Everything About Virtual Payment Address (VPA): 

We are all well-accustomed to the term cashless payments. It has made everyone’s lives easy. Among various online payment options, UPI is a widely used technique. UPI or Unified Payment Interface is trending among people for bill payments, money transfers and merchant payments. The best thing about this method is that it doesn’t include any transaction charge and the recipient won’t get details of your bank account rather they would just see your VPA or virtual payment address. 

Now, your next question would be what is virtual payment address and what it has to do with UPI. It basically locates a person’s account while they are making payments through UPI. VPAs are an extremely secure way of sending and receiving money via UPI apps. 

Since the way people handle money changing day by day, you can now simply tap and make seamless transactions as powered by NeoFinity. Our products also ensure users’ utmost security when they transfer or receive money. Our premium payment tag, NeoZap offers users a safe, cool and secure way to pay your deeds. 

What is a Virtual Payment Address (VPA)?

In India, the UPI system uses VPA as a unique identifier. The VPA full form is Virtual Payment Address. It basically tracks the bank accounts of senders and receivers, without disclosing confidential bank details. 

What is VPA in UPI?

To understand what is VPA in UPI payment, it is important to first know what is UPI. The National Payments Corporation of India has designed a real-time payment system which is the Unified Payments Interface (UPI). With UPI, users can instantly transfer funds between bank accounts using their mobile devices (smartphones). 

When you transfer money to someone via UPI they might have asked you what’s your “UPI ID”. This ID is nothing but a VPA or Virtual Payment Address. VPA ID means a virtual identity for your bank account which lets you make seamless transfers without divulging sensitive information, say your account number and IFSC Code. 

Usually, a UPI virtual address involves a string of alphabets, numbers and special characters that make a user’s UPI-enabled bank account stand out from others. 

Is VPA and UPI ID the Same?

You may have asked to share your UPI ID while making money transfers or payments. This ID contains a combination of letters, special characters and numbers, just like VPA. Thus, when you share a UPI ID, it means you’re allowing a person to view your Virtual Payment Address in UPI. 

How to Create a VPA?

By now you must have understood what is VPA ID. Consider creating a VPA to make fast payments in real time.

Creating a VPA ID is no rocket science. You simply have to put your bank details and the app will create a unique VPA. Every VPA in UPI payment has a standard format which consists of names or mobile numbers or email IDs. 

Following are the steps to create VPA. 

• Step 1: Download a UPI-enabled application from your bank or any authorised provider.
• Step 2: Confirm the mobile number that you’ve linked to your bank account. 
• Step 3: Select the bank where you’ve created the account. 
• Step 4: If you’re setting up your bank account for the first time on a UPI-enabled app, create a UPI PIN. This PIN will ensure security while you make the transaction. 
• Step 5: Select a distinct VPA like yourname@bankname. You can also include numbers to create VPA. For instance, if you create a VPA with Paytm, it will consist of your mobile number followed by @paytm. So, what is what is a VPA number? Say your mobile number is 98300*****, your VPA number would be 98300*****@paytm. 
• Step 6: To process transactions, you need to link your bank account and set it on default using your VPA ID or VPA number. 

After linking your bank account to a UPI app, your unique VPA will ensure seamless transactions without the need to remember complex bank details. To make money transfers you can now send your VPA and receive others VPA. 

Benefits of VPA 

VPA remarks means in UPI offers a unique identifier to every user through which they can initiate transactions. Using VPA for UPI payments has several advantages:

• Convenient transactions

With payer virtual address or virtual payment address, users can send and receive money seamlessly through their smartphones. This makes the payment process simpler and more convenient. 

• Secure processing 

UPI VPA means you can share a distinct ID for transactions through your mobile phones. This ID eliminates the need for sharing sensitive bank details, making it a completely secure payment method. Also, it reduces the risk of unauthorised transactions and fraud. 

• Simple usability

VPA means in UPI to deliver easy usability and that’s what it does. Instead of remembering lengthy bank account numbers, you can remember short VPA numbers which are secured and simple. 

• Wide acceptance

 Most banks and payment service providers consider VPA to be a simple and secure method of UPI payment. For this reason, it is widely acceptable among users to make seamless cashless payments. 

• 24×7 accessibility

Unless there’s a server problem, VPAs provide around-the-clock accessibility to account information. Because VPAs are available 24X7, users can experience rapid transactions and faster payment processing.  

Conclusion

VPA full form in UPI is Virtual Payment Address. With its frequent use, it has now transformed the way how people manage their funds. If you set up a VPA with UPI, you can make easy, secure and seamless transactions. 

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FAQ’s on virtual payment address

How do I find my VPA in UPI?

When you open a UPI-enabled app for transactions, you can see an option which would ask you to pay via UPI ID/ VPA or UPI number/VPA number. On selecting the option, you have to enter the other person’s VPA and make the payment. If someone else has to pay you, you can share your UPI ID or VPA and they can follow the same process. 

Is VPA and UPI ID the same?

Yes, UPI ID and VPA are the same thing. VPA is a unique identifier in UPI payments that helps to track a user’s bank account, without revealing any sensitive bank-related information. It combines a series of letters, numbers, special characters and a chosen bank name.