The number one digital payment application in India, PayTM has recently introduced a brand new feature called ‘wallet insurance’ for its user-base. By default this feature is on and available to all users and the company plans to refund up-to ~₹20,000 in the event of users reporting “theft, loss of device or unauthorised access of their PayTM wallets” within 12 hours of the incident. The user will also have to file a First Information Report (FIR) with the local police station and share proof of same within 24 hours. Once these modalities are cleared the user’s account will be blocked till the claim is verified.
In the case of the claim being genuine, PayTM has pledged to settle the case within five working days. Any credit deducted or transacted fraudulently from the said account will be deposited back. The company has listed a couple of ways to report incidents of theft or unauthorised access to claim this ‘wallet insurance’. Users are advised to log on to paytm.com/care or get in touch with customer care at (+91) 9643 9797979. This scheme does come with a caveat though, that being PayTM will only entertain one claim per user on an annual basis. PayTM also reserves these rights in case the credit was lost due to user negligence, misuse of bank account related information or by not using the latest security features released by the company. If you would like to test out the wallet insurance feature for yourself, you can do so by downloading the application from,
PayTM is India’s largest digital payment platform with a 200 million user base as of last month. The company plans to achieve a 500 million user base by 2020. Going forward it would be interesting how PayTM would track and remedy fraudulent claims by fraudsters and other criminal enterprises. It would also be a leading light in an increasingly digitally dependent world where no one is truly safe.