what is semi closed wallet and how it works?
semi closed wallet. One of the online merchants that uses semi closed wallet is Paytm. By using this semi closed Paytm wallet you can pay your postpaid and utility bills including many others bills, Paytm closed wallet, using this closed wallet you cannot purchase anything from other e-commerce websites like amazon, flipkart, snapdeal or any other third party websites because it only allows you to shop in the websites with are tied up with Paytm. this time Paytm semi closed wallet is released into the market so that you can use the paytm services to not only pay the utility bills but also you can buy goods from third party vendors that means now you can shop from any websites like amazon and flipkart by using semi closed paytm wallets.
the main thing you need to remember is that the amount loaded into the wallet, you can’t withdraw but you can transfer that amount to any other accounts. the loaded amount is used to purchase goods or to pay your utility bills only. some telecom operators have their own wallets like Airtel-My Money and Idea-Mobikwik many others wallets are also available.
What is the difference between semi-closed wallets and closed wallets?
To start your own wallet you have to take the permission from RBI. By using the semi closed wallet you can load the money from your bank accout to semi closed wallet and puchase the goods or avail the services from the pre-listed providers in the list
this kind of wallets is used to purchase the item sold by that merchant itself. for example you own a shopping mall and it’s name is shoppers stop. now you can create a wallet and you don’t need to take the liecence from RBI because its your wallet. how this wallet works you can load the money into the wallet , its like flipkart app but additionally havinig the facility of payment.