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The Wallet is a very technical piece of software. Imagine that you are a service provider with a lot of customers within a closed network. You want to offer convenience of payment within your organization without issues of managing cash. Imagine a paid canteen. Implementing wallets by tying up with traditional wallets would imply that your subscribers could transact outside your closed network. They could load the wallet with you but, spend it at all outlets allowing them the convenience. This is not so good the money, that was loaded at your terminals and that could be spent with you, is spent in many places.

Wallet As A Service is the solution.

1. Closed System Wallets: These are wallets issued by an entity for facilitating the purchase of goods and services from that entity only. No cash withdrawals are permitted. These instruments cannot be used for payment or settlement for third party services. The issuance and operation of such instruments is not classified as a payment system and does not require approval / authorization from the RBI.

2. Semi-closed System Wallets: These are wallets issued by banks (approved by RBI) and non-banks (authorised by RBI) for purchase of goods and services, including financial services, remittance facilities, etc., for use at a group of clearly identified merchant locations / establishments which have a specific contract with the issuer (or contract through a payment aggregator / payment gateway) to accept the wallets as payment instruments. These instruments do not also permit cash withdrawal, irrespective of whether they are issued by banks or non-banks.

3. Open System Wallets: These are wallets issued by banks (approved by RBI) for use at any merchant for purchase of goods and services, including financial services, remittance facilities, etc. Cash withdrawal at ATMs / Points of Sale (PoS) terminals / Business Correspondents (BCs) is also allowed through these wallets.

Cowri NFC based payments are only for Closed System

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