Digital payments firm Paytm, run by One97 Communications Pvt Ltd, on Tuesday announced an insurance cover for users of its mobile wallet services against unlawful debits from the wallet. The facility will be given free of cost.
Customers using Paytm wallet will be insured up to Rs 20,000 or the last recorded balance in their wallet, whichever is lower, the company said.
Paytm will refund money the user claims to be unlawfully debited from his or her e-wallet as a result of theft, burglary, loss of device or unauthorised access of Paytm account.
In the case of such an event, the user will have to notify Paytm through email or call its customer care centre within 12 hours.
“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.
Paytm has over 200 million wallet users doing about 8.5 million transactions every day.