What is Virtual Payment Address, Find what it means and detailed process for How to create VPA and know How to send money via VPA, Suffixes of VPA by Banks…
UPI payment service is a trending mode of payment for money transfer, merchant payment and bill payments. This service does move your money without any transaction changes. The amount may directly moved to the account of the bank.
In this mode of transaction, both the receiver and sender will not know their bank account details. As they will only be using the unified payment interface.
Virtual Payment Address is one unique identifier that helps UPI to fetch the person’s account. Using VPA, the payment request may identified and made as per the request. Thus using the service of Virtual Payment Address with UPI customers should not enter their bank account details every time they transfer money.
Virtual Payment Address
- The UPI ID created by using an UPI enabled application which can be PayTM, Amazon or even your personal bank account Application. Thus in this Virtual Payment Address can be your name, number or email address that may set for your UPI ID.
- By using an VPA you can login to your UPI Application and thus having linked with your bank account will enable your UPI ID for financial transaction.
- Thus just by entering the VPA song with the amount to be sent or received, your UPI truncation will be processed and will be successfully by passing your UPI PIN for confirmation.
- This should ensure that the amount going to sent to a valid person and it is all secure transactions in place.
Advantages of Virtual Payment Address
Here are some advantages of VPA that you must know before you start using these online modes of transaction.
- Get transaction started with any account that link with your mobile number
- Having an single virtual address, will make it easier track your transactions
- Select Pay with VPA while funds transfer to any bank, rather entering the full details of the account
- Send your VPA request for money request, and upon acceptance your money may transferred directly
- Can track the transaction placed using VPA
How to Create Virtual Payment Address
Here are the steps that you can use to get the VPA created on your account or with your registered bank mobile number.
- Install UPI enabled app
Get the UPI enabled application installed in your device
- Enter your bank details with IFSC code
Pass your bank details along with the IFSC code to validate
- Select a virtual payment address
Now choose a Virtual Payment Address for your account
- Get VPA linked and Submit it
Get the VPA linked with bank account and submit it
- Verify your Virtual payment Address
Once verified your Virtual Payment Address will be successfully linked with your account and these can be further used for any transaction to take place.
How to Send Money via Virtual Payment Address
Having the VPA will make your transaction much easier and below are steps that one can use if they are using the VPA mode of truncation for the very first time.
- Login to you UPI App with your official PIN
- Now select fund transfer through UPI from the list
- Pass beneficiary VPA name and enter the amount to sent
- Now select your VPA account from which amount deducted
- Confirm the details and click on submit button to proceed
- Enter your PIN for confirmation and wait for transaction to process
- That’s it, As per the bank server response, your amount may transfer to the receiver and once sent you will receive a successful message as a confirmation. Amount may transferred instantly and get credit card to the receiver account directly.
Suffixes of Virtual Payment Address by Banks
Every VPA does get a suffix that might refer to that bank account which you’re holding or the name of your UPI application. This must entered correctly, as without a proper full name your VPA will not be ready.
- State Bank of India referred as @SBI
- Punjab National Bank UPI referred as @PNB
- Axis Bank’s UPI referred as @axis
- ICICI bank referred as @icici
- Bank of Board referred as @barodapay
- Yes bank referred as @YBL
Make sure you remember these Virtual Payment Addresses. This may add with your chosen username involved into a transaction through UPI mobile Application.
- Can multiple bank accounts have linked with a single Virtual Payment Address?
Yes, customers who do have multiple bank accounts in different banks can use one VPA for easier transaction. You need to link the same VPA with all your bank accounts to enable them to accept transactions from the address.
- Will my Virtual Payment Address expire?
No, there is no term as expiry for Virtual Payment Address linked with your account. Even if you don’t use it for a long time, your VPA will be the same and can be anytime initiated for transaction with your respective UPI application.
- Can I change my VPA in future?
It is still possible to get your Virtual Payment Address generated with a different preferred name. as well you need to link the new VPA with your account, such that the other one will not be used for any new transaction that is going to happen.