Paytm offers insurance cover for your wallet money(Now Launched)

[rahul1117kumar]

Digital wallet player Paytm is in talks with insurance companies to provide insurance cover for users' to protect their money in the Paytm wallet.

In a statement, the company said that the insurance cover was to protect users against fraudulent transactions.

"This insurance cover on Wallet balance will ensure that the user is covered should there be any misuse of the account. Along with being the fastest and most convenient way of paying, this cover will provide additional comfort and security to our millions of users," said Krishna Hegde , vice president, Paytm.

The cover will be commensurate with the wallet balance and will be free to begin with. The wallet platform currently has over 200 million users and is looking to enroll close to 1 crore merchants by the end of 2017.

PayTM: Paytm offers insurance cover for your wallet money, Telecom News, ET Telecom

 

[Bapun]

RE: Paytm offers insurance cover for your wallet money

Ab ye din b dekhna padega! Insurance for digital wallet. Great!

 

[wewake]

RE: Paytm offers insurance cover for your wallet money

Paytm is creating fraudulent transactions from their side and now offeringg insurance, too much loot.

 

[hike]

RE: Paytm offers insurance cover for your wallet money

Ab ye din b dekhna padega! Insurance for digital wallet. Great!

Airtel already doing this :hehehe

 

[iSK]

RE: Paytm offers insurance cover for your wallet money

Paytm is creating fraudulent transactions from their side and now offeringg insurance, too much loot.

:lol

 

[Sarkar]

RE: Paytm offers insurance cover for your wallet money

it's all bcoz Govt wants insurance for Digital wallet

 

[rahul1117kumar]

RE: Paytm offers insurance cover for your wallet money

Paytm Wallet Insurance Introduced for Money Loss Due to Phone Theft or Fraud Transactions

Every user now has Wallet Insurance by default, and Paytm promises a refund of up to Rs. 20,000 within five days. Now, if you happen to lose your money through theft, burglary or loss of mobile phone; or through unauthorised fraudulent transactions if the user's log in credentials weren't shared, your money can be obtained back if you call Paytm immediately. First step is to inform Paytm about the loss, the company will then assess the issue, ascertain if the complaint is genuine, and refund the money if the case is legit. Users must call Paytm within 12 hours of losing their cash, else the Wallet Insurance feature won't apply.

What you need to do is report the loss or theft to Paytm at paytm.com/care, or by calling their Customer Care number +91 9643 979797 within 12 hours. Make sure you that if you lose the device, you lodge an FIR about the loss of the device with the police and share the proof with Paytm within 24 hours. Once Paytm receives the complaint, it will block the user's wallet and will assess if the claim is genuine. If the claim is found to be genuine, Paytm will ensure the settlement is done within five working days. Also, the claim will be settled in your Paytm Wallet after you confirm that you have regained access to the account and your password has been changed. An FIR is only needed in the event of losing your smartphone, and is not required when you lose Paytm money due to fraudulent transactions without your knowledge.

Paytm also notes that only one incident of claim is applicable per user within a period of 12 months when it comes to losing a smartphone. The Wallet Insurance is not applicable if the money was lost due to user's negligence, misuse of credit card credit card/debit card/bank account information, or by not adopting the latest security features released by Paytm.

Paytm Wallet Insurance Introduced for Money Loss Due to Phone Theft or Fraud Transactions | NDTV Gadgets360.com