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Open & Closed-Loop Wallet

Closed-Loop wallets are an e-money product that includes payment, loyalty program, return privileges and services for individual customers. It only allows interaction between the firm and their individual customers. Open-Loop Wallets, on the other hand, provide services such as depositing and withdrawing money via both card and IBAN, sending money from wallet to wallet, issuing cards. In addition to the features of Closed-Loop Wallets, it also provides service to corporate customers. The scope of Open-Loop Wallets is much wider than Closed-Loop Wallets. On the payment security side, "customer recognition" processes can be managed, thus providing a much safer payment flow.

Open & Closed-Loop Wallet

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