Examples of Digital Wallets
by SMEBOOK (admin) · November 4, 2020
There are three types of digital wallets:
- Open Wallet: Open wallets are digital wallets that are free to use by the customer for varied transactions. There is no restriction on the type of transaction or receiving party etc.. For e.g. Bank Wallets like ICICI bank wallet, HDFC bank wallet etc.
- Semi-Closed Wallet: These wallets allow payments to and from certain identified merchants and service providers that accept payments through these wallets like Paytm, PayPal etc.
- Closed Wallet: This wallet works exclusively between parties where the customer can only use the wallet to pay for goods and services of a particular business only. For Eg. Ola Money, Future Pay etc.