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In the dynamic landscape of digital finance, the Virtual Payment Address, or VPA, has emerged as a game-changer. VPA offers a seamless, secure, and simplified way to transact in the modern era. It has revolutionised the digital fund transfer facility by providing a unique identifier that serves as the identity of the payer and the receiver during online money transfers.
VPA stands for virtual payment address. It is like an email address. When you want to send someone an email, you ask for their email address. Similarly, you will need a VPA address when you want to send payments to the beneficiary without remembering their account number or IFSC code. Let us understand what a virtual payment address is, its benefits, and how it works.
A few years back, having the beneficiary's account number, IFSC code, etc., was necessary to send money. However, the Unified Payments Interface (UPI) changed that, allowing you to send anyone money instantly without entering the beneficiary's account details.
Instead of typing in the bank account details, you can enter their VPA, and the funds will be credited instantly without transaction charges. It also makes it easier for merchants to collect payments from their customers online.
Here is a detailed guide on how the Virtual Payment Address works.
To create a VPA in UPI, you first need to download a UPI-enabled banking app. Within the app, select the option to create a VPA. You can choose a unique username, which will become your VPA (e.g.,yourname@bankname). After verifying your identity and linking your bank account, your VPA is generated, allowing you to send and receive funds securely.
To link your bank account, provide the necessary details such as account number and mobile number. The app will verify your information and associate your chosen VPA with your bank account, ensuring a seamless connection for transactions.
Initiating a transaction involves entering the recipient's VPA instead of account details. The UPI system uses this VPA to identify the recipient's bank account securely. You can then specify the amount and purpose of the transaction before confirming it with a UPI PIN for authentication.
Once the transaction is confirmed, funds are securely transferred between the linked bank accounts. The recipient's bank receives the request, validates it, and processes the transfer. As you can see, there is no need to enter the bank account details of either you or the recipient to make transfers. This method ensures privacy, convenience, and swift fund transfers, making UPI with VPA a preferred choice for digital payments in India .
Creating a VPA for your bank account is easy. First, you need to visit your preferred UPI app. For instance, if you are an IDFC FIRST Bank customer, open the IDFC FIRST Bank mobile banking app. Once you have opened the app, click on the Create VPA option and follow the outlined steps. Keep your debit card details handy as you will need them during the process.
Also, remember that you can only register for UPI with the number you have linked with the bank.
A VPA is essential for the following reasons.
VPA offers numerous benefits, revolutionising the way people conduct digital transactions in India:
Follow the below steps to send money to a VPA account.
However, if the transaction fails, you contact the bank for assistance. In most cases, the money is refunded back to your account.
UPI offers many features but sending and receiving money through UPI also has some drawbacks. Here are two of its common issues.
However, despite its shortcomings, UPI remains the most convenient option to send and receive money, with VPA being the best option for sharing your bank account details.
A VPA is a unique identifier that replaces traditional bank account numbers in UPI payments. It acts as an alias for your bank account, simplifying transactions. When you initiate a UPI payment, you enter the recipient's VPA instead of their bank details, and the system securely facilitates the transfer.
Yes, you can link multiple VPAs to a single bank account. This is useful for segregating personal and business transactions or for added privacy.
Yes, a smartphone with a UPI-enabled banking app is required to create and use a VPA. However, you can receive funds into your VPA even if you don't have a smartphone.
Most UPI apps allow you to change your VPA, but it might involve a verification process. Be sure to check with your specific banking app for the procedure.
Yes, VPAs are secure. They mask your actual bank account details during transactions, enhancing privacy. Additionally, UPI employs robust security measures, including multi-factor authentication, to safeguard your transactions.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.