BANKING AFFAIRS

Detailed explanation-1: -VPA stands for Virtual Payment Address which is basically the address to or through which you can make UPI money transfers. A VPA is a unique financial address using which you can send and/or receive money in your bank account through UPI.

Detailed explanation-2: -What is the difference between VPA and UPI? VPA or Handle – A VPA or a Handle is a unique identifier for your account which allows us to identify your transactions as exclusively yours. UPI – UPI is the service that creates these handles and allows you to make payments.

Detailed explanation-3: -After you provide your virtual payment address (VPA), Google deposits a small amount into the bank account linked to your VPA. To verify that the bank account belongs to you, follow these steps: Check the transactions in your bank account.

Detailed explanation-4: -A UPI ID or VPA (Virtual Payment Address) is a unique ID that is used to make UPI payments in place of bank account details. A PhonePe UPI ID is a unique ID linked with your bank account which has at least 3 characters followed by a handle (ybl / ibl / axl).