Published on Wed Dec 20 2023 09:15:00 GMT+0000 (Coordinated Universal Time) by Kenny Horn
Introduction
Digital wallets have become essential tools for managing finances, enabling easy access to payments, transfers, and savings. By using Virtual Accounts, developers can easily create digital wallets that can hold and manage funds securely and efficiently.
Virtual accounts can be used to create unique wallets for individuals, businesses, or organizations, offering features such as ACH wire transfers, RTP, and real-time balance updates.
How It Works
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Create a Virtual Wallet for Each User
Each user can have a unique virtual account that serves as their digital wallet. The wallet holds their funds, tracks balances, and provides a unique identifier. -
Funding the Wallet
Users can fund their wallets via ACH wire transfers, RTP, or other payment methods that Virtual Accounts supports. -
Making Payments and Transfers
Digital wallets can be used to make payments or transfers instantly using RTP. Payments can also be made using ACH for larger transactions. -
Real-Time Balance Updates
Virtual Accounts allow users to track the balance in real-time and manage multiple wallets for different purposes.
Benefits
- Secure Transactions: Use ACH and RTP for secure and fast payments.
- Instant Updates: Real-time tracking of balances and payments.
- Customizable: Easily configure wallets for different use cases, such as personal wallets, business wallets, or savings accounts.
Find out how to build a digital wallet using Virtual Accounts here.
Written by Kenny Horn
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