Tag: Prepaid Payment Instruments

All you need to know about Semi-Closed E-wallets

Shubhra

Many people use Semi-Closed E-wallets to perform their transactions. Though these do not allow cash withdrawal or redemption, they can be used for various purposes like paying utility bills (electricity, water bills, etc.). They can be used to pay for your purchases from the merchant sites that have a specific contract with the issuer of such e-wallet. The examples include: PayTm,…

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Prepaid Payment Instruments (PPIs)

Shubhra

  Now there is no need to carry cash in your wallets and go for shopping. There are many options available by which cashless transactions can be done with ease and convenience. The RBI classifies every mode of cashless fund transfer or transaction using cards or mobile phones as ‘prepaid payment instrument’. Prepaid payment instruments are methods that facilitate purchase…

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