Electronic wallets have been around for quite some time and their acceptance has grown exponentially. Digital portfolios have almost become payment banks in the e-commerce sector. A closed wallet is a great way to build customer loyalty by offering rewards-based cash back and allowing you to credit money in contradiction to rejected orders by forcing customers to use that money to buy goods or services provided by the issuer. . Closed Portfolios are portfolios that are delivered by a corporation to a consumer for the purchase of goods and services entirely from that corporation. Examples – Amazon Wallet.
In semi-closed portfolios, it is possible to make purchases and transfer virtual funds to another user belonging to the same network of portfolios. The semi-closed portfolio also makes it possible to transform a certain amount of portfolio balance into A / C of the bank. Semi-closed portfolios are very popular in India. These portfolios simplify online purchases and also provide a high level of payment security. These portfolios offer quick transactions as well as uninterrupted repayments. The broad coverage of the service is another factor contributing to the success of this concept.