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The Reserve Bank of India (RBI) has cautioned the public against using Prepaid Payment Instruments (PPIs) issued by TalkCharge Technologies Pvt. Ltd., a company based in Gurgaon, Haryana, which has been operating wallets via its website and app ‘TalkCharge’ without obtaining the necessary authorization under the Payment and Settlement Systems Act, 2007.
RBI issued directions to the company on April 2, 2024, to immediately stop issuance and operation of its wallets and refund customer balances within 15 days. The deadline was subsequently extended to May 17, 2024, on the company’s request.
It has come to RBI’s attention that TalkCharge Technologies has sent legal notices to its customers demanding the return of cashback, misleading users into believing that these demands were made by RBI. The central bank clarified that its directions only require the entity to refund the prepaid wallet balances, not cashback amounts.
Members of the public are urged to exercise caution while using websites or apps of such entities and ensure that they are authorized by RBI. A list of authorized payment system providers and operators is available on RBI’s website
[RBI]