Copyright timesnownews
Digital payments have taken a front seat in India, and the shift from cash to the former has been a wild one. Now, most of the payments happen via UPI or Unified Payments Interface in the country. And one of the most important components in these payments is VPA or Virtual Payment Address. With the help of VPA, users can transfer money without sharing their bank account details, making the transaction instant and safe. What Is VPA Or Virtual Payment Address? VPA or Virtual Payment Address could be dubbed the identity of a UPI user. With the help of VPA, the users are allowed to trigger transactions without having the crucial bank details of someone like their bank account name, number, and the IFSC code as well. What's more intriguing here is that VPA is one of the safest ways to transfer and receive money. Furthermore, you can also have multiple VPAs for a single bank account via different UPI payment applications. How To Create A VPA For Carrying Out UPI Transactions? -First things first, download a UPI payment application like Paytm, PhonePe, Google Pay, etc. -Now, link your bank account on the app using your registered mobile number. -Once it's done, you will be asked to create your UPI ID and set a UPI PIN for transactions. -Voila, after this step, your VPA is ready to receive and send money. Note: You can use your Virtual Payment Address to receive money directly into your bank account. Similarly, you can use the VPA of others to send them money. Furthermore, you can also edit your Virtual Payment Address and change it to the way you want. What Should A VPA Include? Virtual Payment Address could be a mix of letters, numbers, and even special characters. The basic format for the same is 'username@bankname.' The bank name part is generally pre-decided by the application, and you'll be only allowed to make changes to the username part of your Virtual Payment Address (VPA). Get Latest News live on Times Now along with Breaking News and Top Headlines from Technology Science and around the world.
