March 05, 2020

Mobile Wallet/E-wallet/Virtual Wallet

What is Mobile Wallet:- Mobile Wallet is a mobile-based virtual wallet, where First you add a certain amount in your account created with the mobile wallet service provider and spent it at online and offline merchants listed with the mobile wallet service provider.                 

What is E-wallet:A mobile wallet or an e-wallet is virtual digital wallet where you can save your funds to be used without the need for swiping any debit or credit card. It is one of the fastest modes of transaction and does not require a minimum deposit amount. E-wallets can be used to purchase anything from groceries to flight tickets. E-wallets can be downloaded on your smartphone through your app’s store. The first UAE Central Bank licensed digital wallet. Share money, shop, dine, pay bills from your mobile. Fast. Secure. Easy.
Backed by Etisalat and Noor Bank ensuring your ability to digitally pay anyone in and out of the UAE in a fast, secure and easy way eWallet is your newest way to manage your payments in fully featured digital wallet. The eWallet services are accessible via a simple and secure app adding ease and convenience to your day-to-day payments and financial transactions. Send, receive, purchase and manage your spending directly from your phone, in one app!
The eWallet service is an open, rewarding program that earns you Etisalat Smiles points and also gives customers exclusive offers from its multiple partner networks. eWallet is open to all legal residents of the UAE with a mobile phone irrespective of the network carrier you are on. With no major requirements, getting started is easy!
All you need to do is self-register with the following:
− A working UAE mobile line
− A valid Emirates ID
− A mobile phone
To register Just download the app and follow the simple instructions, top-up your wallet as per the most suitable option for you and you ae ready to go.
A fully registered eWallet customer can:
− Send money to any mobile number in the UAE regardless if they are registered or not
− Send money to any bank in the UAE
− Receive money from any eWallet user
− Receive money from any bank in the UAE
− Pay a growing list of merchants; both physical and online
− Pay your bills
The eWallet customer via the app has an array of information and selfcare at their fingertips to assist them including:
− How and where to top-up
− How and where to withdraw
− How and where you can use
− Fees 
− Offers and new features                                                                                       Types of Mobile wallets:- There are mainly Four types of mobile wallets in India- (I) Open wallet, (II) Semi-open wallet,(III) Semi-closed wallet and (IV) Closed wallet.                      

(I) Open wallet:- The Wallets that allow you to buy good and services, withdraw cash at banks or ATM and transfer funds are called Open wallets. These services can only be jointly launched with a bank and other financial services like ICICI,M-Pesa etc.                                                        

(II) Semi-Open wallet:- The wallets which allows you to transact with merchants that have a contract with Airtel, You can not withdraw cash or get it back , you will have to spend what you load are called Semi-open Wallets. Airtel money is example of semi-open mobile wallets.                       

(III) Semi-closed wallet:- The Wallets like Paytm, Which not allows to cash withdraw or redemption, but allow you to buy goods and services at listed merchants and perform financial services at listed Locations are called Semi-closed mobile wallets.                                                    
(IV) Closed Mobile wallets:- There are closed accounts where a certain amount of money is locked with the merchant in case of cancellation or return of the order are called closed mobile wallets.

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