Now Getting Refund from PayTm, PhonePe, Freecharge, Mobikwik etc will be easier – Reserve Bank of India (RBI) has set up new rules for unauthorized or fraudulent transactions take place on mobile ewallets like Paytm, PhonePe, Freecharge etc or any other Prepaid Payment Instrument (PPI).
This new rule will protect the end users in case of any fraudulent or unauthorized transaction happening from such ewallets. RBI has mandated that mobile ewallet will be provided the same safety as given to regular credit or debit card holders.
Checkout the RBI New Rules for PPI & eWallets
- All mobile wallet players will have provide contact information to report fraud cases in transaction alert SMS.
- All mobile wallet users will have to subscribe to alerts or SMS related to transactions
- Mobile wallet companies will have to setup a 24/7 customer care helpline to report fraud or any loss or theft (or hack) of the mobile wallet account.
- RBI has kept the level of security and liability identical to debit/credit cards
- ?If the victim suffers a loss due to fraud/negligence/deficiency on the mobile wallet provider then the entire amount has to be refunded if reported within 3 days
- Even if the user doesn’t report a fraudulent transaction, the mobile wallet company has to initiate a refund
- If the fraud is reported within 4 to 7 days, the transaction value or Rs 10,000 whichever is lower must be refunded by the company
- If the fraud is reported after 7 days, the refund will be as per policy of the mobile wallet company as approved by the RBI
- All refund cases must be solved by the company within 10 days of reporting of fraud
- All complaints or disputes need to be resolved within 90 days irrespective of who is at fault
- If the complaint is not solved within 90 days then the company is liable to refund the fraudulent amount to the user
- Also, without KYC verification of users, mobile wallets cannot run after February 2019