Electronic wallets have existed for quite some time and their acceptance has increased exponentially. Digital wallets have almost become paid banks in the e-commerce industry. A closed wallet is a brilliant device to develop customer loyalty by returning cash based on rewards and also to credit money in contradiction to rejected orders by forcing customers to use the money to purchase goods or services. provided by the issuer. . Closed wallets are wallets that are delivered by a company to a consumer for the acquisition of goods and services entirely from that company. Examples – Amazon Wallet.
In semi-closed wallets, one can make purchases and transfer virtual funds to another user in the same portfolio network. The semi-closed wallet also allows you to transform a certain amount of wallet balance into your bank A / c. Half-closed wallets are very popular in India. These portfolios are simplifying online purchases and also provide a high level of payment security. These portfolios offer quick transactions, as well as uninterrupted refunds. The wide coverage of services is another factor that contributes to the success of this concept.