When it comes to mobile wallets, there are three different types of mobile wallets. Each of these types will perform differently. The payment processes will differ from one type to another. If you're an entrepreneur to start your mobile wallet app, this blog will help you zero in on a more feasible type of mobile wallet for your business.
Types of mobile wallets
Open wallets
An open mobile wallet is used by linking bank accounts or any third-party operators. These wallets allow the users to make payments for transactions or withdraw money deposited to the account in cash. Through this, users can make both online and in-store purchases.
Closed wallets
The closed wallets are mobile applications connected to only specific merchants, and the users can make transactions only to those specified merchants for payments. Apart from that, the users can get nowhere to use the wallet to make transactions or payments.
Semi-closed wallets
The semi-closed mobile wallets allow the users to make payments and transactions to multiple merchants. The mobile wallets will have contracts with merchants, and until that, the users can use the app to purchase with those retailers.
Summing up,
Entrepreneurs can consider the types of mobile wallets available in the market and finalize a more feasible model for their business. For developing your mobile wallet, approach app development companies and opt for ready-to-launch cloned apps as cost-effective and time-saving.
