RBI sets new rules to protect e-wallet users

Mobile wallets are becoming all the rage these days. However, increasing safety concerns have forced consumers to think twice about using these. Are you one of them? Fret not. To protect consumers from fraudulent transactions, the Reserve Bank of India has mandated that mobile wallet users should be provided with the same safety features as those available to regular credit or debit card users.

Here's everything you need to know to protect your money:

Transactional SMS: One of the changes from the RBI is to ensure that all the transactional SMSes that a user receives should mandatorily have a contact number and/or email ID to report unauthorised transactions immediately.

Customers must register for alerts: All e-wallet users have to mandatorily register for customer alerts. To flag a fraudulent transaction immediately, it is important that customers register their mobile numbers, e-mail ids, and other contact details with the mobile wallet services. Do ensure that you submit the correct details so that you can be intimated about the transaction.

24/7 helpline: Just like one can call and report a fraudulent transaction from your credit/debit card, mobile wallet companies have now been mandated to have a 24/7 helpline in place so that customers can call to raise their complaints.

Rules for refunds: According to these changes, in case you are the victim of a fraudulent/negligent/deficient transaction, then the mobile wallet company is liable to refund the entire amount to you within three days of the reporting the unauthorised transaction. The company is liable to initiate a refund even in cases where the customer fails to report the unauthorised transaction and must do so within 10 days of being reported.

Know Your Customer: If you are a mobile wallet user, ensure your KYC is completed and updated. If it is incomplete, then you will not be able to access and use the mobile wallet post-February 2019.

Remember to follow these regulations to enjoy a secure mobile wallet experience.