Bengaluru: Are you planning to buy a mobile wallet to make payments instead of cash? Be careful!
It is better to opt for credit/ debit card payment instead of wallets due to several technical and legal issues surrounding the payment.
According to the consumer activists from Bengaluru, post demonetisation, several mobile wallet service providers have recorded whopping business transactions across the country. But on the flip side, all the consumer forums are flooded with complaints against them. Complaints ranging from transactions failure to refund issues are pouring in. Sadly, the common woe of all these customers is that none of the service providers are resolving the issue in a time bound manner.
According to Shrihari Rao, a consumer activist, problem with these wallet service providers is that they are not bound by any of the banking regulations. "Instead, as per the terms and conditions of the companies mandated for the customers, all the disputes must be resolved only through principles of arbitration. Adding to the woes of the customers, these conditions stipulate that the arbitrations mustbe conducted in the service providers’ headquarters. In such a scenario, how can a poor customer get justice?”, he questions.
According to the officials at the Department of Consumer Affairs, Government of Karnataka, there is no clarity on the issue. "Any of the provisions of IPC or consumer protection can be used to drag them to the court of law. But there are high chances of these companies fighting the case at higher level in Delhi. So a common man cannot fight against them".
Need of the hour is state specific regulations. Demonitisation was implemented in such a hurry that we are imposing everything on common man without any legal protection," he concluded.