Closed-loop wallet

A stored-value balance spendable only within the issuer’s own ecosystem — a platform credit, a game currency, a prepaid coffee card. Economically: the platform holds float, earns lock-in, and escapes some regulation open wallets attract, until scale attracts it anyway (see PPI). Structurally identical to the prepaid API-credit balances of AI platforms — which is why the PPI-India playbook keeps predicting their future (cut-0142, forthcoming).