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What happens to money sent to non-existent wallet account?

Question asked by Mohit Patil in #Coffee Room on Oct 11, 2019
Mohit Patil
Mohit Patil · Oct 11, 2019
Software Developer and an Aspiring Entrepreneur

I received a text message saying that one of my acquaintances has sent me 1000 Rs via Mobikwik. Upon receiving the text, I installed the Mobikwik app from play store and linked my bank account. However the account balance does not reflect the received amount. 

What happens to the money sent to non-existent wallet account? Does it get retuned to the sender?

Posted in: #Coffee Room
Kaustubh Katdare
Kaustubh Katdare · Oct 11, 2019
CEO @ CrazyEngineers, TEDx Speaker, Guitarist

I tried this and the money was sent back to my wallet. I wonder why did it let me initiate the money transfer to an account that does not exist. I think the wallets allow this because it gives them a quick way to acquire a new user. They'll send an SMS to the receiver that they've received X amount from ABC and that acts as a great motivation for people to install the wallet app. In any case, if you have the transaction ID saved, all your payments can be easily tracked. 

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