It’s easy to forget your wallet, but not as easy to forget your phone. We take them everywhere we go, which means it’s easy to make a smart or mobile wallet part of your everyday routine. Virtual wallets are especially popular with Millenials and Gen Z, a demographic that’s largely transitioning away from traditional payment methods like cash and debit cards. Virtual wallets, also known as mobile wallets, are designed to provide users easy and immediate access to their money even when they don’t have cash or physical cards on hand, the most familiar and well-known examples are Apple Pay and Google Pay. Simple and straightforward, the virtual wallet sign up process connects your bank account to your wallet provider (usually Apple, Google, or Samsung) so it’s located in one app.
By storing all of your payment-related information, it allows you to pay electronically - usually in the form of contactless payments or tap and go. What is a virtual wallet?Ī virtual wallet is an electronic wallet (or e-wallet) that lives on your mobile device or synced Smartwatch. When you're using a virtual wallet during checkout, you no longer need to fumble with cash and cards, making the checkout process smoother and ensuring a seamless transfer of funds. Virtual wallets are also a helpful way of keeping track of all your financial information together, merging the worlds of cash, debit and credit - even crypto. By adding your cards into a virtual wallet, you don’t need to even have your wallet in your pocket or purse to make payments on the go they’re possible, convenient, and popular with a virtual wallet. Virtual wallets condense all your physical cards into one electronic space. Rewards cards, membership cards, debit cards, credit cards - there’s so many to keep track of! If only there was a one-stop shop where you could store all your cards and have them in your hand at the touch of a button… Choosing the right cards to sit in your wallet is always a challenge.
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