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How many Digital Wallets are there?

25 Jul 2022 By PAYCEC

Closed wallet

- A closed wallet enables users to make payments via an app or website.

- They are typically created by businesses that sell products or services to their customers.

- Users of a closed wallet can only use the stored funds to complete a transaction with the wallet’s issuer.

- If a transaction is canceled or a refund is issued, the entire amount is stored in the wallet.

Semi-closed wallet

- A semi-closed wallet allows users to easily make transactions at merchants and locations that are listed.

- Semi-closed wallets have a limited coverage area.

- To accept payment from the wallet, merchants must accept the contract or agreement with the issuer.

Open wallet

- Banks provide open wallets.

- Users with open wallets can use them for any type of transaction.

- Open wallets allow you to easily transfer funds.

- Payments can be made both online and in-store at any time.

- The open e-wallets service provider allows users to conduct transactions from anywhere in the world; however, both the sender and the receiver must have accounts on the same application.

Crypto wallet

- Users’ public and private keys are stored in cryptocurrency wallets.

- The keys could be cryptocurrency ownership certificates.

- Hardware wallets, also known as cold wallets, add an extra layer of security and safety.

- A USB stick can be used to operate wallets offline.

- These wallets can be used to make cryptocurrency payments.

IoT wallet

- IoT is an abbreviation for the Internet of Things.

- These are installed in watches, jackets, wristbands, or other wallet enabled devices such as smart car computers, smart refrigerators, and others.

- IoT wallets work with e-money and virtual currencies.

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