VPA Full Form is Virtual payment address.
Virtual payment address stands for a virtual medium that accomplishes the transaction process. It works as an email ID that is furnished with an individual. It features the usability of a unified payment interface service to the transaction of money. VPA is specially plotted to the user’s bank account with a unique ID. The VPA payment system is strong and safe. By using VPA, the UPI payment process becomes simplified. Undoubtedly it is a better system and structure than IMPS, Card payment.
Process to create VPA
To create a virtual payment address, you need to go through the following process:
- First, you have to download a UPI-enabling application
- Fill in your bank account details in that application.
- After that select a VPA
- Now, you have to make the Link of the VPA to your bank account
- Finally, Submit details after the verification process.
Uses And Benefits Of Using A Virtual Payment Address
The pivotal application of VPA is to ease the process of financial transactions through the UPI payment system. A virtual payment address is used to transfer the funds from one account to another account without the requirements of bank details. The benefits of using a virtual payment address are given below
- By using a VPA, you can conduct transactions even on bank holidays and weekends
- You can transfer funds anytime and anywhere daily by using. a VPA, and so removing the hindrance of place.
- VPA ignores the monotonous process of registering a beneficiary.
- You need not use the IFSC code to send money if you are using a virtual payment address.
- VPA is easy to use.
- VPA provides a user-friendly service with and speedy transfers
How can you send Money via VPA?
To send money from VPA you can follow the steps which are given below. First, you will have to ensure that you install the VPA and UPI applications. These revolutionary applications make the business work much easier.
- In the first step, you will have to log in to the UPI app by entering a pin.
- Then, choose a preferred option to transfer the fund.
- Now, you need to fill in some credentials such as beneficiary VPA, amount of transfer, remarks
- In case of having multiple VPA, you can select your linked bank account to do this and then submit.
Process Of Receiving Money Via VPA
VPA opens the ease of opportunity to receive money. It is hassle-free to consign cash via VPA rather than through NEFT. The following steps cover the handed-over process of money through VPA.
- The first and the most important step is to login in UPI mobile application.
- Now, after the login process, you need to choose the UPI and then click “Collect via UPI”.
- After this, you will have to enter the VPA address of that person or the individual from whom you are receiving money.
- Now, provide the amount requested.
- Then you will be suggested to add the remarks.
- Now select the VPA account at which the money is transferred.
- Finally, submit the detailed information and wait for approval from the other end.
- Once the request is approved by the other end, the money will be credited to your account.
Does it take any extra charge for transactions in VPA via UPI?
As per the current time, there are no extra charges taken by virtual payment addresses during transactions through UPI.