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Unified Payment Interface (UPI), the latest payment technique, is the trending payment mode among individuals for money transfers, bill payments, and merchant payments. The advantages of UPI payments are that you don’t have to pay additional transaction charges and that the receiver will not know your bank account details as they can only view your virtual payment address (VPA).
A Virtual Payment Address (VPA) is a unique identifier that helps UPI to track a person’s account. It acts as an ID independent of your bank account number and other details. VPA can be used to make and request payments through a UPI-enabled app. You need not fill in your bank account details repeatedly for making multiple payments.
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A typical VPA looks something like abc@bankname. Generally, a primary default VPA will be set by the UPI app you are working on. The ‘abc’ part of the above example can be anything, such as your name, your registered mobile number, or things like that. The ‘bank name’ in the example can be the name of the bank your account is held with, or the name of the bank the app is associated with, or just the word ‘upi’.
For example, ‘geooorge@hdfcbank’, ‘anjeliene25@upi’, and ‘123456789@ybl’, can be a few examples of a VPA.
On the other hand, you can check for the availability of a VPA that you would prefer and create one as you desire.
Step 1: Open the UPI app you have installed on your mobile device. Here, the BHIM app is used for demonstration purposes.
Step 2: Click on the ‘Profile’ tab on the home screen.
Step 3: If you have already set a VPA, the primary VPA will be shown. Click on the arrow that leads to the right.
Step 4: Click on the ‘+’ mark on the screen to create a VPA of your choice.
Step 5: You will be given an option to choose the first part of the VPA, i.e. the segment that appears before the ‘@’ symbol. A list of recommendations also appear. You can choose one from the list or type your desired VPA and check for its availability.
Step 6: Click on ‘Submit’ to confirm the VPA. That’s all!
Once you have installed a UPI-enabled app, you are required to choose a UPI ID for all your further transactions. A VPA can be anything ranging from your name, the first half of your email address, or even your mobile number.
This is to make sure that you do not forget it when required. You can log in to a UPI-enabled app using VPA. Linking VPA to a bank account is an essential step before you initiate any transaction via UPI. Also, make sure that the mobile number you have linked to the bank account is the same as the one you have registered you are receiving a notification.
Upon entering the VPA and the amount to be sent/received, you must enter the valid UPI PIN that was created while registering with UPI. This is a validation required to confirm that the right person is making the transaction.
Currently, the National Payment Corporation of India (NPCI) has predefined the UPI transaction limit to Rs 1 Lakh per day. The maximum number of UPI transactions is 20 per day. However, the upper limit differs from bank to bank. Hence, the upper limit could be anywhere between Rs 10,000 to Rs 1 lakh. It is important to note that the transaction limit might change from time to time.
NPCI has introduced UPI AutoPay for regular payments. With this facility, you can enable a recurring e-mandate using any UPI application for recurring payments such as telephone bills, OTT charges,
Netflix, WiFi charges, electricity bills, EMI bills, etc. Following is the list of a few banks and their respective partners (not limited to):
|Issuer Bank||UPI Apps|
|Bank of Baroda||Paytm, BHIM|
|ICICI Bank||Gpay, PhonePe|
|HDFC Bank||Gpay, PhonePe, Paytm|
|HSBC Bank||HSBC SimplyPay|
|Paytm Bank||Paytm, BHIM|
Note: The NPCI and UPI website has not disclosed if such auto payments also will be included under the UPI transaction limit or not.
You can transfer up to Rs 40,000 per transaction and a maximum of Rs 40,000 per day concerning one bank account. This UPI transfer limit is determined based on the bank account linked with BHIM. The State Bank of India introduced its own mobile payments app called BHIM SBI Pay. It can be used not only by SBI account holders, it can be used by customers of other UPI-enabled banks too. The fund transfer is executed via VPA.
After installing the UPI app on your mobile, click on the ‘Profile’ tab on your home screen. If you have already set a VPA, the primary VPA will be displayed.
Currently, the UPI fund transfer feature is not available for international transactions.
A few banks offer the feature of bringing down the UPI transaction limit in terms of both the amount as well as number. This can be initiated by visiting their net banking website.
Yes, it’s possible. You can change or edit an existing VPA. This feature can be seen under the UPI app settings.
Yes, you can link an existing VPA to a new app provided your app supports that feature.
Yes, all your bank accounts can be linked under a single VPA.
No, VPA will not get lapsed even if you do not use it daily or periodically.
You can create as many as VPA’s you intend to on various UPI platforms and link them to the same bank account.
Virtual Payment Address (VPA) is another name for a UPI ID. Some of the apps such as Google Pay, Phonepe, and Payzapp use the term virtual payment address.