The semi closed mobile wallet has come up as a new form of payment facility for customers. Customers can load their cell phone with money from a registered telecom operator and can make payments from it. It however doesnt allow any money withdrawal facility. This is why they have been assigned the name 'semi closed'

The widespread usage of mobile phones all over the country led banking regulator, Reserve Bank of India to provide license to seven companies to offer semi closed mobile wallet facility. Following this plan, Airtel Money, a wing of telecom major Bharti Airtel has started a pilot project in Gurgaon which it plans to spread to other locations in a phased manner later.

Airtel Money has started the project by inking deals with coffee shops, restaurants and cinemas which are common recreation hubs for people in Gurgaon. The registration fees for the same is Rs 50.

According to a RBI spokesperson, "Semi-closed instruments have been a popular mode for ‘non-face to face' payments such as the Internet channels for booking railway tickets, utility payments, etc. However, access to the Internet (in India) is limited."