What are Virtual Accounts?

What is a Virtual Account?

Virtual accounts are temporary bank accounts where the money flows to when a Bank Transfer transaction takes place. The virtual account is made by the master bank account and the money is stored in the master account. Each virtual account created is unique, which allows businesses to easily identify the paying customer and the purpose of payments. Therefore, VAs are extremely effective in accounts reconciliation.

How many types of Virtual Accounts are there?

There are 2 different Virtual Accounts that can be used for various different use cases:

• Unlimited Virtual Account
  • Tied to Customer
    • The same Virtual Account Number will be given to the customer when another payment is being made. The virtual account does not expire and can be used multiple times by the end customer.
      
      
  • Open Amount
    • Merchant is not required to specify the transactional amount when calling the API.
      
      
  • Use Cases
    • Top-Up/Multi Payments.

• One-Time Virtual Account
  • Tied to the Transaction
    • A new Virtual Account Number is tied to each transaction. The virtual account will expire once the invoice expires or the transaction takes place.
      
      
  • Closed Amount
    • Merchant required to specify the transactional amount when creating the invoice.
      
      
  • Use Cases
    • One-Time Payments.
      
      

Demonstration of Bank Transfer (VA)

1. The customer views the details required for making the bank transfer on the merchant's app or website.
   
   

   

2. Customer Opens i-Banking website (or app) and selects Pay By Bank Transfer
   
   

   

    

3. Customer Keys in the details of the Recipient Account. Once sent, the recipient will be saved.