Introduction

What is a Hexa wallet?

Hexa wallet or Merchant wallet is a white-labelled prepaid instrument offered to merchant. Merchant can provide this offering to customers for purchasing goods and services.
Prepaid Payment Instruments (PPIs) are a category of digital payment instruments that facilitate the day-to-day buying/selling, fund transfers, and other financial transactions against the value already stored in them. This value can be stored by various methods of payments like cards etc.

Why prepaid?

Improve customer retention

• Merchant will be able to have own white labelled wallet and can run cashback and loyalty programs for customers
• Helps to increase Brand Awareness as well as Brand Recall

Frictionless payments

• One-Click Payment for Customer using wallet Balance
• Customers can set up subscription on wallet

Digitization

• Use of wallet / card balance within merchant app/website as well as outside
• Reduction in handling cash

Operation optimization

• Personalized and non-personalized co-branded cards for customers or employees for expense management
• Automation of ops and expense management processes

Merchant Wallet advantages

Merchant Wallet is a white-labelled prepaid instrument offered to Merchant. Merchant can provide this offering to customers for purchasing goods and services.

Prepaid Payment Instruments (PPIs) are a category of digital payment instruments that facilitate the day-to-day buying/selling, fund transfers, and other financial transactions against the value already stored in them. This value can be stored by various methods of payments like cards etc.

This wallet can be of the form of digital wallet to be used for online transaction or physical card for offline/online stores.

Advantages of Merchant Wallet:

• Improves customer experience
• Faster payments (one-click)
• Enhanced brand loyalty
• Builds customer retention
• Increases customer repeat transaction probability
• Incentivisation to customers with minimization cost

Types of Merchant Wallet

The following types of wallet supported by PayU:

Closed-loop wallet

Closed-loop wallet is issued by merchants to customers allowing them to purchase goods and services on respective merchant only. Customers can be onboarded seamlessly on a closed loop wallet. It doesn’t come under purview of RBI guidelines and hence doesn’t require any KYC for customer onboarding.

Also, there is no limitation of amount/transactions on this wallet as per compliance (risk limitations can be applied.

Semi-closed loop or Open-loop wallet/card

Semi-Closed Loop or Open Loop is a prepaid instrument issued to customers no restriction on its usage on any merchant.It is part of RBI guidelines and for any customer to be onboarded, KYC of the customer is required. Limits for amount that can be stored in a wallet of a customer also varies whether it is min KYC or full KYC customer.

Use cases include:

• Virtual/Physical cards
  • Use reloadable card for payments
  • Rupay and Master Card network for issuance
  • Personalized and non-personalized cards
• Employee Benefits
  • Single/Multi wallet allowance support
  • Pre and on-the-fly funding support
  • Track and manage spend
• Family Cards
  • Add on card support
  • Main card holder can fund the other cards
  • Control usage of other cards linked to main card
• Fleet management
  • Manage various expenses of your fleet staff using multi wallet
  • Central control
  • Limit management