Mobile wallet and its Type
Locked, semi-closed, and open mobile wallets are categorized into three major types: eWallet or mobile wallet.
Closed wallets are connected to a broker or private business where you can only buy money directly from a single trader. One may not move money from these wallets to your bank account. Some of the example from the closed wallet is Amazon Pay and Ola Currency.
Semi-closed wallets :
Many traders may use Semi-closed wallets to manage their payment gateway deal. You can receive money into your bank account in semi-closed wallets, but you cannot withdraw the money as money. Paytm, Freecharge, and Mobikwik are examples of wallets like these.
On the other side, available wallets are not confined to the two others. Such a wallet shall also be issued by or to a third party directly by a bank. Any purchase can use the money in the pocket, and users can withdraw cash from their account. E.g., PayPal and Vodafone M-Pesa are mobile money wallets.
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