A semi-closed wallet is a payment instrument that is accepted by a predefined set of merchants that have been contracted specifically by the issuer of the semi-closed wallet
Yeldi Softcom, a payment services company, on Wednesday received semi-closed wallet license from The Reserve Bank of India.
This opens up a new league of possibilities in terms of the products that could be launched by YELDI Softcom to bring in further avenues to carry out cashless transactions. The acquisition of the license will enable Yeldi to target a larger audience to promote the use of digital wallets.
Ra. Arjunamurthy, Chairman & Managing Director of Yeldi Softcom said, “Yeldi is fully aligned to government of India’s initiatives for creating a cashless Indian economy. Our products can even be used by the unbanked population of the country. Most semi-closed wallet service providers require its customers to have a debit /credit card or a Net Banking account. But when it comes to adding money to Yeldi’s products – cash could be remitted over a designated counter to add money to the wallet. Our products can even be used by the unbanked population of the country".
A semi-closed wallet is a payment instrument that is accepted by a predefined set of merchants that have been contracted specifically by the issuer of the semi-closed wallet. These merchants usually display the logos of the payment instruments that they accept. Considering that semi-closed wallet does not allow users to withdraw or redeem cash, the interests of participating retailers and merchants are protected in terms of guaranteed sales.
Lakshmideepa Arjunamurthy, CEO of YELDI Softcom said, “We already have B2B and B2C products and already in the process of planning further launches that will leverage this license. This is a huge opportunity for us and will definitely slingshot us on a much faster growth path”.