What may come as good news to mobile wallet users like Paytm, PhonePe, Amazon Pay and others, the Reserve Bank of India (RBI) has made it compulsory for mobile wallets to provide the same safety features which are given to credit and debit card holders, the Times of India reports.
The latest rules bring clarity around unauthorised and fraudulent transactions made on mobile wallets and other Prepaid Payment Instrument (PPI), as the RBI aims to protect consumers from such operations on these platforms.
The RBI has made it compulsory that all transaction SMSs sent contain contact information like contact number and/or email ID to report if the transaction was unauthorised. Mobile wallet users need to subscribe to receive transaction alerts and SMSs.
The mobile wallet companies also need to ensure that their users register to get transaction-related details via SMS alerts, emails, notifications, and report fraud immediately. Further, the companies need to set up a 24/7 customer care helpline.
Regardless of the customer reporting fraudulent transactions, the company needs to initiate refunds, and if the customer reports an unauthorised transaction where the company is at fault, the entire money needs to be refunded in 3 days by the company.
If the user reports fraud in four to seven days, the company needs to refund the transaction value or Rs 10,000, whichever is lower. If the user informs the fraud in a week, the refund will be according to the mobile wallet company’s RBI-approved policy.
According to the RBI, the company needs to solve all refund cases in 10 days of the report and needs to resolve the complaints or disputes in 90 days irrespective of whoever is the party at fault. If the company is unable to solve the claim in 90 days, they need to resend the fraudulent amount to users.
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