Types of mobile wallets
Q. Which of the following wallets lets you withdraw cash from ATMs?- Published on 07 Mar 16a. Open Wallets
b. Semi-Open Wallets
c. Closed Wallets
d. Semi-Closed Wallets
ANSWER: Open Wallets
Different Types of Wallets- OPEN WALLETS: The ones that allow you to buy goods and services, withdraw cash at ATMs or banks and transfer funds; these services can only be jointly launched with a bank. Apart from the usual merchant payments, it also allows you to send money to any mobile number bank account. M-Pesa by Vodafone is an example.
- SEMI-OPEN WALLETS: You can't withdraw cash or get it back. In this scenario, a customer has to spend what he loads. Airtel Money is a semi-open wallet, which allows you to transact with merchants having contract with Airtel.
- CLOSED WALLETS: Quite popular with e-commerce companies, where a certain amount of money is locked with the merchant in case of a cancellation or return of the order, or gift cards.
- SEMI-CLOSED WALLETS: These do not permit cash withdrawals or redemption, but allow you to buy goods and services from listed merchants and perform financial services at listed locations. Paytm is an example.
