Paytm has now introduced wallet insurance to safeguard wallet balances against theft, loss of a device or unauthorized access of the wallet. All Paytm users with balance in their wallets will be automatically covered under this scheme at no additional cost and the lost money would be refunded to their Paytm wallets.
Customers need to report the loss to the company via e-mail or by calling the customer care number within 12 hours. In case of theft of a device, customers need to lodge an FIR and share the details with the company.
Paytm will cover:
– Loss of wallet balance up to Rs 20,000 due to fraudulent transactions as a result of theft, burglary or loss of mobile phone/device.
– Loss of wallet balance by unauthorized fraudulent transactions if the user’s log in credentials weren’t shared.
The insurance will not cover:
– Loss occurring due to the user details or device being shared/misplaced/acquired due to user’s negligence.
– Fraud due to misuse of credit card/debit card/bank account information through the platform.
– Loss arising out of negligence on the part of the user such as typing a wrong number to send money.
– Loss arising due to user not upgrading/adopting the latest security features released by the company.
Paytm will block the wallet within two hours of the incident being reported. The company will assess if a claim is genuine. “If the claim is found to be genuine, we will ensure the settlement is done within 5 working days,” it added.
Note that only one incident of claim is applicable per user within a period of 12 months.
Claims will be settled in a customer’s Paytm wallet after they confirm that they have access to your Paytm account and that the account password has been changed. Once an incident is reported, customers will not be allowed to access the wallet on another device.