is my money safe

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Is my money safe?

Make sure you are putting your money in a wallet licensed by the reserve bank of India. The money that such companies receive from you is required under RBI regulation to be kept in a separate bank account of a scheduled commercial bank. This money cannot be used by the wallet company, but can only be released by the bank to complete your transaction following your instructions on the wallet app.

Mobile wallet cannot be physically stolen or lost, unlike your purse or wallet or currency notes. A wallet provider like Paytm would typically spend a lot of time and money on security of your money and information. In addition, there are rules of the Reserve Bank of India and other regulators on security of transactions and data.

However, you need to be as careful about your mobile wallet as you are with your purse or currency note. Here are a few helpful tips:

  1. Always use a password for your phone and do not share this with anyone you do not want to handle your money. This will ensure that even if someone takes your phone, they cannot use your wallet.
  2. Just like your money is important, your personal information is also very important. Do not leave photocopies of your important documents like Aadhar Card or PAN Card with untrusted people. Share any personal information only if needed and with trusted people.
  3. If your mobile is lost, call the helpline urgently, just as you would do on losing your debit/credit card.
  4. Just like you would not share your ATM/Debit PIN with anyone, do not share your wallet password with anyone. If you think someone has come to know, change it.
  5. Make a habit to check your passbook, so that you track activities in your wallet.
  6. Do not believe in rumors. Do not panic if you suspect any unwanted activity. Call the helpline. Keep helpline number handy.