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e-Wallets App will Refund Full Money: RBI New Rules

e-Wallets App will RBI has announced a set of New Rules in favor of the user of all eWallet companies in India

e-Wallets App will Refund Full Money: RBI New Rules

e-Wallets App New Rules by the RBI

  • There have been numerous unfortunate incidents wherein people's were duped of a more lakhs of rupees from their account through e-Wallets App transfer or other such mediums.

  • We have good news for users of such e-Wallets App payment apps. RBI has announced that in a case such incidents occur, the exact amount of amount will be reimbursed to the victim by the e-Wallet app company,

  • e-Wallets Apps gave birth to a lot of online payment platforms, like PhonePe, GooglePay, Paytm, AmazonPay where one can transfer money from one wallet to another, thus wiping out the need of actual cash. These apps and websites slowly progressed to UPI payments, which enables users to transfer and receive money directly through their bank accounts and shopping sites.

e-Wallet App Fraud: Paytm, PhonePe, Google Pay Will Refund Full Money [RBI Rules]

  • There is a set of rules set by the Government and RBI to avoid such mishaps in the future.

  • After February 2019, e-Wallets users will not be able to use such app online payment platforms without KYC (Know Your Customer) verification.

  • The said companies, like Paytm, PhonePe, AmazonPay, GooglePay, more will have to give their contact details like phone number, email id, Government id, etc. This is so that the customer can you contact the company to report anything fishy.

  • This mobile e-wallet app will have to ensure that customers register their phone numbers and email ids for SMS alerts, emails, and notifications on their phones and emails.

e-Wallets App User a Good News

  • A 24*7 customer care service Number and email id. have been made mandatory by the companies for the customers to contact them regardless of time, as previously, a customer was robbed of a whopping Rs. 1.86 crore within the time a period of 11 pm to 2 am.

  • Given that every a customer faces a mishap due to negligence/deficiency and fraud on the mobile e-wallet company, and reports the wrong transaction within 3 days, the entire amount will have to be refunded by the company owners.

  • Even if any user does not register a for amount complaint, the company is bound to initiate the process of refund. and is reported within 4 to 7 days, the transaction amount or Rs. 10, 000 rupees, whichever is lower the customer's. should be refunded by the company.

e-Wallets App, New Rules After February 2019

  • If reported after 7 days, the refund will be according to the refund policy of the concerned mobile e-Wallets app company.

  • The e-Wallets registered cases will have to be solved within only 10 days of reporting the fraud. Additionally, all user case complaints and disputes will have to be resolved within 90 days irrespective of who is at fault. If the complaint is not solved within 90 days, the customer will be refunded the full amount of e-Wallets a fraud reported.

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