Digital Wallet

Your Digital Wallet is Not Hacked if Your Money Got Debited But Not Credited

When it comes to money, any technical glitch is often perceived as a big issue.
Entrepreneur Staff
Associate Editor,
3 min read

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If you are using a digital wallet, you sure must have wondered at one point or the other about where your money really went when you punched in the details of your bank account for a top-up.

India’s demonetization drive has pushed consumers from all strata of the society to move their online transactions via digital wallets if not completely then at least a large chunk of it.

From basic fruits and vegetables to booking a taxi, digital wallets have seeped into the market to help consumers use an accessible platform to avail online services.

When it comes to money, any technical glitch is often perceived as a big issue. Consumers are quick to lose trust over their choice of online platform to transact in case of any big or small fault.

It, hence, is paramount to understand what really happens to a consumer’s money when the money is debited from their account but not credited in their digital wallet.

In a chat with Entrepreneur, Co-founder & Director or India’s leading mobile wallet company MobiKwik Upasana Taku clarified these doubts to explain how user mistrust is not always a matter of security.

What is happening here is that these are all server-related issue or let’s call it bandwidth infrastructure issues says Taku.

As an example, sometimes if money is debited from your account and your money is not credited in real time, what it means is that the server connection between the bank and the wallet company has broken says Taku.

“We will only get to update your wallet once we receive a confirmation from the bank. So, there are these processes running every 15-30 minutes where we are polling the servers of different banks to check this order ID, if it is successful or not. As soon as we receive the confirmation, we update the wallet amount. Now, this unfortunately results in a lot of mistrust.”

In this case, consumers need to understand nobody has stolen their money. Since we don’t have any confirmation of having received the money from a bank there is no way for us to credit it says Taku.

According to Taku India needs a revolution in two areas -  broadband or data infrastructure needs to significantly improve to reduce all mistrust issues and a lot of consumer awareness needs to happen for consumers to understand what is security and what is phishing.

Taku believes banks that actually have 300 million debit cards in India that is more than 80 percent cash-heavy market have not done enough spending on consumer awareness. “People just don’t know what is real and what is not real.

With respect to her own digital wallet company, she feels safety is the prerogative of any wallet company to manage that no one should be able to access the consumers’ account, and she assures her company’s dispute rate at 0.001 percent.  

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