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Sunday, April 3, 2016

Semi-closed e-wallets

 
e-wallets


1 Semi-closed e-wallets are online prepaid accounts, which can be used to pay for goods and services at select merchant locations that have tie-ups with the e-wallet issuing company.

2 The owner of the semi-closed e-wallet is not allowed to redeem or withdraw cash from the wallet and is required to use the credit to make online payments.

3 The money is kept in an escrow account with a bank and the customer does not earn any interest on this money.

4 Other than banks and non-banking financial companies, all entities are allowed to issue only closed or semi-closed e-wallets to customers.

5 The customer must fulfil KYC requirements depending on the value of transaction. For payments of `10,000 and above from the e-wallet, a KYC verification process needs to be completed.

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