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