Having a strong strategy for scaling your business is crucial. A key component of scalability is financial flexibility – especially when it comes to dealing with suppliers.

Virtual currency wallets can be an excellent investment for businesses looking to scale. They offer the security and efficiency you need, along with an optimized user experience. Plus, many virtual wallets can help you avoid costly transfer fees, as well as enable simpler international transfers.

In this article, we will define what a virtual currency wallet is and cover 5 of the best wallets currently available on the market. Keep reading to learn more about virtual currency wallets and how they can benefit your business!

What is a Virtual Currency Wallet?

As companies scale, they struggle with how to represent themselves in different regions and create a process of global operations on a local scale. Virtual wallets can help.

There are several different types of virtual currency wallets, including:

•   Digital Wallets: Digital wallets are relatively simple applications that allow for easy domestic money transfers between peers and businesses. Most digital wallets are accessible from a desktop, with some available from a mobile device.
•   Mobile Wallets: A mobile wallet is a type of digital wallet specifically designed for use on a mobile device. These wallets can vary in their purpose but are generally favored for peer-to-peer transfers.
•   Multi-Currency Wallets: Multi-currency wallets are typically accessed through desktop applications and allow for scalable and international transactions. A multi-currency wallet will enable both individual and business accounts to convert currencies and transfer funds in specific regions.
•   Cryptocurrency Wallets: Cryptocurrency wallets are a type of wallet specifically made for storing and trading blockchain assets, such as cryptocurrencies, NFTs, and other tokens. Crypto wallets can be a good solution for avoiding transfer fees and tight international regulation, though they also come with hefty risks to security and compliance.

1. PingPong Virtual Wallet

Wallet Type: Multi-currency wallet

PingPong is a payments company that specifically designs solutions for entrepreneurs and e-commerce businesses. One of the main solutions offered by PingPong is their multi-currency virtual wallet. 

With PingPong’s virtual wallet, your business can open multiple accounts in 11 different currencies, including USD, EUR, GBP, HKD, CAD, AUD, JPY, MXN, AED, SGD, and PLN. Plus, PingPong helps you send money at a faster rate while also avoiding costly fees often found at traditional banks and payment providers.

From PingPong’s sophisticated and easy-to-use platform, your business can send, receive, and manage global payments with ease.

2. Coinbase Wallet

Wallet Type: Cryptocurrency wallet

Coinbase is one of the leading cryptocurrency wallet providers, offering secure protection for cryptocurrencies and NFTs.

With a Coinbase Wallet, you can access thousands of tokens and decentralized applications on the blockchain. Thanks to the decentralized format of blockchain, sending and receiving cryptocurrency transfers and payments is easy both domestically and internationally.

The Coinbase Wallet is a self-custody wallet, meaning users have total control over their keys and data.

3. Google Pay

Wallet Type: Mobile wallet

Google Pay – formerly called the Google Wallet – is a mobile wallet and payment application that allows users to send and receive money, enable contactless payments, and more.

From a business perspective, Google Wallet offers key features specifically for businesses that include enabling safer online checkouts and simple integrations to allow access to card data saved to Google accounts. Plus, even though it is designed as a mobile solution, Google Pay can be accessed from a desktop web browser.

Additionally, Google Pay has features to help with business growth, such as enabling the use of loyalty cards and delivering personalized mobile offers to customers.

4. Zelle  

Wallet Type: Mobile wallet

Zelle is a true mobile wallet that can only be accessed via a mobile device.

With Zelle, the entire focus of this wallet solution is on fast and secure money transfers between Zelle accounts. Many small businesses utilize Zelle for sending smaller transactions and accepting payments from customers.

The downside to Zelle is that it is more similar to a money transfer application than a full-scale digital wallet. As such, Zelle mainly enables peer-to-peer (P2P) transfers rather than business-to-business (B2B) transfers. While this may be suitable for freelancers, it is not a great feature for businesses looking to scale.

5. PayPal Digital Wallet

Wallet Type: Digital wallet

The PayPal Digital Wallet is designed for many different uses, including securely storing card information, trading cryptocurrencies, enabling direct deposits, paying bills, and earning interest.

For small businesses especially, the PayPal digital wallet comes equipped with many of the platform’s key features that make managing finances simpler – such as invoicing tools. PayPal also offers a variety of payment solutions to use in tandem with its digital wallet.

Final Thoughts: Get Started with PingPong Today

With the PingPong wallet solution, you can hold funds in many different currencies, as well as accept payments from major online marketplaces.

Plus, PingPong helps you simplify international supplier payment processes to keep your business streamlined and operating smoothly.

To access this highly scalable and easy-to-use virtual currency wallet, sign up for PingPong today.