Medianama has a post on PayUMoney’s wallet. It gives a crisp explanation of types of Pre-paid Wallet Instruments in India.
- Closed System Payment Instruments: which are not reloadable with cash and do not permit cash withdrawal (for example: phone calling, prepaid voucher and gift vouchers)
- Semi-Closed System Payment Instruments: used at merchant locations, and which can be reloaded, but do not allow cash withdrawal (for example: cash cards and smart cards)
- Semi-Open System Payment Instruments: these can be reloadable or non-reloadable, and can be used at any point-of-sale terminal, but they do not allow cash withdrawal. For example: gift cards issued by banks
- Open System Payment Instruments: these can be re-loadable or non-reloadable, but most importantly, they permit cash withdrawal at ATMs. Examples of such cards are the Payroll cards and travel cards.