2. E-Wallet
• A digital or Electronic wallet refers to an online service that
allows an individual to make electronic transactions.
• This can include purchasing items on-line with a computer or
using a smartphone to purchase something at a store.
• An individual's bank account can also be linked to the digital
wallet.
• They might also ask for driver's license, health card, loyalty
card(s) and other ID documents stored on the phone.
• Eliminating entry and storage of information on a merchant’s
server.
3. This is how we use E-Wallet
Download the respective mobile wallet app from the
app store on the mobile device.
Register for free using an email id & password.
After logging to your account, choose the payment
method from various options like – credit/debit card, net
banking transfer, ATM transfer, etc.
You can add money simply to your e-wallet for making
online mobile recharge, DTH recharge, send/receive
money, etc.
4. Types of E-Wallet in India
According to RBI, there is three kinds of mobile wallets
–
closed E-Wallets
semi-closed E-Wallets
open E-Wallets
5. Closed Wallet
Closed wallet doesn’t provide services like redemption
or cash withdrawal – only can be used for goods and
services for that specific company.
Online merchants like MakeMyTrip, Jabong, etc. are
some examples of closed wallets.
In case of any cancellation or to return product your
registered MakeMyTrip or Jabong accounts credited
with the refund amount. This can only use with same
merchant.
6. Semi-Closed Wallet
Semi-closed wallets are also similar like closed wallets.
It also doesn’t permit to redeem or withdraw cash.
But allows users to purchase goods and services with
listed merchants who have a contract with Wallet
Company to receive payment.
Paytm, PayUMoney, MobiKwik, etc. are examples of
semi-closed e-wallets.
Moreover, they are the most downloaded and trending
mobile wallets in India.
7. Open Wallet
The wallets that allow users to redeem plus withdraw
cash name as Open Wallets.
Vodafone Powered M-Pesa wallets is the perfect
example.
8. Withdraw Cash from Open
Wallet
First on your phone:
Select 'Withdraw Cash' from the M-PESA menu.
Select withdraw option as 'From ATM'
Enter Agent Number which is 555555 if
you're withdrawing from these ATMs: Pesapoint and
NIC Bank and if you're withdrawing from Equity Bank
ATM use the Agent Number 286286.
Enter your M-PESA PIN.