPA process is very fast.
- You don’t need to fill the bank account details you just need to link your bank account with UPI.
- You can create multiple VPA address.
- No one can access the bank account details through the VPA so it is very secure.
- You can request money from your friends.
Sending Money Through VPA
After the VPA sending and receiving the money is become very easy. For sending the money to a particular person you just need the VPA. In the following steps I have described how to send the money:
- First you should have the UPI app on your phone.
- Login to your UPI app.
- Choose the fund transfer option.
- Enter the amount you want to send.
- Choose your VPA with linked your bank account and click submit.
Requesting Money Through VPA
Requesting money through VPA is a good option rather than going to a friend and asking for cash. These steps will help you to understand how to request the money through VPA or UPI:
- Install the UPI application from the google playstore.
- Choose UPI and click collect via UPI.
- Put the VPA address of a person from which you are requesting a money.
- Put amount details also.
- After submitting your details wait for the approval.
- Once the approval was accept the money can credited to your account.
Some VPA Suffixes Of Popular Banks
Every VPA has some suffixes which indicate the bank associated with it. Some popular banks VPA suffixes are listed below:
- @barodapay: Bank Of Baroda
- @icici: ICICI Bank
- @HDFC: HDFC Bank
- @PNB: PNB Bank
- @SBI: SBI Bank
- @axis: Axis Bank
FAQ: What is VPA?
What is VPA in UPI ID?
VPA is a Virtual Payment Address which is a unique address created by the user for sending and requesting the money through the UPI application.
Can VPA be changed?
Yes, VPA can be changed. You can go to your profile now click on the setting option and then click on the edit option now you can change your VPA.
Are VPA and UPI the same?
VPA is the id of your account which helps you to identify the transactions. UPI is the service that helps you to send and request money.
Conclusion: Full Form of VPS
VPA is the Virtual Payment Address. It is an Id that helps you to identify the transactions with the help of the UPI services. The different bank account has a different VPA address for example Bank of Baroda VPA suffix is @barodapay, SBI VPA suffix is @SBI.
Creating a VPA is also very easy first you have to install the UPI application and then register on the application. Link your bank account with UPI now you can create your VPA and send and request money. VPA has made sending and requesting money very easy.
You may also like to read:
Other related categories:
- 30 Best Blogging Courses: Free & Paid Options To Start & Grow Blog
- Aikyashree Scholarship Scheme 2021: Eligibility, Process and Application
- Best Biotechnology Courses in India After 10th, 12th, Graduation – 2021
- Best Courses After 12th Science for PCB & PCM | Scientist Courses For 2021
- Best Diploma Courses After 12th For Commerce, Science & Arts Students – 2021