Best virtual wallets: what you need to know

The growing popularity of the best digital wallets has given people a new way to handle their money safely. 

A digital wallet makes life easier, as you can move cash, make contactless payments, and use a debit card at any time with no fuss. So, what are the key points to understand about virtual wallets? 

Why choose a virtual wallet?

There are a few reasons to pick a digital wallet, such as Google Pay or Apple Pay, for simple money transfers. For many people, speed and convenience are the key to this decision. They want to send and receive money instantly from a mobile payment app. 

For others, a high level of security is a key benefit when they decide to use one of these mobile wallets. Your cards are protected through a variety of measures, including data encryption and tokenization of the card details.

The best digital wallets are designed to replace the physical cash and bank cards that we’re used to carrying with us. Instead, it’s easy to scan your cards and then have secure access to them wherever you go. 

It means your payment information is always on hand, simplifying your online and in-store purchases. You can also link your PayPal account in some cases, giving you an extra option for funding your purchases.

It can be a particularly useful approach for anyone who travels a lot and needs to make payments conveniently along the way. 

It can also take the stress out of dealing with different European currencies when you are on a business trip and have chosen the best debit card for travel purposes. Loyalty cards and boarding passes can be stored in these wallets for greater convenience.

How do virtual wallets work?

Digital wallet apps are designed to let you make mobile payments directly from a smartphone. You start by linking a debit card to the digital wallet. You can now pay directly in stores by tapping your unlocked device on a payment terminal or make online digital payments instantly.

When looking for the right digital wallet, it’s important to understand the technology that makes it safe to use with just a few taps. Encryption is used to protect user data from hackers. Tokenization is a process that protects your actual card details by changing them with every transaction.    

You can download a digital wallet for your smartphone from the Google Play Store or App Store. Don’t confuse them with crypto wallets, which generally use complex security, including long seed phrases, and are used to store cryptocurrencies such as Bitcoin. A wallet like Google Pay offers a high level of security but is also extremely easy to use. 

Top features to look for in a digital wallet

When you look at options such as Apple Pay, Google Pay, and Samsung Pay, you might wonder which of these mobile wallets is right for you. Use the following criteria to better understand the main factors to consider.

Security and encryption

Virtual wallets usually have standard security measures you would expect to find with many payment methods, including encrypted payment codes, biometric authentication, and two-factor authentication (2FA). These measures keep your information safe without complicating the way you use it. You can easily use your mobile device to carry out a swift and intuitive payment process.

You can make a digital wallet work for you without compromising your data privacy. It is a hugely important aspect of any wallet app and enables users to make payments confidently online or in stores. 

Multi-currency support

Having a multi-currency account is hugely helpful if you plan to carry out international transactions or withdraw cash in different countries. It can help you avoid high transaction fees and get a smoother overall experience. 

By allowing you to store money in various currencies, this digital payment method provides benefits for travelers and global online shoppers.

You usually need to take your physical card abroad to carry out ATM withdrawals. However, using digital wallets lets you make online payments or pay in stores very with ease when you’re away from home, regardless of the currency you need to pay with.

Seamless user experience

A digital wallet with a simple registration process lets you get started in next to no time. After setting up an account, you can then add your bank cards easily. At this stage, you’re ready to make an online payment or your first in person payment. 

Paying in a store is usually done just by unlocking the phone and swiping the device. Online purchases are also short and simple to carry out thanks to the intuitive interface of the likes of the Google Pay and Apple Pay apps.  

You’re unlikely to run into issues, but if you do, the 24/7 presence of a responsive and helpful customer support option is crucial. If you ever have any issues, live chat is likely to be the fastest and most effective way to sort them out. 

Integration with e-commerce and apps

Having a wallet that’s integrated with a broad range of ecommerce sites and apps lets you carry out financial transactions with no fuss. Whether you’re in a local store or paying in foreign online stores, you can pay effortlessly. One-click and contactless payment options with digital wallets make it easy to pay in little time.

Comparing leading virtual wallet solutions

The number of different wallet app options for your mobile device may make it difficult to know which digital wallet is right for you. The following points will help you decide which to choose.

Wallet type. App-based wallets and card-linked wallets are among the options. While they appear to be similar, there are some important differences to be aware of. Digital wallets can be considered storage devices for your cards, while payment apps link your cards and bank accounts to an online account.  

Transaction fees are among the key points to consider when using any digital wallet. The best wallets won’t charge you for using them, so any charges are simply based on your card’s terms and conditions. It means you can use the top wallets without adding any cost to your transaction.

The speed of transfers and card payments should be similar to every good digital wallet, as they’re designed to give you an instant way of paying virtually anywhere in the world.

The availability of a digital wallet in different regions is crucial if you plan to send and receive money as you travel. You should check in advance to see whether the technology used is supported in the places you expect to travel to.

App-based wallets

An app-based wallet should be extremely easy to use. Cash app users can check their balances in real time and should be able to access extras. 

Budgeting tools, boarding passes, and the integration of loyalty cards are among the additional features added to the basic function of carrying out money transfers and online purchases. 

These wallets are easy to use, with a quick process for adding a new card and then using it to pay. You can think of them as a digital way to store your bank cards.    

Web-based and card-linked wallets

This approach lets you access your linked debit and credit cards via a web browser. Immediate spending updates let you see right away when you pay bills or make other payments from the wallet. 

It lets you simplify record-keeping for items you use your payment cards for. All the payment details you need to see are in one place that can be easily accessed at any time.

It’s a neat way to see your overall banking situation, but it doesn’t offer the chance to swipe your mobile device and pay directly with it, so you still need to have your physical cards to pay in-store.

How Genome enables your seamless use of virtual wallets

Genome is an electronic money institution that you can trust since it’s licensed and supervised by the Bank of Lithuania. You’ll find a wide range of products and services to choose from, such as international transfers, a dedicated IBAN account, multi-currency accounts in EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, and AUD, and more.

And, of course, we provide debit Visa cards as well, which can be linked to accounts in EUR, USD, GBP, PLN, CHF, CZK, HUF, and SEK! Both physical and virtual options are available to order online in just a few clicks.

All our cards are contactless and compatible with Google Pay, Apple Pay, and Garmin Pay, enabling your seamless virtual wallet experience!

All these options add up to make a solid, reliable option if you’re looking to get a secure digital wallet that’s user-friendly and extremely useful. 

The benefits offered make this a sensible choice if you need to use a payment app without any fuss or want a virtual or a physical card you can use anywhere in the world where Visa is accepted.

Tips for secure virtual wallet usage

Some security measures are needed when you plan to use a digital wallet. The good practices begin when you choose a strong password. Whether you use Google Pay, Apple Pay, or some other option, every wallet or cash app needs a good password to protect it.

Don’t forget the security of your mobile device if you’re planning to add a digital wallet and link it to bank accounts or cards. You’ll be sending and receiving payment information, meaning that the smartphone needs to be free of viruses.

Be aware of the latest phishing tactics and other scams that may target cash app account users. Always keep your device’s software up to date and only use official apps like the Samsung Wallet, Google Wallet, or Apple Pay digital wallet. 

Key takeaways

Digital wallets have emerged as one of the safest and simplest ways to make contactless payments. By linking your debit card and bank accounts to this type of wallet or cash app, it’s possible to get a better banking experience and keep your debit card safer while retaining constant 24/7 access.

This approach lets you stay in control of your payment information and bank transfers for a better overall experience that suits your personal and business needs. 

Understanding how these wallets work is crucial, no matter if you need a wallet for Android devices at home or a way to use your physical card on Samsung devices securely with multiple currencies when traveling.

Don’t forget that you should only use trusted institutions like Genome to get a safe, reliable experience every time you use Samsung Pay, Apple Pay, Google Pay, or other digital wallets.    

FAQs

What is the difference between a virtual wallet and a mobile banking app?

A virtual wallet such as Google Pay and Apple Pay lets you make contactless payments by linking it to the debit or credit cards connected to your bank accounts. Mobile banking apps let you access all the functions of your bank account to transfer money, make bill payments, ACH payments, and so on. 

Are virtual wallets safe for large transactions?

Yes, provided that you use a trusted provider like Genome and highly rated wallets such as Google  Pay, Samsung Wallet, or Apple Wallet. This is one of the safest ways to carry out instant transfers without carrying physical debit or credit cards.

Can I use my digital wallet if I don’t have internet access?

Some of these wallets let you pay with your debit cards or credit cards, even without internet access. However, they tend to have a limited capacity for storing details offline, so try to avoid being offline for too long.

Do virtual wallets charge additional fees for international payments?

These wallets don’t charge extra for making payments, so it depends on the terms of your card. If you have a card with low transaction fees, this can be one of the most cost-effective ways to make payments with credit cards anywhere you travel. 

How do I recover my wallet if I lose my phone or device?

Log into your wallet using your credentials on a different device. You can then remove it from that device before adding it to another and resuming your contactless payments without any fuss. The process varies slightly between Android and Apple devices, but the idea is the same.

Can I use my virtual wallet for subscription-based services?

Yes, Google Wallet and Apple Wallet are among the options where you can transfer money regularly to pay for a subscription using recurring payments from your card.