By Amid the rapid growth of digital transactions and e-commerce, the question “what is a virtual account” has become increasingly important for anyone who shops online, runs a business, or simply wants to be more financially tech-savvy.
If you’ve seen the Virtual Account option during checkout on a marketplace or on a finance app, this article will help you understand what it really is, how it works, and why this method is so popular.
Also read: Easier, Automatic, and Real-Time Transactions with API Disbursement
Definition of Virtual Account: What Is It and Why Does It Matter?
Simply put, a virtual account is a virtual payment account created by a banking system for specific transactions. Although it’s called an “account,” it’s not a physical bank account like the one listed in a passbook. It is a unique number generated automatically and can be either temporary or permanent depending on the transaction type and customer.
This virtual number is typically provided by a bank or digital payment service provider and is intended for a specific transaction or user. That way, every transaction is recorded automatically and clearly identified. You no longer need to manually send payment proof or wait for seller verification.
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Types of Virtual Accounts
1. Fixed Virtual Account
This type of virtual account is fixed and tied to a single customer, like a phone number used to top up a digital wallet. It’s usually used for recurring payments such as installments, subscriptions, or wallet top-ups. The benefit is that you don’t need a new number every time—you can just reuse the same VA number.
2. Non-Fixed Virtual Account
Unlike the fixed type, a non-fixed virtual account is temporary and created for one-time use. This is common in online shopping, where you receive a unique VA number for each checkout. Its main advantage is security—once the transaction is done, the number expires and cannot be reused.
Benefits of Virtual Accounts for You and Your Business
One of the main reasons virtual accounts are so popular is their efficiency. But their benefits go far beyond that:
1. 24/7 Transactions
Virtual accounts support payments anytime, even outside banking hours. This is especially helpful for online businesses or those making payments at night or on weekends.
2. Automated Financial Recording
The virtual account system records all payments in real time. This means you can instantly know who paid, when, and how much—without checking transaction logs one by one.
3. Better Customer Experience
Customers no longer need to upload proof of payment or wait for manual confirmation. Everything is fast, convenient, and transparent.
4. Fewer Payment Errors
Since each VA includes the exact amount and customer ID, the risk of mispayments or incorrect amounts is minimized.
5. Improved Security
Every transaction is recorded in detail, and the VA can be set to expire after use, eliminating risks of misuse.
Also read: How to Choose the Best Virtual Credit Card Services
How It Works and How to Use a Virtual Account
To make it easier, imagine this scenario.
You’re shopping on a marketplace like Tokopedia. On the payment page, you select Virtual Account, then choose your bank—say BRI, BCA, or Maybank. The system will then automatically generate a unique virtual account number for that transaction.
Your task is simple: copy the virtual account number and make the payment via ATM, mobile banking, or internet banking, following the instructions. Once the transfer is successful, the system will automatically recognize the number, amount, and payment destination. The result? Your payment is instantly verified—no need to upload receipts or wait for manual confirmation from the seller.
It’s quick, convenient, and error-free.
Steps to Use a Virtual Account:
- Choose the Virtual Account payment method at checkout.
- Select your bank (e.g., BRI, BCA, Maybank).
- Copy the virtual account number provided.
- Open your mobile banking app, internet banking, or use an ATM.
- Enter the virtual account number and make the payment.
- Done! The transaction is confirmed automatically.
Thanks to its secure, efficient, flexible, and user-friendly system, virtual accounts have become the go-to payment method for both individuals and businesses.
So next time someone asks what is a virtual account, you won’t just be able to explain it, you’ll understand why it’s a top choice in today’s digital era.
Use Jack for your business needs
One of the best services to help integrate virtual accounts into your business is Jack Virtual Account. With Jack, your business can benefit from a more efficient and secure payment solution. Jack’s virtual account service enables automated transactions, reduces human error, and speeds up reconciliation.
If you’re running a business and want to integrate virtual accounts for a more efficient payment system, Jack is ready to help you transact more easily and seamlessly.
