Interestingly, Paytm will not charge anything for its Wallet Insurance feature. If a user has lost its device then one needs to immediately report the loss at paytm.com/care or by calling company’s Customer Care number +91 9643 979797. After this, the user needs to file an FIR with police about loss of device. The details of the FIR should be shared with Paytm within 24 hours. The Wallet Insurance will cover the loss of Paytm Wallet balance up to Rs 20,000, which is due to fraudulent transactions as a consequence of theft, burglary or loss of phone.
What will be covered?
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Paytm will block the wallet within 2 hrs of an incident being reported to the customer care and it will only be usable after company unblocks the account and offers a new password. Paytm will then execute its verification process and after this, the company will settle your account within 5 working days. The user must bring the loss of device or any sort of fraudulent into the notice of the company within 12 hrs of the incident to claim the reimbursement. It should be noted that the reimbursement amount will be equal to the user’s Paytm Wallet balance at the time of incident or Rs 20,000, whichever is lower. Only one incident of claim is applicable per user within a period of 12 months. This feature will surely get some more users to Paytm which is being used by 200 million users with 8.5 million transactions every day. The feature is not provided by any other company and this will bring more security and peace of mind to the users of digital wallet.
What are the events not covered under this scheme?
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Let’s see how other wallet companies respond to this new feature and bring any effective feature.
