VIRTUAL ACCOUNT Meaning and
Definition
-
A virtual account refers to a digital or online representation of a financial or banking account. It functions similarly to a traditional account, but without the need for physical documentation or a physical presence at a brick-and-mortar bank branch.
Virtual accounts are typically created and accessed through digital platforms such as websites or mobile applications provided by financial institutions. Users can open a virtual account by providing necessary identification and personal information, which is verified electronically. Once the account is opened, users are assigned an account number, along with login credentials and passwords to access their virtual account.
These accounts facilitate online transactions, such as making payments, receiving funds, and managing finances electronically. Virtual accounts often offer the same features and services as traditional accounts, including the ability to deposit and withdraw funds, access transaction history, view balances, and set up notifications and alerts.
The primary advantage of virtual accounts is the convenience and accessibility they provide. Users can manage their financial activities and conduct banking operations remotely, anytime and anywhere with an internet connection. Virtual accounts also offer enhanced security measures for transactions, leveraging encryption and authentication protocols to ensure the safety of user data.
In summary, a virtual account is a digital representation of a financial account that allows individuals to perform banking operations and manage their finances using online platforms, providing convenience and accessibility in the digital era.
Common Misspellings for VIRTUAL ACCOUNT
- cirtual account
- birtual account
- girtual account
- firtual account
- vurtual account
- vjrtual account
- vkrtual account
- vortual account
- v9rtual account
- v8rtual account
- vietual account
- vidtual account
- viftual account
- vittual account
- vi5tual account
- vi4tual account
- virrual account
- virfual account
- virgual account
- viryual account
Etymology of VIRTUAL ACCOUNT
The term "virtual account" is derived from two key words: "virtual" and "account".
The word "virtual" originates from the Latin word "virtus", which means strength, virtue, or power. It gained its modern usage meaning "existing or occurring on a computer or the internet" in the late 20th century.
The word "account" has its roots in the Latin word "computare", meaning to calculate or reckon. It evolved through Old French into Middle English with the meaning of a record or register of financial transactions.
Therefore, the combination of these two words, "virtual account", refers to an account or record of financial transactions that exists digitally or online rather than physically.
