Home - Banking News - Get Full Refunds If Lost Money on eWallets like PayTm, Phonepe etc

Get Full Refunds If Lost Money on eWallets like PayTm, Phonepe etc

RBI refunds rules for eWallets – Reserve Bank of India (RBI) has set up a new guidelines for unauthorized or fraudulent transactions take place on mobile wallets like Paytm, PhonePe or other Prepaid Payment Instrument (PPI). RBI has introduced rules to bring in more clarity.

The new rules are aimed to protect consumers in case of any fraudulent or unauthorized transaction happening from such wallets. RBI has mandated that mobile wallet users will be provided the same safety as given to regular credit or debit card holders. 

Read – RBI Implemented New Ombudsman Scheme for Digital Transactions

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

Read – Now You May Transfer Fund Within eWallets

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

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