The wallet operators are called as ‘Payment System Operators’ and they are regulated by RBI under Payment and Settlement Systems Act of India, 2007 along with the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008. There are also periodic guidelines issued by RBI on prepaid wallets.
Semi-Closed wallet are redeemable at a group of clearly identified merchants that contract specifically with the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or redemption by the holder.
Click here to Make a call back request for more info. on semi-closed wallet license application procedure or visit to ozg resource page at walletlicence.com.