Virtual Accounts

Traditionally, businesses receive payments in cash or as transfers to their current accounts. Keeping tabs on cash payments is a hassle. Money can be easily misplaced or spent without proper accounting. Receiving money directly into your bank account does solve these problems, but it does not solve the problem of payment reconciliation. In traditional banking, the only way for you to reconcile payments is to rely on the bank account statement. Not only is this a tedious process, but bank account statements often do not have the necessary information for you to reconcile payments.

Businesses can use our virtual account solution to help solve these problems. Virtual accounts are designed to make payment reconciliation easier.

Virtual accounts are instantly activated accounts that can be created using basic details such as name, mobile number, email address, communication address, and PAN. Unlike physical accounts, virtual accounts do not require KYC verification or physical verification of the account holder. This allows you to quickly and easily create virtual accounts as per your business requirements.

Use Case

As a business, you might want separate accounts for payables and receivables. However, you might not want to go through the hassle of opening and maintaining multiple current accounts. You can use virtual accounts as an alternative.

You can easily and quickly create virtual accounts and use them for your payables and receivables. You can transfer money to and from your current account to the virtual accounts as per your business needs.

Types of Virtual Accounts

We offer 2 types of virtual accounts:

• Virtual Account Wallets:
  • Virtual Account used as Transfer Wallets
  • Virtual Account used as Collection Wallets
• Virtual Collection Tools

Wallets vs. Collection Tool

The table below compares virtual accounts used as wallets and virtual accounts used as collection tools.