What to do if you lose money from e-wallet?

K. ARAVIND

The Reserve Bank of India (RBI) has put in place strict rules to ensure that transactions through e-wallets do not cause financial loss to the consumer due to reasons other than their own.

If a customer loses money through unauthorised transactions from prepaid instruments such as e-wallets, there is a way to get it back. The rules are designed to minimise the liability of the customer in case of loss of money due to irregularities or errors on the part of the company.

In case of such financial loss, the customer will inform the concerned company within three days and the money will be refunded in full. If the information is given within seven days, the maximum amount that can be lost is Rs.10,000. If the complaint is lodged within seven days, the company will be liable to refund the amount above Rs 10,000. If the company is notified after seven days, the entire amount may be forfeited. Refunds are possible if the company takes positive action against the customer.

If the e-wallet company is informed that the money has been lost due to reasons other than its own, the lost money should be credited back to the account within 10 days. The customer complaint should be resolved within 90 days.

Information about electronic payment transfers must be communicated to the customer immediately via SMS. In the event of an unauthorised transaction, the phone number or e-mail address to notify the company must be provided with such SMS messages. The message should also be sent to the customer’s e-mail address. In order to avail these facilities, the customer needs to register to receive an SMS alert to avoid losing money unknowingly and to provide the correct mobile number and e-mail address.

The use of mobile wallets has increased significantly during the COVID-19 period. Mobile wallets are more convenient than credit cards for those who want to make payments online without having to pay directly.

Many services, including call taxi services, have the ability to pay via mobile wallets. A large number of customers who use the Call Taxi service rely on mobile wallets for financial transactions.