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January 18, 2023
By
Jasmine John

VPA – Virtual Payment Address

VPAVirtual Payment Address (VPA) is the official name given to the bank account number by the National Payments Corporation of India (NPCI). In simple terms, a virtual payment address is an identifier like the email address you enter while making payments on UPI apps. Unlike BHIM, which uses phone numbers as identifiers and the IFSC code for bank details, UPI uses only the virtual ID for both. UPI can be accessed through a mobile app, on a smartphone. The Virtual Payment Address (VPA) is a unique identifier that you create on any UPI-enabled application to send and receive money instantly over Unified Payments Interface (UPI). It can be your name followed by any text or it can be numbered. In short, they are easy to remember and simple to use. You may have different VPAs for different accounts with multiple banks that you operate. You can also link all your accounts to one VPA

What Is VPA Or Virtual Payment Address

VPA or Virtual Payment Address is the official name given to the bank account number by the National Payments Corporation of India (NPCI).

VPA is a unique identifier that you create on any UPI-enabled application to send and receive money instantly over Unified Payments Interface (UPI). This address can be used only once, so it's important that you keep track of it.

In simple terms, a virtual payment address is an identifier like the email address you enter while making payments on UPI apps. You can create up to 10 VPAs with different IDs and assign them to different bank accounts through different UPI apps. You can also link all your accounts to one VPA so that it counts towards the limit of 10 virtual payment addresses per customer or organization.

If you have multiple banks operating under a single entity, then each bank will have its own VPA which means that there are always more than 10 ways for someone receiving money from you to receive it (assuming they are using an app that supports it).

What Makes it Unique?

Unlike BHIM, which uses phone numbers as identifiers and the IFSC code for bank details, UPI uses only the virtual ID for both.

As an example, if you have been using your Aadhar card as your UPI address but want to create another one with just a name followed by some text like "Jai", then go ahead and do so by following these steps:

1. Open any application on your smartphone or computer that supports the Unified Payments Interface (UPI).

2. On its initial screen tap on 'Add New Payment'. This will take you to a page where there are two options: Add New Payment Contact and Add New Bank Account Contact. Select whichever option suits you best depending on whether you want to make payments through this app or not (e-commerce sites use both options).

Accessing UPI

UPI can be accessed through a mobile app, on a smartphone. You can use the UPI app to send and receive money instantly. The user-friendly interface makes it easy for anyone to learn how to use this payment system.

If you have an online bank account, linking your bank account with UPI will enable instant incoming payments through their respective wallet apps or websites like Google Pay or Amazon Pay.

Sending or Receiving Money Through VPA

The Virtual Payment Address (VPA) is a unique identifier that you create on any UPI-enabled application to send and receive money instantly over Unified Payments Interface (UPI).

1. You can use your VPA as an alternative method of sending money. For example, if you don't have access to an internet banking app or don't want to share your bank account details with anyone else, you can use your VPA as to send or receivends from others instead.

2. You will be able to see all the transactions made from your VPA in real time on the UPI dashboard once they're completed; this makes it easier for users who may not have access directly through their mobile device or computer terminal like laptops or desktops but still want quick access when needed.

Customizing VPA

A virtual Payment Address (VPA) is a virtual payment address that can be used to make cryptocurrency payments. You create and store a unique string of text on your device. This string can be any combination of numbers, letters, or symbols.

VPA’s have been in use since the early days of Bitcoin when it was difficult for people with no experience in programming to get their hands on bitcoins without having a wallet address to send them to. Since then, many other cryptocurrencies have come into existence and the demand for VPA’s has risen along with their popularity as they become more commonplace online.

Refunds, Returns and Cancellations Through VPA

With a VPA, you can make instant refunds against returns/cancellations. This is possible in real-time and you will get the money back very quickly. Even with same-day fund credit back using this facility in your wallet, the funds will be credited back to your bank account within minutes or hours after receiving the return request from the customer.

Choosing a Platform for Creating VPA

It’s best to use VPAs created at reputed platforms as all these apps come under the supervision of RBI. VPAs created on unverified platforms can be unsafe and may lead to financial loss. The RBI has set up a committee that is looking into security issues related to UPI and has issued guidelines on how to create and use VPAs

One-Stop Solution For All Digital Payment Solutions

VPA is a one-stop solution for all digital payment solutions. You don’t need to have a UPI-enabled application to send and receive money instantly over UPI. VPA can be your name followed by any text or it can be numbered. In short, they are easy to remember and simple to use.

Conclusion

In short, VPA is the best solution for all digital payment solutions. You can use it to make payments instantly on UPI apps, receive refunds and even fund your wallet within minutes of receiving money. With a single click, you can send money to anyone or request funds back from any bank account registered with NPCI. This is one-stop solution for all digital payment needs

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