Prepaid Wallets are payment instruments that facilitates purchase of goods and services, including funds transfer, against the value stored in such instruments. PPIs are smart and convenient method to initiate cashless transactions. It is an effective way of payment carried out it transparency, scalability, and accountability.

Generally PPIs are also called as e-wallets

There are three kinds of Prepaid wallets and they are as follows- Closed Prepaid Payment instruments or Closed Wallets

These are generally issued by the entities that may include, Partnership Forms, Individuals, Sole-Proprietorship Etc for the purpose of goods and services from that entities only. As these instruments cannot be used for any third party settlement or transaction, and for this purpose approval of Reserve Bank of India is not required.

Semi-Closed Prepaid Payment instruments or Semi-Closed Wallets

PPIs under this category can be used to purchase goods and services from a group of united for this purpose only. Cash withdrawal and redemption is not allowed by the holder of such instruments. All entities including NBFC and Individuals are permitted to to carry on their business under this category after getting License from Reserve Bank of India.

Open Wallets

This type of wallet which can be used to purchase goods and services and it also permits cash withdrawals from ATM. all Visa cards, Master cards etc falls under this category. Only banks are authorised to issue and operate Open Wallet.

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