Virgin Money today announces its intention to launch a digital wallet with its strategic partner Global Payments, a leading worldwide provider of payment technology and software solutions. The new digital wallet will sit at the heart of Virgin Money’s payments, loyalty and unsecured credit offering to customers.
Virgin Money’s digital wallet will be a compelling customer proposition in the UK, offering a fully branded, seamless and secure payment mechanism which will integrate with Virgin Money’s broader suite of customer products and services. Crucially, the new digital wallet will seek to fully embed Virgin Red – Virgin Group’s rewards club, allowing customers to both earn and spend Virgin Points through the wallet. It will also offer full Buy Now Pay Later functionality, as well as other Virgin Money products and services.
Announced as part of Virgin Money’s accelerated Digital First strategy, the digital wallet is a core element of its strategic alliance with Global Payments. Through the use of open banking application programming interfaces (APIs), the new digital wallet will be available to any consumer or business in the UK. It will also connect to Virgin Money’s growing Business Bank, creating an opportunity for further synergies as a digital merchant services proposition.
The first release of the digital wallet is anticipated to be available to customers in the second half of 2022.
Virgin Money Chief Executive Officer David Duffy said: “Our branded digital wallet will truly bring to life the benefits of Virgin Money’s unique customer offer. By fully integrating the Virgin Red rewards club alongside our broader suite of products and services, we can create compelling value for both customers and the bank.”
Jeff Sloan, Chief Executive Officer, Global Payments said: “We have a unique advantage of combining both sides of the payments ecosystem, coupling our merchant and issuing capabilities to deliver the next generation of digital commerce to our clients. Together with Virgin Money, we are building best-in-class digital solutions to provide exceptional, frictionless experiences for Virgin Money customers and merchants.”