RBI’s new policies to make e-wallets safe | Fusion - WeRIndia

RBI’s new policies to make e-wallets safe

RBI’s new policies to make e-wallets safe

Now, Reserve Bank of India has made various measures to protect the customers of prepaid payment instruments like e-wallets.

Here are the new regulatory guidelines to make e-wallets safer:

Limit on customer liability for frauds

The new guidelines define the liabilities of both the customers and prepaid instrument (PPI) players related to unauthorized transactions. If the transaction occurs due to the negligence or involvement of the company, then there will be no liability on the customers. Unauthorized transactions like a third party breach should be reported by the customer to the company within three days. Yet, if you take longer time and report it within seven days, then your liability is capped to ₹10,000. If you take longer than seven days to report, then you might have to pay for the delay in reporting the unamortized transaction according to the policies of the company.

Obligation of proof lies with the issuer

Fraudulent transactions cause loss of money to the customers of e-wallets and they are not getting any compensation. Now, the guidelines of RBI shifted the burden to the issuers, and the players have to prove the liability of customers in the event of suspicious activities. This is a major relief for e-wallet customers.

Timely reversal of deductions

If a dubious transaction is brought to the issuer’s notice, then the company would have to reverse the deducted amount to your wallet within 10 days. All complaints should be resolved within 90 days, failing which, the PPI players have to pay the specific compensation even if the loss was caused by the negligence of customer.

Registration for transaction alerts are mandatory

In order to get real-time updates, the RBI made it mandatory for customers to be registered for the SMS alerts. These alerts should have a contact number or email ID for the customers to report suspicious transactions.

PPI players should provide easy reporting facility

As the risk will be more with longer time, companies and PPI players should provide easy reporting facilities like toll-free helplines, websites, and SMSes for reporting dubious transactions. Their services will have to be round the clock.

Image by mohamed Hassan from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/illustrations/electronic-wallet-laptop-money-4433604/

Leave a Reply

Your email address will not be published.