RBI imposes new rules on Mobile wallets.

RBI has imposed new rules on mobile wallets like Paytm, PhonePe or other Prepaid Payment Instrument (PPI). They will now provide its users, the same safety as regular credit or debit cards. It is estimated that more than 95% of the mobile wallets in the country could stop their operations by March 2019 due to these new rules.

  •  Without KYC verification of users, mobile wallets cannot run after February 2019.
  • The user must register for SMS alerts, emails and notifications to get transaction-related information.
  • The Mobile wallet companies should provide a contact number and/or email ID to report unauthorized transactions.
  • The service provider will have to set up a 24/7 customer care helpline.
  • Mandated the same level of security and liability of that of debit/credit cards.
  • If the victim suffers a loss due to fraud/negligence/deficiency on the mobile wallet provider, various refund measures will be implemented.
  • All refund cases must be solved within 10 days of reporting of fraud.
  • Disputes/Complaints must be resolved within 90 days irrespective of who is at fault. If not the company is liable to refund the fraudulent amount to the users.

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