The latest and most used payment technique widely used across the globe is UPI. The term UPI stands for unified payment interface. We all know that day by day the UPI technique of payment is trending among all aged individuals for making transactions, merchant payments, etc.
The reason behind the gaining popularity of UPI is that it doesn’t add additional charges on making transactions. Also, the privacy concerns are so good and trustworthy because the bank account details of the sender remain hidden.
Let us discuss what is VPA, How to get VPA, What is VPA in UPI, How to create a VPA, How transactions are carried with VPA, and the advantages of VPA.
What is VPA?
VPA stands for virtual payment address. It is a unique identifier. This indeed helps one to track someone’s account. One can easily use it to make payments and can also request payments from others. It’s independent of your bank and also your details that one needs to provide. Also, you need not enter your bank details again and again for making many or multiple payments. The format of a typical VPA is something like xyz@bankname. Here the XYZ can be either your bank name or even your name. So in this way, the format could be like yourphonenumber@oksbi.
How to create a VPA?
Creating a VPA in today’s world is not at all a very big deal. Neither it requires any specific knowledge or something like that. To create a VPA of your choice follow the below-mentioned steps:-
Step 1: Open google play or any browser in your android and install the UPI app you desire to carry out your payment with.
Step 2: Once the app gets downloaded, launch the app and then open it.
Step 3:E g., in this illustration we have taken the example of the BHIM app to make you understand.
Step 4: Select the arrow to the profile option and then click on it present on the home screen.
Step 5: If suppose the VPA is already there then the primary one will be reflected on the screen.
Step 6: Now you need to click on the arrow that leads to the right of the screen.
Step 7: Create a VPA of your choice by clicking on the “+” symbol.
Step 8: Choose the first part of the VPA from the options mentioned over the screen. The screen will show you several recommendations available and you can likewise choose from them. Another option before you is that you can type the VPA of your choice and also check and choose if that particular one is available or not.
Step 9: Now recheck all the information.
Step 10: Finally click on the submit option to create the VPA.
Step 11: The desired VPA will be created automatically.
So this was all about guiding you so that you can easily create your VPA accordingly by simply following the below-mentioned steps.
How is the transaction carried out with VPA?
After you are done with the creation of VPA and its UPI ID part all you need to know about is how to carry out a transaction with VPA. As mentioned earlier this VPA can be anything be it your name, email id or your contact number, etc. It all depends on how easy it is for you to remember it. Before proceeding with the transaction part you must link your contact number so that in any case you can easily be assured before any frauds or any similar thing like that.
Also apart from that fraud part, it provides you a notification each time you make payment. For making a payment or carrying out the transaction part you just need to provide your VPA and enter the amount you want to send or receive. Once done with this the amount will be easily sent or received according to the action performed by you. You can add a UPI PIN or password simply for your safety purpose so that if your device is used by someone else he/she won’t be able to make payments without your permission.
This UPI PIN or password is created before you register but also in some apps you can create it whenever you feel like doing so. Thus, by now we also knew that this validation is also important in VPA.
Let’s now move to see the several advantages that VPA offers.
General UPI transaction limit
Presently, the National Payment Corporation of India (NPCI) has set the limit for UPI transactions to be under Rs. 1 lakh per day. Maximum number of transactions allowed in a day is 20. However, the maximum limit may vary between banks, and could range anywhere from Rs 10,000 to Rs 1 lakh. These transaction limits are subject to change periodically.
Advantages of VPA
If we talk about the advantages or pros of using a VPA then the list is very long, to be honest. In this article, we have managed to enlist a few for you. Let us see them.
• The VPA provides an individual with the option of making payments or transactions from any random account that is registered from your mobile or android.
• The transactions can be easily tracked.
• Funds transfer can be easily performed by choosing the option pay with VPA.
• One can also receive money by requesting VPA.
• Past transactions can also be easily tracked anywhere and anytime too.
Conclusion
VPA is presently one of the best ways or techniques to make transactions. The VPA offers a wide number of features that make it the best app. In this article, we have discussed how to make transactions, advantages & a guide to create your VPA.
FAQs
VPA stands for virtual payment address. It has a unique identifier. This indeed helps one to track someone’s account.
The VPA provides an individual with the option of making payments or transactions from any random account that is registered from your mobile or android.
• The transactions can be easily tracked.
• Funds transfer can be easily performed by choosing the option pay with VPA.
• One can also receive money by requesting VPA.
The format of a typical VPA is something like xyz@bankname. Here the Xyz can be either your bank name or even your name. So in this way, the format will be xyz654@oksbi.
