Digital payments platform Paytm on Tuesday announced a free insurance cover for users of its mobile wallet services against unlawful cash debit from the wallet. Customers using Paytm wallet will be insured up to Rs20,000 or the last amount in the account whichever of the two is lesser.
In order to secure its users, Paytm will refund the insured money to the users which might be illegally debited from an account in case of theft or burglary, loss of the device. The user will have to notify the company through e-mail or call the customer’s assistance centers within two hours of the loss.
“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,” Krishna Hegde, a vice-president at Paytm, said in a statement.
This necessary security amendment is to ensure that the user is kept safe from cyber frauding of money, as Paytm is growing popular. Paytm has over 200 million wallet users doing about 8.5 million transactions every day, One97 Communications chief executive officer Vijay Shekhar Sharma had tweeted last month.
