Virtual Account used as Transfer Wallets

Functionally, transfer wallets are similar to physical accounts. They come with an account number and IFSC and can be used only to make transfers. To load money to a virtual account used as a transfer wallet, you must verify your remitter's bank account.

After the account is activated, you can allow the account holder to perform the following actions using our APIs:

• Add a bank account beneficiary.
• Add a VPA beneficiary
• Transfer money to the beneficiary.
• Get account balance.
• Get account statement.

Use Case

A payroll solution provider offers businesses a modern way to manage employee payroll. Instead of paper checks or manual bank transfers, they can use virtual accounts used as transfer wallets.

The payroll solution provider creates individual virtual accounts for different organizations, allowing them to load funds exclusively from their organizational accounts. You can verify their bank account as a remitter, ensuring only legitimate funds are deposited.

Using the funds loaded by the organization, the provider makes salary payouts to employees. They transfer wages directly to each employee's account, ensuring a fast and secure process without paper checks or long bank transfers. This offers a convenient and efficient way to manage payroll operations. It simplifies tracking and reconciliation by recording all incoming and outgoing funds in one virtual account used as a transfer wallet.