What are closed loop wallets?

It is a closed-loop payment system for a digital wallet solution that functions within a single network or ecosystem, allowing users to transact solely within that closed network.

What are the benefits of closed-loop payments?

Closed-loop mobile payments operate independently of bank accounts or carrier networks. They offer simplicity, security, and ease of use, all while reducing costs for the company compared to credit card transactions.

What is the difference between open loop and closed loop wallet?

Closed-loop wallets may have a more limited security scope, but their emphasis on safety is vital in their working restrictions. Due to their wide adoption, open-loop wallets need robust securitystandards to protect users across multiple transaction points.

What is an example of a closed wallet?

Users of a closed wallet can only use the funds saved to make payments with the wallet's provider. The money from delays, returns, or refunds is kept in the wallet. Amazon Pay is one example of a closed wallet.

Closed Loop Wallet Solution

Build and administer stored value accounts for your customers and securely award and manage the balances in multiple currencies.

☑️ Plug and Play with Seamless APIs
☑️ Certified with Data Security Standards
☑️ 99.99 % Backup and Uptime Guarantee

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Who Requires Reward, Loyalty, and Refund Wallets?

E Commerce Service Providers

Online Merchants & Retailers

Franchisies

Independent Sales Organisations

Multi Tied Organisations

Why Online Merchants Need Closed-Loop Wallet?

PayNet closed-loop wallet solution enables online merchants to retain customers by seamlessly awarding loyalty, Cashback, and Refunds.

Effortless Refunds and Reuse: Instead of the traditional refund process that can take days or even weeks to complete, customers can have their refund funds credited directly to their wallet. This not only expedites the refund process but also encourages customers to continue shopping with the merchant.

Loyalty Rewards and Offers: Merchants can reward customers for their repeat business, offering incentives such as discounts, cashback, or exclusive access to promotions. This seamless integration of loyalty programs encourages customers to return to the merchant's online store, thus fostering long-term loyalty.

Cross-Promotion Opportunities: Unlock new revenue streams with our innovative cross-promotion tools. Showcase complementary products and services to your customers, boosting your sales and expanding your business horizons.

28% of clients are inclined to go to the business as they're part of a loyalty program.

By retaining just 5% of their customer base, businesses can raise sales by up to 75%.

32.3% of clients, have increased their interest in merchant rewards programs.

Why Online Merchants Prefer PayNet Closed-Loop Wallet?

PayNet closed-loop wallet solution enables merchants to retain customers by seamlessly awarding loyalty, Cashback, and Refunds.

1. Plug and Play Integration: Seamlessly integrate with popular e-commerce platforms like Magento and CRM systems. Our Closed-Loop Wallet Software is designed for ease of use, ensuring a smooth and hassle-free setup process.

2. Data Security Certified: Rest easy knowing that your customer data is protected. We take data security seriously, and our software is certified to meet the highest industry standards. Trust us to safeguard your valuable information.

3. SaaS-Based Pricing: Enjoy flexibility with our SaaS-based pricing model. Pay for what you need and scale your operations as your business grows. No hidden fees, no surprises, just transparent and affordable pricing.

Seamlessly Embed Close Loop Wallet Into Your Existing System Using APIs

Sign Up: Create your membership with us by providing the required information. Rest assured, your data will be encrypted and securely stored.

Obtain API Keys: Start your integration to our test servers. Obtain API Keys, Documentation and Access to the test environment.

Test Your Use Case: Integrate and test your use case in our test environment. Ask for support from our team.

Go Live: Begin working with our live systems. Receive access to the Live atmosphere, documentation, and API keys.

User Case Study
United Points Loyalty Reward Program

United Points is founded on the mission to solve a common problem in the loyalty and rewards industry. Today, there is a great disconnection and complexity between businesses, merchants, and consumers, resulting in businesses declining in revenue.

United Points’ unique strength lies in our proven shared experience and capabilities as the matchmaker to connect and greatly simplify and shorten engagements between businesses, merchants, and consumers, through a seamless global loyalty and rewards platform.

United Points, a leading loyalty program provider, aimed to enhance its offering by introducing a closed-loop wallet solution. The objective was to provide a seamless, secure, and highly flexible digital wallet system to its customers, enabling them to earn, manage, and redeem points easily across a variety of partners.

Our Review Are Public & Are Verified By

Gartner

What Our Clients Are Saying

VINCENT LI

Managing Director

United Points

Singapore

Paynet's unparalleled payment expertise created a high-quality use case for today's financial needs. Partnering with them boosted our understanding and opened major opportunities across ASEAN.

SAURAV SHRESTHA

Head Digital Banking

KSB Bank Ltd

Nepal

Paynet's social banking module revolutionized customer interactions with swift services via Facebook Messenger and Viber, raising service standards in digital social banking.

ARCHIL BAKURADZE

Chairman

Georgia MFI Association

Georgia

Paynet's wallet solution excels with rich features, seamless transactions, reliable performance, and exceptional support, crucial for our operations.

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FAQs

PayNet is a White Label Neo-Banking Platform, for new-age financial institutions, helping them thrive in the industry through our agile cloud-native and API-first technology.

PayNet’s prebuilt modules help you with the fastest time to market without compromising on the security level.