Virgin Money, in collaboration with payment technology and software solutions provider Global Payments, has plans to introduce a digital wallet in the UK.

The digital wallet is expected to be launched in the second half of 2022.

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Besides offering a seamless payment mechanism, the digital wallet will be integrated with Virgin Money’s range of customer products and services.

Furthermore, the new digital wallet will embed Virgin Red, which is Virgin Group’s rewards club, thereby enabling customers to earn and spend Virgin Points through the wallet.

It will also provide complete buy now pay later functionality, besides other Virgin Money products and services.

The plan on the digital wallet was announced as part of Virgin Money’s Digital First strategy and forms a core aspect of its strategic alliance with Global Payments.

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This strategy is expected to lead to cost savings of £175m over the next three years, and 50% of the savings will be invested back into the business.

Due to the use of open banking application programming interfaces (APIs), the new digital wallet will become available to any consumer or business in the country.

Additionally, it will connect to Virgin Money’s Business Bank, thereby enabling further synergies as a ‘digital merchant services proposition’.

Virgin Money CEO 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.”

Global Payments CEO Jeff Sloan 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.”