Digital Wallets as RBI license criteria in India


There are four different types of #walletlicense in India.

#Closedwallet issued for facilitating the purchase of goods and services from it.

#SemiClosedwallet are redeemable at a group of clearly identified merchants that contract specifically with the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or redemption by the holder.

#Semiopenwallet can be used to purchase goods and services at any card-accepting merchant locations (Point of sale terminals).

#Openwallets are the ones that allow you to buy good and services, withdraw cash at #ATMs or banks and transfer funds, it also allows you to send money to any mobile number-account.