Paytm offers free Wallet Insurance to all Paytm users

In an attempt to keep its customers worry-free from the several online frauds, Paytm has now launched an insurance cover for the Paytm Wallet.

Paytm has announced Wallet Insurance for the Paytm Wallets, which would safeguard the money in your Paytm Wallet in the unfortunate event of theft, loss of device or unauthorized access of their Paytm Wallets. Interestingly, all Paytm users would be automatically covered under this scheme at no additional cost. This feature comes after the company introduced app password for the Wallet.

To claim the Wallet Insurance, Paytm users need to report the loss at paytm.com/care or call Customer Care number +91 9643 979797. Users would then need to lodge an FIR about loss of device (in case of loss/theft of device) and share the details with Paytm.

As part of the Wallet Insurance, Paytm will cover loss of Paytm Wallet balance up to Rs. 20000 due to fraudulent transactions as a result of theft, burglary or loss of mobile phone/device. Competitor Freecharge had introduced this feature for its users late last year.