What is a virtual account?
Also called: Dedicated account number, Dynamic account
A virtual account is a bank account number created for a single payment or customer, so that a bank transfer into it can be matched automatically to what it is paying for.
The problem it solves is the bank transfer with no reference: money arrives in the business account and someone has to work out who sent it and for what, often from a screenshot.
With a virtual account the account number is the reference. A transfer into it can only belong to one booking, so it is matched without asking for proof of payment.
In Nigeria
Bank transfer is one of the most common ways to pay in Nigeria, so virtual accounts matter more here than in card-first markets. Customers pay from their usual banking app; nobody has to send a screenshot.
How Superspace handles it
In Superspace you can generate a virtual account for a POS booking. When the transfer lands, Superspace matches it to that booking and confirms it. Each virtual account has an expiry. See Take payment by bank transfer.
Common questions
Is a virtual account a real bank account?
Yes. It is a real account number that receives transfers like any other, issued through a payment provider for a specific payment.