What is VPA in UPI? Features, Benefits, And More

Over the last few years, UPI transactions have transformed the money-transferring process in India. UPI has become one of the most credible and convenient platforms to make payments between multiple bank accounts. The VPA IDs on your UPI apps play a key role in the transaction process. Read this article to learn more about VPA, its features, benefits, and more.

What is VPA in UPI payments?

VPA is a virtual payment address, meaning a unique identification number, allowing Indian users to send and receive money through the UPI payment system. Through this, UPI tracks a person’s account. Acting as an independent ID for your bank account, VPA allows you to make and request transactions through UPI payment apps. As a result, users do not need to fill in their bank details every time to make money transfers.

By eliminating the need to enter bank account numbers, IFSC codes, and branch names, VPA makes payments relatively easier. For those who are still confused, VPA and UPI ID are the same thing. A VPA is in abc@bankname format. Mainly, your UPI-enabled app sets a primary default VPA. It could be anything, such as the account holder’s name, registered mobile number, etc. Other than these default VPAs, one can also check for availability and change them as per their choice.

How to get a VPA?

Since VPA is a part of the UPI payments app, there is no extra procedure that needs to be followed to get a VPA. You can get a virtual payment address by following these steps:

• Download a UPI app.
• Register on it with the same number that is registered on your bank account.
• Complete the mobile verification process.
• After that, create a VPA for your account.
• You can choose a VPA of your choice if it is available.
• Your VPA will be linked to your bank account.

How to send money via VPA

Sending money via VPA is a simple process. However, one requires the VPA of the receiver in order to make a transaction. Follow these steps to send it via VPA:

• Open your UPI app.
• Click on the UPI money transfer option.
• Enter the beneficiary’s VPA and the amount that you wish to transfer, and add remarks if needed.
• Choose your VPA linked to the bank account you want to transfer money from.
• Fill in your mobile banking personal identification number.

Also read – Indians Can Now Make UPI Payments In These Foreign Countries

How to receive money via VPA

It is easier to receive and save money on UPI than to be handed cash. The steps to request and receive money through VPA are listed below.

• Log in to your UPI-enabled app.
• Click on the collect via UPI option.
• Enter the VPA address of the person you are requesting money from.
• Mention the amount requested and add remarks if necessary.
• Choose the VPA account where you want to receive the money.
• Request payment from the other side.
• If the request is approved, money will be credited to your account.

Features of VPA

It is the payer’s virtual address that protects and maintains the privacy of their bank details. It allows you to keep the details of your savings and current accounts confidential while enjoying the benefits of cashless transactions. 

Recalling your VPAs is comparatively easier than learning a lengthy bank account number. Your VPA is not only secure but also convenient to remember and can be brought into use in any situation without pressuring your memory. 

You have the option to change your VPA to another account. It is an easy process and can be done without any complexities. However, you cannot link one bank account to multiple VPAs as per the bank regulations.

Making payments through VPAs is a quick process, and they are useful in order to make efficient financial transactions.

It is safer and more secure to make payments through VPAs on UPI apps. It is a faster mode than other options, such as RTGS or NEFT. These payments are made in real-time, ultimately increasing security.

It has a user-friendly process. Anyone could make payments for personal and business purposes.

The payments can be easily tracked as they contain the transaction amount, date and time, reference ID, and recipient’s name.

What are the benefits of using VPA?

• Transactions can be made even on bank holidays, making it a convenient way to make payments.
• It is not bound or limited by place or time and can be done anytime. 
• The payments are easy to make and are user-friendly.
• Some banks might impose an additional charge for RTGS and NEFT. However, VPA transactions are free.

What are VPA remarks in UPI?

VPA remark is a feature that enables users to add remarks while making a transaction. It is optional; however, you can mention it to help people know where the transaction was made in that statement. 

How to view VPA in Google Pay

VPAs are used to transfer money via various UPI-enabled apps. Follow these steps to find our VPA in GPay.

• Open Google Pay on your phone.
• Click on the circle with your photo at the top of your screen.
• Select the “bank account” option.
• Your VPAs can be found under “UPI IDs.”

How to modify VPA in Google Pay?

The users can wish to change their UPI ID on Google Pay. The steps to take are listed below.

• Open your profile on Google Pay from the top-right corner.
• Select “bank accounts” and choose the VPA you wish to modify.
• Choose the UPI ID by + or a pencil next to it.

UPI transaction limit on Google Pay

The amount limit has been set to Rs 1 lakh per day, and transactions can be made a maximum of 10 times per day. Moreover, one can send a maximum payment request of Rs 2,000 per day.

Conclusion

Given these points, we can conclude that UPI has become a game changer in the Indian payment system. It allows you to make instant payments safely and securely. It eliminates the need to carry cash and visit banks for the smallest transactions. Nowadays, scammers have invented various techniques to create UPI frauds. Therefore, it is recommended to avoid bogus messages and calls and protect your UPI account.