Important! Are you PayTM, PhonePe, AmazonPay, Mobikwik like wallet user? Then you need to know these latest RBI rules!

In the era of digital India, most people use digital wallet such as PhonePe, Amazon Pay, PayTM, Mobikwik etc. for the online transaction or cashless transaction. Today, Several outlets from fashion brands to restaurants give attractive offers like cash back and reward coupon that lures many of us to do cashless shopping through those wallets. But not always it is your favour!

Some people have lost their money several times while transacting through these wallets and have not got their money back even after complaining about several occasions. Following which, the Reserve Bank of India has issued a new guideline to solve the same problem that several people are facing. Let's know about it in detail.

According to RBI's new guidelines, all the companies offering mobile wallet will have to issue an SMS alert, mobile number and e-mail ID for complaint. It is compulsory for all mobile wallet users to activate an SMS alert for any type of transaction. In this case mobile wallet companies also have the responsibility to take mobile numbers and e-IDs from their customers and provide transaction information.

Mobile Wallet companies will have to provide 24X7 customer care facility to customers so that customers can complain in case of any fraud. The RBI has clearly stated in its guidelines that if the consumer's mobile wallet is illegitimate, then its liability will be zero and the consumer will not be able to pay the amount of the fraud. The company will compensate it.

If due to some reason the money is fraudulent with the mobile wallet consumer, then the compensation will be made within three days and the compensation will be done by the mobile wallet companies.

Any kind of fraudulent complaint from mobile wallet will be resolved within 90 days. Also, the problem of refund will be resolved within 10 days.

Also read: Budget 2019: Budget Session of Parliament to be held January 31 to February 13; interim budget to be presented on Feb 1