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Lost Money from Mobile Wallet? See what new RBI rules say

IamCheated.com Research Team | January 09, 2019  6:31:pm

Lost Money From Mobile Wallet? See What New RBI Rules Say

Mobile wallets like Paytm, PhonePe and many others are getting popular each day, as many people come forward to use them. The mobile wallet is a digital version of your physical wallet. It offers various services like mobile recharge, payment of utility bills, payment for a cab ride, online shopping, movie tickets, bus tickets and much more. Making payments through mobile wallets is very convenient and also benefits you through offers and discounts.

While mobile wallets offer various benefits, they can also be misused by fraudsters, if you are not careful. Many people are not aware on what has to be done in the case of unauthorized or fraudulent transactions with mobile wallets. So, to bring more clarity to mobile wallet users regarding what to do when unauthorized or fraudulent transactions take place on mobile wallets, the Reserve Bank of India (RBI) has formed new guidelines. The main intention of these new rules is to protect consumers in case of any fraudulent or unauthorized transaction on such platforms. According to the RBI guidelines, mobile wallet users must be given the same safety measures as given to debit and credit card users.

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Everything you need to know on new RBI rules:

1. As per RBI guidelines, it is mandatory for mobile wallet companies to provide contact information like mobile number and email id in every transaction alert SMS. This can help mobile wallet users report unauthorized transactions if any.

2. All mobile wallet users must subscribe to SMS alerts, emails, and notifications to get each transaction alert. This will help them report frauds immediately. It is the responsibility of mobile wallet companies to ensure that the users have registered to get these alerts.

3. The customer care helpline which works 24/7 has to be set up by mobile wallet players. This can help users report fraud with respect to the mobile wallet.

4. If the victim has lost his money from the mobile wallet due to negligence or deficiency in service on the part of the mobile wallet provider, the entire amount has to be refunded to the wallet user if he/she has reported the fraud within 3 days. Even if the user has not reported the fraud, the company has to initiate a refund.

5. If the user has reported the fraudulent transaction within 4 to 7 days, the transaction amount or Rs 10,000 whichever is lower must be refunded by the wallet player.

6.  In case the fraudulent transaction is reported after 7 days, the amount will be refunded based on the policy of the mobile wallet company as approved by the RBI.

7. The companies must resolve the refund cases within 10 days of reporting the fraud.

8. All disputes must be resolved by the company within 90 days irrespective of whose mistake it is. The mobile wallet will be held liable to refund the entire amount lost if the issue is not resolved within 90 days.

9. As per RBI guidelines, KYC verification of mobile wallet users has to be done within February 2019. You will not be allowed to use e-wallet if KYC verification is not completed.

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