The customer can make a transaction to the bank account via a simple NEFT, RTGS or IMPS transaction from their preferred internet banking portal.
In case of a virtual UPI ID, the customer can add the UPI ID in their UPI PSP (Payment Service Provider) app and make a payment.
Yes, customers can visit their bank and fill out an RTGS form, or a NEFT challan with the beneficiary details provided by Razorpay and initiate a transfer from their account.
Customers cannot deposit cash into a virtual bank account. Only NEFT, RTGS or IMPS transactions are permitted.
Exactly like a normal account! Here's an example:
Account Number: 11122219877893452
Name: Acme Corporation
Like a normal virtual payment address! Here's an example:
UPI ID: rpy.payto00000gaurikumar@icici
Your merchant billing label will be used as the name on your virtual account.
Once the virtual account is
Closed, we will automatically refund all payments back to the source. Refunds are generally processed within 1 business day via the same mode used by the customer.
Currently, this feature is not available.
Yes, you can create virtual accounts in bulk. To do this, please contact our support team.
A virtual account can be closed in two ways:
- Automatically, by using the
close_by option at the time of virtual account creation, via Dashboard or API.
- Manually, from the Dashboard or using the API.
Once a virtual account is in closed state, customers cannot make payments to that account.
Currently, we do not support a bank transfer to an ICICI-based virtual account, using a UPI PSP app.
Since the customer's registered phone number and the virtual UPI identifier is the same number, PhonePe considers this as a case of the payment sender and receiver being the same person. Therefore, PhonePe may not permit such transactions.
Currently, we do not support RBL to RBL Internal Fund Transfer (IFT) transactions on Smart Collect RBL Virtual Accounts.
Currently, we do not support Google Spot integration on Smart Collect VPAs.
Currently, we support creation of Smart Collect VPAs in the live mode only.
Currently, we do not support TR field on Smart Collect VPAs.
Third-Party Validation (TPV) of bank accounts is a mandatory requirement for merchants in securities, broking and mutual funds operating in the BFSI (Banking, Financial Services and Insurance) sector.
As per Securities and Exchange Board of India (SEBI) guidelines, transactions must be made by the customers only from those bank accounts that were submitted to your business at the time of registration.
No. Smart Collect eliminates the need for manually verification of account details.
All you have to do is pass the customer's account details when creating the virtual account. Razorpay verifies the customer's account details on every payment made to the virtual account.
You can fetch the
allowed_payers list using Webhook or API response.
Virtual accounts support TPV validation for 10 accounts.
If a payment is made from an account that is different from what is provided in the
allowed_payer attribute, the amount is instantly refunded to the customer via the same mode NEFT/RTGS/IMPS/UPI.
You can view these payments on the Transactions → Refunded tab on your Dashboard. These payments have the following description:
Bank Account Validation Failed.