Ask an expert! Legal, accounting and compliance advice from qualified professionals.

Share Details


Your Question has been submitted.

The Counsel team is processing your question and connecting to the best suited professional from the community to have it answered. We’ll get back with an answer shortly.

Does one needs RBI approval or license for setting up a closed wallet system on my website. Are their any restrictions on the amount a user can keep in his/her wallet account?

Closed Wallets are the one issued by the Company to its customer for use over the website only (i.e. sale and invoicing is done by the website). It can be used to purchase the products/service from website of issuer company. The closed wallets can only be issued to process refunds/exchange/cancellation of products or services. Neither you can add mone...

View answer

Looking to hire a professional from our handpicked community?

Explore our services, submit your request and let us do the rest for you.

Get started