Pre Paid Wallet

I have an electronic wallet – You have!

What is Pre-Paid Wallet?

In the current scenario of the digital world, Digital Wallet is in the limelight. With the development of technology and the demonetization of currencies in the country, electronic and in-app wallets have emerged as an alternative payment option to cash. But the companies have all the plans to remove the prefix alternate and augment their market by allocating substantially.

Digital Wallet is an online prepaid account used for storing money and make online and offline transaction through your electronic medium where you have registered your account details like computer or a smartphone whenever required. It is a pre-equipped electronic wallet, which is a replica of a real wallet, is used by the customers to make an immediate transaction (and secure). It can be considered similar to a bank account, where you can carry fastest mode of transaction to a different account by choosing a selective mode.

Type of Pre-Paid Wallet available in the market

Electronic Pre-Paid Wallets occasionally doesn’t pay interest to the users, unlike mobile wallet. But they provide benefits to the companies operating them. It all depends on the type of wallet selected by them. According to the Reserve Bank of India (RBI), there are three kinds of wallets ubiquitous in the Indian Market:

Closed Wallet

Multiple companies like Bookmyshow, Amazon.in etc. issue close wallet. Digital wallets have nearly become payment banks in the e-commerce industry.

A closed wallet is a luminous device for mounting client realism by way of providing a reward based cash back & also for crediting money in disagreement of the discarded orders by forcing the consumers to use the amount for the purchase of goods or services being provided by the issuer. Closed wallets are online accounts where money gets credited in case of a reimbursement due to cancellation or return of a product. A number of companies constantly make interests on these deposits.

Semi-Closed Wallet

In semi-closed wallets, one can do shopping & transfer virtual money to another user on an identical wallet network. Semi-Closed Wallets are the payment wallets that are prevalent within a particular group. 

These types of wallets are very well-liked in India. With the help of this wallet online shopping is becoming simpler and is also providing a high level of safety in payment mode.  These wallets offer rapid transactions as well as uninterrupted refunds.

Types of Semi Wallet Used in India

Paytm Wallet

One of the leading and well-known wallet found at every individual cell phone has made the life easier in the mode of making payment. It is one of the largest mobile commerce platform. The latest feature which is added to this application is for sending direct money to bank accounts.

Mobikwik Wallet

Currently among the top digital wallet services in India. It offers multiple benefits to its users like door step cash collection services is the latest way to collect cash for the purpose of donation and users can make payment through their mobile app with just a single click.

Oxigen Wallet

Currently among the top digital wallet services in India. It offers multiple benefits to its users like door step cash collection services is the latest way to collect cash for the purpose of donation and users can make payment through their mobile app with just a single click.

Why Choose Awapal Pre-Paid Payment

The Awapal Solution provides all the above three packages for their users so that, they can continue their business smoothly. Highly professional, developers of the company are always ready to fight with the challenges and obstacle or you can say bugs, while making the software. The software is customized as per your choice because every company wants to have a different wallet, according to the prerequisite of their customers.

Owners of E-commerce will probably prefer a close wallet, to engender gigantic traffic and maintain healthier relationship with their clients.

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