E-wallet which is also known as a mobile wallet, is a digital version of the physical wallet, which allows users make electronic transactions. There are a lot of things which can be done with the help of e-wallets that include booking movies and bus tickets, paying utility bills, sending money to friends and family, ordering food, purchasing things from online shopping portals and so on.
As a lot of things can be done easily with the help of e-wallets, many people have started using them. The number of people who use e-wallets like Paytm, PhonePe, and others are increasing each day. As usage of e-wallets increase, frauds too are on the rise.
Many e-wallet users have questions like, what happens if unauthorized transactions are done with my e-wallet? Will I get my money back and so on? To answer all these questions, RBI had issued new guidelines a few months back. These guidelines were issued with the intention of protecting e-wallet users in case of a fraudulent transaction. New guidelines have actually made e-wallets safer.
If the fraudulent transaction had taken place in your e-wallet due to negligence or deficiency of the e-wallet Company, as a customer you don't have to suffer any loss.
If the fraud has taken place due to the third party breach, you don't have to incur any liability, if you have reported the loss to the company within 3 days. In case you report the loss within 4 to 7 days, the liability is limited to Rs 10,000. If you report the fraudulent transaction after 7 days, the amount refunded will be based on the policy of the mobile wallet player as approved by the RBI.
RBI is trying to safeguard customers even if the fraud has taken place due to their negligence, provided they report the fraud in time. If a loss occurs before the doubtful transaction is reported to the e-wallet Company, the customer will bear it. If a loss occurs after reporting, it will be borne by the e-wallet company.
If you have reported the fraudulent transaction to the e-wallet player, the lost amount must be refunded to your mobile wallet within 10 days. The companies have to resolve all the disputes within 90 days of receipt of the complaint, irrespective of whose mistake it is. If the issue is not resolved within 90 days, the company will be held liable to pay the prescribed compensation, even if the loss has taken place due to customer’s negligence.
It is mandatory for all mobile wallet players to get their customers registered for SMS alerts, emails, and notifications. Customers who subscribe to alerts get real-time updates on each transaction. This helps report fraud immediately.
The transaction alert sent by the company should have a contact number and e-mail ID on which a customer can report fraudulent transactions or notify his/her objections.
Read More: how RBI has made e-wallets safer
As per RBI rules, for easy reporting of frauds, the company should have a dedicated toll-free helpline, websites, SMSes, and emails which are available 24*7. They must also provide a direct link on their apps or websites, for registering grievances. Apart from all this, a prompt auto-response would be sent acknowledging the complaint along with the complaint number.
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