What is VPA in SBI Bank?
In this article, we will discuss how to create VPA in SBI. Let’s understand a few new jargons which we came across in recent years. Post demonetization UPI platform got boom facilitating interbank, peer to peer and person to merchant transactions. It allows real-time bank transfer, be it on weekends or holidays. In order to do so, all you need is VPA or UPI ID to send and receive money.
VPA stands for Virtual Payment address, which is a unique virtual id, formed with the combination of numbers and characters followed by @yourbankname.Its more like a username or email id assigned to an individual to use UPI service to send or receive money. To transfer money via UPI using VPA you don’t need to add beneficiaries, IFSC code, or account number. Therefore, VPA is the most important information required to carry out all transactions via the UPI method.
In short, VPA replaces bank account details as you have to link your VPA to your account. It is the VPA that makes the UPI system so unique and efficient. Above all make this system to be a more mobile-friendly app for fund transfer instead of using tedious NEFT, IMPS, digital wallet, and card payment. Gone are the days when you need to carry money in your wallet or at least the card. Now we need these UPI apps and internet facilities to do quick transactions within a split second that too 24*7. Otherwise, when you transfer your funds using the VPA method, no transaction charges are applicable & totally free of cost service.
Is UPI PIN and ATM PIN the Same in SBI Bank?
No, UPI PIN and ATM PIN are not the same in SBI bank or for any bank. Generally, UPI Pin is created while registering your bank details in UPI app whereas ATM pins are the four or six-digit pins that you generate at the time of activation of your debit/credit card. Both pins are changeable in case you forgot them or you sense it’s been seen by someone for security reasons. PINs are nothing but unique code to authenticate your individuality. However, without entering these pins you can complete the transaction at any point of sale.
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VPA vs ATM PIN vs UPI
Let’s check out the difference between VPA, UPI, and ATM Pin. As we discussed above, UPI is the unified payment interface by which you can send or receive money on a real-time basis using VPA. On this note, VPA is the virtual payment address that you have to create on UPI app which will act as a username. In addition, it will be linked to your bank account so instead of giving your bank details like account number, IFSC code, bank name, you can provide VPA or UPI ID to someone in case wants to carry any transaction.
In other words, VPAs are unique identifiers for your bank accounts that identify exclusively you for any transactions. On the other hand, UPI is the service that lets you create a VPA of your choice to allow you to make payment. Hence, money can be sent or received via VPA options.
ATM Pin is an altogether different term not linked directly with UPI or VPA. It’s a four-digit unique code that one has to create at the time of debit card activation. You can generate this pin either ATM machine or else by net banking option. This pin authenticates you while carrying out any transactions and for security reasons, you should change your pin every 3-6 months to avoid any scrupulous activities.
How to Create VPA in SBI YONO App?
Time needed: 1 minute
Here are the steps for How to Create VPA in SBI YONO
- Download the YONO App
Download the YONO SBI app from the play store app on your Mobile.
- Verify SIM
Open the app and select the sim with which you wish to register with YONO. Further, It will verify the mobile number by sending an SMS.
- Options for Login
In case your internet banking is active for SBI it will ask you to use net banking credentials and proceed or else set MPIN
- Enter Credentials
Key in your net banking credentials and authenticate with an OTP verification.
- Provide Consent
Provide your consent to use MPIN or else untick the box in case wishes to use net banking credentials.
- YONO Registration successful
You will get a Congratulations message on successful YONO registration.
- Login Now
Now you can log in with MPIN or Netbanking credential.
- Search Yono Pay and Select BHIM UPI
Scroll a little down you will see the YONO Pay option select BHIM UPI. It will again authenticate you by sending an SMS and asking you to select the Bank for setting VPA.
- Create VPA
It will suggest to you possible VPA or you can create as per your choice.
- Check availability
Check the availability and choose a security question and select your primary bank account.
- VPA Creation Successful
You will see a Congratulation message for getting the successful creation of VPA or UPI ID.
- Do Transaction using VPA
Now go to Yono Pay and use the PAY or Receive option for doing a transaction.
How to Create VPA in SBI Bank using Netbanking?
Well in order to create VPA via net banking, the procedure remains the same as above only instead of logging with MPIN you may log in with net banking credentials like Username and password and choose the BHIM UPI app.
In case you are creating for the first time then follow the above-mentioned steps or else login onto the YONO app, click on YONO Pay and choose BHIM UPI ID. Post which clicking on manage you will see your SBI VPA on the top box.
Yes, it’s the same used interchangeably