Virtual Payment Address (VPA) in UPI or Unified Payments Interface is a unique identifier of your account. It is a system that bypasses the need for bank account numbers and bank IFSC. You can use VPA to send or receive money, make bill payments and initiate merchant payments.
To learn more about VPA in payment, how it works, its benefits and more, read on.
If you are new to UPI, you may wonder, ‘What is VPA in UPI payments?’ Here’s what you need to know.
It is a unique ID attached to a user, which helps track a person’s UPI account. You need your virtual UPI ID along with the beneficiary details to whom you want to send money to execute an online transfer. Using VPA in payment, you don’t need to enter bank account details every time you transact.
A VPA typically looks like xyz@bankname, where the first part can be anything from your name’s initials or a registered mobile number. Here, the ‘bank name’ can be:
Now that you have understood the meaning of Virtual Payment Address, it is also necessary to understand how you can create this unique ID:
Once you have set the unique ID, you can use VPA in payments through a third-party application. This way, you can send money to merchants, contacts, or any other person with a UPI ID. Here are the steps you need to follow to send money using a VPA.
Here is how you can use your VPA ID to receive money:
Also Read: How To Create Upi Id and Do Upi Registration?
The use of virtual UPI ID has several advantages, which have helped this digital system to grow gradually in India. These include:
As UPI payments don’t charge any transaction fees, it is a cost-effective way to pay a person or merchant digitally.
VPA eliminates the need to share sensitive bank details like bank account number and IFSC. Since you can share VPA linked with your bank account, it makes online transactions much safer.
UPI transactions initiated via VPA provide a real-time processing facility. This means you can send or receive money in real time. You also don’t need to wait for the bank’s approval or provide many details for making transactions, which saves time.
Using VPA is quite easy and simple, as you only need the receiver’s UPI ID or send your UPI ID to receive payments. Moreover, you can carry out these transactions using a mobile device, making it more accessible.
Also Read: Top online UPI payment apps
UPI now also allows users to link their credit cards with VPA ID to facilitate online transactions. You can add the Fibe Axis Bank Credit Card to your third-party UPI app for quicker payment. It is India’s first numberless credit card to ensure higher security when you make transactions.
Apart from many exclusive offers from your favourite brands, enjoy a fuel surcharge waiver and domestic lounge access. In addition, it is a lifetime free card that provides cashback of up to 3% on every transaction. Download the Fibe Loan App or register on our website to apply for this card.
To find your Virtual Payment Address for UPI payment, follow these steps:
Yes, they both are similar terms used interchangeably.
No, it is a personalised number linked to your account. Thus, it remains active until you have your account.
Yes, you can change it by changing your details.
