Different Types of Digital Wallets and How to Choose Them?

www.narolainfotech.com Different Types of Digital Wallets That Builds Your Online Business

Closed Wallets

Examples of Closed Wallets :-

Funds can only be spent within a closed ecosystem or network.

Used for transactions with a specific merchant.

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Semi-Closed Wallets

Examples of Semi-Closed Wallets :-

Not linked to a specific merchant

Can only be used for a broader range of transactions but within a defined network

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www.narolainfotech.com Allow users to make a wide range of transactions across multiple merchants Offer a broader scope of usability

of Open Wallets :Open Wallets

Examples

Mobile Payment Apps

Examples of Mobile Payment Apps :-

Mobile apps that allow users to make various types of financial transactions

Transactions include making purchases, funds transfer, paying bills, etc.

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Prepaid Digital Wallets

Examples of Prepaid Digital Wallets :-

Allow users to store a predefined amount of money in a virtual account

Users can use stored funds to make transactions

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www.narolainfotech.com Offered and operated by traditional banks or financial institutions Provide customers with a convenient and secure way to make transactions

of Bank-Based Wallets :Bank-Based Wallets

Examples

Allow users to securely store, manage, and interact with their cryptocurrencies Deal with cryptographic keys and addresses

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of Cryptocurrency Wallets :-

Cryptocurrency Wallets

www.narolainfotech.com Want to build a similar digital wallet? We build custom digital wallets as per your business requirements.

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