Hypto Banking & Collections FAQs
1. What is the Hypto Banking stack?

Hypto Banking stack allows you to create unique virtual accounts for your customers on demand and accept payments via NEFT, RTGS, IMPS and UPI.

2. What is the use of virtual accounts?

Virtual accounts help you reconcile payments from NEFT, RTGS, IMPS and UPI – we send you an instant call-back notification as soon as the payment is received along with the complete remitter details. This help you capture and understand the source of the payments in real- time and take action accordingly.

3. What are the use cases of virtual accounts?

Some sample use cases are mentioned below –

  1. Crypto currency exchanges can create unique virtual accounts for each of their customers and start accepting INR deposits in real-time through online fund transfers
  2. Gaming companies can create a storage wallet in the form of virtual accounts and customers can fund their wallet using online fund transfer to start gaming instantly
  3. Lenders and fin-tech companies can use virtual accounts to match off and reconcile payments with which customers have paid how much at what time instantly.
4. How is virtual account different from a payment gateway?

A payment gateway is primarily used for one-time transactions or purchases and is very expensive – approximately 2% of the value goes as fees. Virtual accounts can be used for both one-time payments as well as recurring payments (such as funding your crypto wallet) and the charges are minimal.

5. What are the modes of virtual accounts?

Virtual accounts can be created on Hypto through 2 modes –

  1. Virtual account number – this is a combination of account number and IFSc code that customers can add as a beneficiary in their netbanking account and make an online transfer
  2. Virtual UPI ID – this is a dynamic generated UPI ID for each customer that they can add money to using any UPI app – such as Google Pay (Tez), PhonePe, PayTM etc.
6. What are the challenges while using virtual accounts?

Currently banks do not support intra bank transfer to virtual account numbers. However, UPI transfers are allowed within bank too. Please refer table below for the virtual accounts on Hypto –
Payment modeVirtual Account Bank
Yes BankIDFC Bank
UPIInter-bank & Intra bankNo
IMPSOnly inter-bankOnly inter-bank
NEFTInter-bank & Intra bankOnly inter-bank
RTGSOnly inter-bankOnly inter-bank

Postman Collection


Copied Link
Open in Postman