A business digital wallet is more than just a modern payment tool – it’s a full financial management solution designed for fast-growing, digital-first businesses. Whether you’re managing international suppliers, a team located in different areas, or a multi-currency cash flow, these wallets provide control, speed, and security that traditional business bank accounts lack.
As businesses move across borders and to mobile devices, the adoption of mobile wallets and wallet apps has grown rapidly. They’re essential for startups, SMEs, and enterprises looking for faster payments, centralised expense tracking, and seamless integrations with financial software.
Let us show you how digital wallets work, the key features and benefits of these platforms, and how Genome’s online business account within our wallet helps companies manage funds globally – securely and efficiently.
What is a digital wallet for business?
A digital wallet for business is a software-based solution that allows a company to store, send, and receive money electronically. Unlike traditional bank accounts, which often require in-person onboarding and branch visits, digital wallets operate entirely online and are designed for real-time financial operations.
Think of them as business-specific versions of consumer mobile wallets like Apple Pay, Google Pay, or Amazon Pay, but with extra features such as multi-user access, multi-currency support, and integrations for payroll, accounting, and bill payments.
These wallet apps are provided by financial institutions such as Electronic Money Institutions (EMIs) and are regulated by authorities like the central bank in their respective countries. Digital wallets are accessible through both desktop and mobile apps, making them perfect for businesses with remote teams or operations in multiple countries.
Digital wallets often offer a better customer journey than traditional banking. Instead of long onboarding times and physical paperwork, they enable quick account setup, automated compliance checks, and a frictionless user experience – users can access and manage business funds in minutes.
Key features of business digital wallets
Digital wallets are no longer just a payment method – they’re an entire ecosystem designed to optimize how businesses manage, track, and manage funds.
Below are the most important features that set business-focused wallets apart from traditional banking systems.
Multi-currency options
Multi-currency accounts inside business wallets allow you to open sub-accounts in multiple currencies such as USD, EUR, GBP, and others. You can do internal transfers between these currencies, which, in some cases, will be at better rates than commercial banks.
Local and cross-border transfers
These platforms support money transfers using global systems like SEPA and SWIFT. Whether you’re paying a supplier in Germany or a freelancer in the Philippines, transfers are faster and cheaper than standard wire payments.
Role-based permissions
A major benefit of digital wallets is the ability to create custom user roles. Whether you’re onboarding a CFO, an external bookkeeper, or a junior finance analyst, you can control what they see and do – securing sensitive payment information. For instance, Genome offers a shared business account feature that allows just that!
Real-time transaction tracking
Every action – whether it’s a contactless payment, inbound invoice, or QR code scan – is logged and visible in the wallet dashboard. You can track spend by user, card, or department, for a complete view of your transaction information.
Virtual and physical debit cards
Most business wallets let you issue debit cards to employees. These can be virtual cards for online tools and subscriptions or physical cards for in-person spending. For instance, with Genome, you can assign each card to a specific currency account and monitor all transactions live.
Integration with finance tools
Modern wallets connect with platforms like Xero, QuickBooks, or your eCommerce CMS. APIs allow developers to automate workflows such as bulk digital wallet payments, invoice reconciliation, or custom payment method rules.
Open an account
in Genome online
Benefits of using a digital wallet for business
Switching to a digital wallet brings measurable benefits beyond convenience. From cost savings to operational agility, here’s how businesses benefit from moving away from traditional financial infrastructure.
Global payments
Banks take days to process international payments. Digital wallet payments are usually performed more quickly than those made with traditional banks, allowing you to make transfers on the go – from the app. This is critical for businesses that need fast supplier payments or global workforce compensation.
Lower operational costs
Lower FX rates, fewer hidden fees, and reduced reliance on physical cards and branch-based services mean digital wallets can save you money.
Better financial visibility
All incoming and outgoing funds are visible in one place. Dashboards show categorised expenses, current balances across currencies, and real-time transaction history – all without waiting for end-of-month statements.
Expense control and compliance digital wallets let you set spending limits per user, per card, or per transaction type. This helps you enforce policies and track team expenses, reducing fraud and improving reporting accuracy.
Mobile-first convenience
You can manage your company’s finances from anywhere. The combination of a responsive web app and dedicated mobile apps means you’re never far from approving a payment or issuing a new employee card.
How digital wallets improve the customer journey
Digital wallets not only streamline backend finance but also transform how businesses and their teams interact with money.
Onboarding: Companies can create a business wallet online, bypassing the paperwork and delays of traditional banks.
Spending: Employees get access to debit cards linked to the company wallet, with rules defined by finance managers.
Access management: Custom roles allow for secure collaboration without shared credentials or risky manual processes.
In-store and online transactions: Whether paying in-store or making purchases online, contactless payments and tokenized transactions improve speed and security.
By removing unnecessary friction and offering real-time tools, digital wallets optimise every touchpoint in the financial customer journey.
Who should use a business wallet?
Digital wallets are for:
Startups and SMEs: Quick setup, low fees, and scalable features.
Remote-first teams: No need for a physical office or bank branch.
Freelancers and consultants: Easy global payments and expense tracking.
eCommerce platforms: Multi-currency support and integration with marketplaces.
High-risk industries: Greater flexibility than with traditional banks, although not all digital wallets allow clients from high-risk industries.
Digital ballet vs traditional business bank
Feature | Digital wallet | Traditional bank |
Setup time | Usually a couple of days, via web or wallet app | Days to weeks, often requires physical visit |
Currency options | Hold and convert between currencies within one wallet | Requires multiple accounts or high exchange fees |
Transfers | Fast SEPA/SWIFT digital wallet payments | Slower and more expensive wire transfers |
Card support | Virtual and physical debit cards, linked to mobile wallets | Often limited to one or two credit and debit cards |
Access management | Custom user roles with audit trails | Typically shared credentials or manual approval |
Mobile access | Full functionality on mobile apps and desktop | May have limited mobile commerce capabilities |
Security | Tokenized card details, NFC technology, 2FA, encryption | Same, but overall slower adoption of newer technologies |
How Genome’s business wallet works
Genome is an EU-based Electronic Money Institution regulated by the Bank of Lithuania, offering a full suite of digital banking solutions for businesses.
What You get with Genome:
Complete online setup: Create your business wallet without branch visits.
Multi-currency accounts: Open and manage up to 5 accounts per currency. We have the following currencies available for account opening: EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, AUD, and DKK.
Fast international transfers: Access SEPA Instant Transfers for payments within the SEPA Zone in seconds. Unlock access to SWIFT transfers in all currencies that are available within the multi-currency account.
Business debit cards: Issue the first 100 virtual cards for just 1 EUR/card, instantly manageable via your dashboard. Order physical cards and get them delivered to you.
Mobile wallet integration: Genome cards work with Apple Pay, Google Pay, and Garmin Pay.
Team roles: Assign permission levels to team members to manage the account together.
Security: All accounts are protected with 2FA, PCI DSS compliance, and SCA regulations.
Open an account
in Genome online
Are digital wallets safe for business?
Yes. Reputable providers like Genome apply top-notch security and regulatory safeguards.
Regulatory oversight: Licensed by a central bank, operating under strict e-money laws.
Fund safeguarding: Client funds are stored in segregated accounts and never lent out.
Authentication: Access is protected by 2FA, biometric login, and device recognition.
Encryption and tokenization: Every transaction hides your actual card details, using secure, encrypted tokens.
NFC: Tap-to-pay options provide a secure and fast way to make in-store purchases.
When choosing a wallet, look for transparent providers with verifiable licenses and good customer support.
Why your business should use a digital wallet today
Business finance is going digital – and that’s already here. Traditional banking systems, with their long onboarding, hidden fees, and limited flexibility, are no longer suitable for companies operating in fast-paced global markets. A business wallet offers not just convenience but a smarter way to manage payments, reduce friction, and adapt to changing customer expectations.
From multi-currency support and instant global transfers to real-time transaction tracking and mobile-first management, digital wallets are changing how companies of all shapes and sizes manage their finances. They support remote teams, simplify cross-border operations, and overall financial control – all while reducing dependence on old branch-based systems and physical cards.
Whether you’re a startup founder scaling up, a CFO optimising cash flow, or a finance manager looking for better expense controls, using a digital wallet is a smart move to efficiency and growth.
Genome’s business wallet is built for these needs. With virtual and physical debit cards, advanced access controls, seamless integrations, and compliance-ready infrastructure, Genome gives businesses the tools to succeed in a borderless world.
