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1. Introduction

1.1 Virtual Payment Address (VPA) Based Payment​

A Virtual Payment Address (VPA) is a unique identifier that resolves the bank account details and facilitate for the payment even without knowing beneficiary account details. It acts as an ID independent of your bank account number and other details. The VPA can be then used to transfer funds from one account to another directly, without providing bank account details. With the implementation of VPA based fund transfer, NPI integrated banks alternative channels, PSPs and connectIPS users can transfer the fund to the beneficiary account based on the VPA. For now, registered mobile number in banks KYC, connectIPS system and PSPs wallet has been considered as a virtual payment address. The VPA address can also be any unique id provided by the other service provided like PSPs, etc. Below are the some of the pre-requisites to the NPI members for participating VPA based payment eco-system.

  1. The participating member has to be integrated with NPI for VPA based payments.
  2. Unique id has to be provided by any service providers like Bank, PSPs and connectIPS system.
  3. In case of connectIPS VPA based payment, user has linked the account in connectIPS system and set the primary account to receive the fund.
  4. The mobile number of the connectIPS user must match with the mobile number present at the KYC of the transaction receiving bank of the receiver.