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What is the difference between semi-closed wallets and closed wallets?

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sushmitasathe Offline referral

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Joined: Aug 2018
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#1
Junior Member
I am very curious about online digital wallets. I want to differentiate between semi-closed wallets and closed wallets? Also please explain the advantages and disadvantages of semi-closed wallets and closed wallets.
trainingshoe Offline referral

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#2
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Closed Wallet
E-wallets have been around for fairly some time & their acceptance has been increasing at an exponential rate. Digital wallets have almost become payment banks in the e-commerce industry. A Closed wallet is a brilliant device for developing client faithfulness by way of providing reward based cash back & also for crediting money in contradiction of the rejected orders by forcing the customers to use the money for the purchase of goods or services being provided by the issuer. Closed wallets are wallets which are delivered by a company to a consumer for procurement of goods & services entirely from that company. Examples – Amazon Wallet.

Semi Closed Wallet
In semi closed wallets, one can do shopping & transfer virtual fund to another user in same wallet network. Semi-closed wallet also allows one in transforming a certain amount of wallet balance to their bank A/c. Semi-closed wallets are very popular in India. These wallets are making online shopping simpler and also providing a high level of security in payments. These wallets offer rapid transactions as well as uninterrupted refunds. The wide service coverage is another factor which contributes to the success of this concept.



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