Secure your Paytm wallet with free insurance

Since demonetization, people have started making online transactions more frequently. But are these mobile wallets safe? Paytm, one of the online payment method systems, has announced free insurance on e-wallet for all its users. All Paytm users will now be automatically eligible for the insurance without any extra charge.

"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," says Krishna Hegde, Vice President, Paytm.

Customers can cover up to Rs. 20,000 or the last recorded balance in their e-wallet, whichever is less, the company said.

What is covered in the scheme and how to claim?

If Paytm users lose the amount in their e-wallet, it will be refunded to their Paytm wallets. However, Paytm users have to inform Paytm Customer Care in case of theft or illegal access or lodge an FIR (in case of loss of device) and share the details within 24 hours. Paytm will block your e-wallet after the incident being reported and found valid and the amount will be refunded within 5 working days.

What is not covered?

If due to own carelessness, a customer loses his phone, mistakenly types a wrong number while making payment, this will be considered as customer’s negligence and he will not be eligible for the refunds. Also, if the customer uses debit or credit card with the intention of fraud or theft, he cannot claim the lost amount. The customer can claim the amount only once in a 12-month period.

Paytm has crossed about 200 million wallet users and is doing approximately 8.5 million transactions every day.