Prevent online fraud, RBI introduced new rules for mobile wallets

To prevent online fraud, RBI introduced new rules for mobile wallets

New Delhi (Tech Desk) For the past quite a long time, the Reserve Bank of India has set up new guides to stop online fraud through Paytm, PhonePe or any other service. Under these new rules, users can be protected from any fraud or unauthorized transactions. RBI has said that mobile wallet users will be provided security like credit and debit card users. In this post, we are giving you information about the rules issued by RBI.

New rules made by RBI:

  1. All mobile wallet companies have been asked to provide a contact number with each transaction alert message on which users can report fraud cases.
  2. Other companies including Paytm, PhonePe, Amazon Pay, ensure that every user is registered for SMS alerts so that they can send SMS, e-mail and notifications of every transaction.
  3. All mobile wallet companies will have to set up 24/7 Customer Care Helpline so that users can report any fraud or theft.
  4. RBI has also said to provide security like credit and debit card users to mobile wallet users.
  5. If a user has to face any kind of fraud / negligence / deficiency through any mobile wallet, then the company will have to return the full amount after reporting within 3 days.
  6. Even if the user does not report for any fraud transactions, then the mobile wallet company will have to pay a refund.
  7. If any information of a frond transaction is made within 4 to 7 days, then the company will have to give back the transaction value or Rs. 10,000 (whichever is less) to the user.
  8. If a fraud is reported after 7 days, then refund will be given on the basis of the mobile wallet company’s policy set by the RBI.
  9. All refund cases must be resolved within 10 days of the company reporting.
  10. All complaints or disputes must be resolved within 90 days, even if the fault is of whom.
  11. If the complaint is not resolved within 90 days then the company will refund the entire money to the user.
  12. The mobile walts of the users whose KYC verification has not been done will stop working after February 2019.
  13. Experts estimate that more than 95 percent of the country’s mobile wallet can be closed due to this in March.

Paytm New Year Offer: Cashback up to Rs 2019 for users, Pick up benefits like this

New Delhi (Tech Desk) Paytm has brought a fantastic new year 2019 offer to its users. Under this, cashback of up to Rs 2,019 is being given to the users. This cashback user will be given only on booking a flight ticket. Let us know that this is a promotional offer. If you are planning to travel somewhere and want to book flight tickets, then this offer can give you cashback. To avail this offer, users will need to use the NEWYEARLY promo code when booking tickets.

Cashback will be available to a user once:

Most importantly, there is no minimum amount to avail of this offer. However, a user can take advantage of this offer ie Cashback only once. Cashback will be available within 24 hours after booking the flight. For this, when you are booking tickets via Paytm, you will need to use the NEWYEARLY promo code. Doing this will give you a cashback.

To prevent online fraud, RBI introduced new rules for mobile wallets
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Learn how much cashback you will get on the flight ticket:

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  • A flat ticket booking of Rs 5,000 will get a cashback of Rs 150.
  • If you book a flight ticket between Rs 5001 and Rs 8,000, then it will get a cashback of Rs 250.
  • For book tickets between Rs 8,000 and Rs 15,000, cashback of Rs 500 will be available.
  • For book tickets between Rs 15,001 and Rs 30,000, cashback of Rs 650 will be available.
  • For booking flight tickets between Rs 30,001 and Rs 50,000, cashback of Rs 1,000 will be available.
  • For book tickets between Rs 50,001 and Rs 1,00,000, cashback of Rs 1,500 will be available.
  • A cashback of Rs 2,019 on a flight ticket of Rs 1,00,001 or more will be available.