Digital payment facilitator Paytm announced an insurance cover to protect the money stored in Paytm Wallets.
Money lost due to fraudulent transactions as a result of theft, burglary, loss of device or unauthorised access of a user`s Paytm wallet will now be refunded. This cover is being provided to users at no additional cost.
With this move, Paytm has taken yet another step to guarantee complete safety of money stored in the Paytm Wallet. All customers will be insured up to a limit of Rs 20,000 or their wallet balance, whichever is lower.
In case of phone loss or theft, the customer must report the same to Paytm via e-mail or by calling its customer care within 12 hours. This would come as a big relief to customers and merchants as it proactively addresses any concern around the usage and security of their e-wallet.
"At Paytm, we have always stood by our seal of trust with the firm commitment to protect our customers from any misuse of their money. Our latest Wallet insurance scheme will maintain our seamless payment experience while ensuring greater peace of mind for millions of consumers and merchants who have embraced Paytm in their daily lives," said Krishna Hegde, VP - Paytm.
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