There are three types of e-wallets:

1. Closed E-Wallets:  A closed wallet is one that a company issues to its consumers for in-house goods and services only. You cannot withdraw cash from such wallets and you don't get any interest.Flipkart,jabong,Myntra offer such wallet. Your money is refunded in such wallets. No interest is paid on the money. You cannot withdraw your money using such wallets. 


2. Semi-closed: As per the RBI, a semi-closed wallet can be used for goods and services, including financial services, at select merchant locations or establishments that have a contract with the issuing company to accept these payment instruments. Companies like Paytm, MobiKwik offer such wallets. You can transact using paytm for services and goods at merchants which are registered with paytm . Semi-closed wallets do not permit cash withdrawal or redemption by the holder as well. Companies can issue semi-closed wallets.

3. Open Wallets: Such wallets can be used for purchase of goods and services, including financial services such as funds transfer at merchant locations or point-of-sale terminals that accept cards, and also cash withdrawals at automated teller machines or business correspondents. These kind of wallets can only be issued by banks. M-pesa is one such kind of wallet

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