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Introduction

Wallets offer your customers a simple way to move and store money for use cases that don’t require a traditional bank account.

They’re a new type of account on the Unit platform, alongside Deposit Accounts and Credit Accounts. Each of these account types can carry a balance (example: $50) and support transactions (example: two ACH credits of +$25 each).

Many people are already familiar with wallets from apps like Uber. When an end-customer loads $50 onto their Uber Cash account, those funds are stored in a wallet rather than a traditional bank account.

Why choose Wallets over traditional bank accounts?

  1. Depending on the use case, they can be faster and easier to set up, with streamlined onboarding flows (subject to bank approval).

  2. They can be a good fit for customers who don’t need the full suite of services that come with a traditional bank account.

  3. They can be a good fit for use cases that limit how and where the money can be spent (e.g., closed-loop payments, FSA accounts).

Similar to an embedded bank account, Wallets also allow companies to improve customer retention and engagement by keeping funds on the platform.

Note

All Wallets use cases and onboarding requirements are subject to approval by your bank partner.

Use Cases for Wallets​

Business bill payments​

Certain kinds of bill-pay solutions can be enabled using Wallets.

For example, companies like BILL that help small-business customers pay vendors can use wallets to simplify their outgoing payment operations. Imagine a customer, ABC Kitchen, who needs to pay two grocery suppliers. ABC Kitchen could send a single $2,000 payment into a wallet and, from there, make two subsequent payments of $1,000 to the grocers.

This structure would enable small businesses to manage vendor payments more efficiently—without needing to debit an external bank account for each transaction.

Stored-value wallets​

Marketplaces or platforms can enable end-customers to store funds that can only be spent with businesses on their platform.

Uber Cash is a great real-world example. End-customers can add funds to Uber Cash and use them towards purchases on Uber, like rides, packages, and food deliveries.

By keeping end-customer funds within the ecosystem, platforms like Uber can increase revenues, reduce payment processing costs, and even build an on-ramp to embedded bank accounts.

Benefits​

Employee-benefits platforms can enable their customers to offer benefits like Flexible Savings Accounts (FSAs) via wallets. This enables employers to set up and offer certain benefits programs without needing to open an additional bank account.

For example, Rippling enables small businesses to offer FSA wallets to their employees, who can use them to pay for eligible medical expenses.

Using Wallets can streamline the management of employee benefits and make it easier for users to access and use their funds in their FSA.

How to build with Wallets​

Wallet Terms​

When creating a Wallet, you will need to specify the Wallet Terms. These terms define the features and policies that apply to the Wallet, including:

  • Fees
  • Limits
  • Card settings
  • Clearing periods for various payments (e.g. check deposit)

Supported Features​

Currently, Wallets support the following features and payment types:

Additional functionality is coming soon; check the roadmap for updates.

Tech Integration​

Depending on your program, the Wallet configuration process may differ.

For example, if you’re offering Wallets to new customers, you’ll need to create an application and customer before creating a wallet. If you’re offering Wallets to your existing customers who have already applied, you will simply create a Wallet for them referencing an existing customer id.

Creating Wallets for New Customers​

If you’re offering Wallets to new customers, you’ll need to configure and create applications for those customers to apply, and upon approval, create customers and wallets for them.

Step 1: Configure Wallet Terms

Before you can create Wallets, you must first configure your Wallet Terms—these define the parameters of the Wallet account (e.g., limits, fees).

  • Sandbox Setup: In the sandbox, name the Wallet Terms walletDefault.
  • Production Setup: Contact Unit to configure and activate the Wallet Terms appropriate for your organization. This can include multiple terms for different business scenarios.

Step 2: Create Customer Application

Choose the application type depending on your end-user’s business structure:

Step 3: Create a Wallet

After the customer is approved, you can create their Wallet.

  • When calling the Create Wallet endpoint, you will need to include an id of the BusinessCustomer or the IndividualCustomer that was created successfully as a result of the Create Business Application or Create Sole Proprietor Application call.
  • Provide the walletTerms name (e.g., walletDefault in sandbox).
  • Don't try to create a Wallet for a customer who hasn’t gone through and been approved via the application flow. This attempt will fail.
  • If you have multiple Wallet Terms configured, ensure you are using the correct one that matches the customer’s eligibility or product offer.
Suggestion

If a certain Wallet functionality is not supported as expected, contact Unit in order to troubleshoot and resolve the issue.

Creating Wallets for Existing Customers​

If your organization already has approved customers in Unit’s system and you’re looking to provide them with Wallets, you can do so directly—no need for them to reapply. Here's how to do it correctly:

Step 1: Ensure Wallet Terms Are Configured

Before creating any Wallets, make sure Wallet Terms are already in place for your organization.

  • Sandbox Setup: In the sandbox, name the Wallet Terms walletDefault.
  • Production Setup: Contact Unit if you need to configure custom Wallet Terms or manage multiple configurations.
Note

You must supply the correct walletTerms name when creating a Wallet, this ensures the Wallet behaves as intended (correct limits, fees, etc.)

Step 2: Create a Wallet

Now that your customer exists and Wallet Terms are configured, you can create a Wallet for them.

  • When calling the endpoint, you will need to include an id of the existing BusinessCustomer or IndividualCustomer (with a soleProprietorship flag).
  • Provide the walletTerms name (e.g., walletDefault in sandbox).
  • Contact Unit to enter other Wallet Terms configurations under your organization.
  • If you have multiple Wallet Terms configured, ensure you are using the correct one that matches the customer’s eligibility or product offer.