Can I redeem cash back if added in an e-wallet?
Depends on the type of wallet you have. For example open wallets allow you to buy goods and services along with the option of funds transfer to other bank accounts like NEFT and withdrawal of cash from bank ATM’s.
On the other hand once you add funds to your semi closed e-wallet you cannot redeem or withdraw the cash from the wallet. You can only use of the money to make payments for various services like bill payments or to fulfill your online purchase bills.
This will depend on the type of wallet. The types of wallets that are available are:
Open mobile wallets: These types of mobile wallets are generally issued by banks. One can purchase goods and services, transfer money and also withdraw money through these mobile wallets.
Semi-open mobile wallet: A semi-open wallet allows users to buy and purchase goods but not withdraw funds. In this type of wallet, one has to load money and use the same for any type of purchase.
Semi-closed mobile wallets: These type of wallets allow consumers to make merchant payments. The mobile wallet company usually ties up with certain specified merchants.
Closed wallets: In these types of wallets a certain specific amount of money is locked with the company. There is also no scope for withdrawal.
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