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What Is the difference between Open-Loop and Closed-Loop Wallet ?

Closed-loop wallets only allow exchange between the firm and their individual customers. Although his basic ability is money transfer; It is an e-money product that also includes services for customers such as loyalty program, cashback, and point collection. Open-Loop Wallets are systems open to the whole world. It has all the features of a closed-loop wallet. In addition, the cardholder can use his balance all over the world. On the payment security side, 'customer recognition processes (KYC; Know Your Customer System)' can be managed, thus providing a much safer payment flow.

Open & Closed-Loop Wallet Software

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