Consumer issues with Payment Wallets: Inputs on Solutions
Below are some of the key issues outlined by you in regards to payment wallets. Kindly review the same and share what solutions must be implemented to address these issues. We look forward to your inputs!
Consumer challenges with payment wallets – Issues
1.Credibility of payment wallets is yet to be established
2.Detailed regulations defining the working of payment wallets is missing
3.Some wallets advertise a certain discount/cashback to attract customers but do not actually honour them
4.Payment wallets charge a commission on payments made by the consumer
5. Some consumers reported that Airtel DTH was forcing them to transfer money to their Airtel Payment bank and then recharge DTH from that account, as other payment options on their site do not work
6.Some wallets are misleading customers. On Paytm App, users are misguided to add money where a particular high figure is already mentioned. If you erase it and put your own desired sum, it is okay, otherwise if by mistake we click on add button, same inflated figure gets added from your account. For instance, if one wanted to add only Rs. 1000 to the wallet, but because a pre-suggested amount 5000 is mentioned, it gets added on clicking.
7.Mobikwik wallet frequently changes its terms and conditions and super cash redemption conditions are changed almost every day
8.The Aadhaar validation by Paytm vendors sometimes takes upto a few days
9.Some wallets store debit/credit card details without the customer’s permission 10.Another problem with Paytm is their arm twisting a customer to maintain a minimum balance. When ever one needs to book an UBER cab, they are told to keep atleast 500 in PAYTM account even though the fare might be 100 rupees
11. Some sites use tactics to refund in their own wallet than refund money to your credit/debit card. more
Consumer challenges with payment wallets – Issues
1.Credibility of payment wallets is yet to be established
2.Detailed regulations defining the working of payment wallets is missing
3.Some wallets advertise a certain discount/cashback to attract customers but do not actually honour them
4.Payment wallets charge a commission on payments made by the consumer
5. Some consumers reported that Airtel DTH was forcing them to transfer money to their Airtel Payment bank and then recharge DTH from that account, as other payment options on their site do not work
6.Some wallets are misleading customers. On Paytm App, users are misguided to add money where a particular high figure is already mentioned. If you erase it and put your own desired sum, it is okay, otherwise if by mistake we click on add button, same inflated figure gets added from your account. For instance, if one wanted to add only Rs. 1000 to the wallet, but because a pre-suggested amount 5000 is mentioned, it gets added on clicking.
7.Mobikwik wallet frequently changes its terms and conditions and super cash redemption conditions are changed almost every day
8.The Aadhaar validation by Paytm vendors sometimes takes upto a few days
9.Some wallets store debit/credit card details without the customer’s permission 10.Another problem with Paytm is their arm twisting a customer to maintain a minimum balance. When ever one needs to book an UBER cab, they are told to keep atleast 500 in PAYTM account even though the fare might be 100 rupees
11. Some sites use tactics to refund in their own wallet than refund money to your credit/debit card. more
Viewed by 4056
View all 51 comments Below 51 comments
Mobikvik supercash is fictitious way as they do not allow it's full use that too there is time restrictions on its use after which it automatically expires and user don't get any benefit so it is of no use more
Nov 09
Mobikwik is a bad wallet. It cheats the customer with supercash. I could not understand the logic of having supercash in a wallet. Whatever balance is in a wallet, it should be used without any restrictions. The regulators should look into it and make it mandatory for all consumers to use balance in wallet in the way they desire and should not be restrictive. Moreover any balance in wallet should not lapse more
Nov 08
I also had bad experience with Paytm wallet payment on 24/9/18. I paid ₹100/- to Mother dairy booth but due to technical glitch the screen became blank at the last stage of payment. No success or failure notice came. Money was deleted from my wallet account but did not reach dairy booth. Can anyone tell me where this money went ?Paytm is silent on this issue . Surely booth has not received the amount. more
Nov 08
It will be with your bank only you can claim from them by showing transaction ID more
Nov 09
The payment wallet should be equivalent to Savings Bank account of a Bank. They should provide interest @ savings Bank rate for the idle money in the wallet. more
Nov 08
I had a harrowing experience with 'Phone pe' & SBI Card . Both together gobbled up my Rs. 670 and both say mistake lies with the other one. Complained to RBI, but they don't have time for small offences. more
Nov 08
