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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...
Wazzeer Professional Network
ProfessionalDoes 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?
Prepaid Payment Instruments
-
Wazzeer Professional Network
ProfessionalClosed 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 money. The money in closed wallet cannot be withdrawn or used outside the website for purchase of good/services.
However, if you are selling the product/services of different group of merchants similar to Amazon or Flipkart (sale/invoice done by the merchant), you would require to obtain semi-closed pre-paid instruments. The government has restricted to Rs. 20000 as limit in the Non-KYC wallet (i.e. verified mobile number).
'Get a Wazzeer' to take this discussion forward and get the work delivered seamlessly.
over 4 years ago
View answer
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?
Prepaid Payment Instruments
-
Wazzeer Professional Network
ProfessionalClosed 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 money. The money in closed wallet cannot be withdrawn or used outside the website for purchase of good/services.
However, if you are selling the product/services of different group of merchants similar to Amazon or Flipkart (sale/invoice done by the merchant), you would require to obtain semi-closed pre-paid instruments. The government has restricted to Rs. 20000 as limit in the Non-KYC wallet (i.e. verified mobile number).
'Get a Wazzeer' to take this discussion forward and get the work delivered seamlessly.
over 4 years ago
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