Briefly describe the three primary types of mobile wallet apps and identify the examples of each type.
Question
Briefly describe the three primary types of mobile wallet apps and identify the examples of each type.
Solution
Sure, here are the three primary types of mobile wallet apps:
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Closed Wallet Apps: These are mobile wallets provided by certain companies to their customers where the users can only make transactions with the respective company. The money stored in these wallets cannot be withdrawn. An example of this type is the Amazon Pay by Amazon.
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Semi-Closed Wallet Apps: These mobile wallets allow users to transact with multiple merchants that have a contract with the wallet provider. However, cash withdrawal or redemption is not permitted. Examples of this type include Paytm, MobiKwik.
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Open Wallet Apps: These are mobile wallets issued by banks or in partnership with banks. They allow users to buy goods and services, withdraw cash at ATMs or banks, and transfer funds. These wallets can also be used for transactions with different merchants. Examples of this type include Google Pay, Apple Pay, and Samsung Pay.
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