Users of paytm can now rejoice as it announced “Wallet Insurance” yesterday. There is no fee or subscription for this. All the users are automatically covered under this scheme. This was announced in the wake of public cry about digiwallets being insecure and risky. Under this scheme, paytm would reimburse up to Rs.20,000 within 5 days of reporting the issue. This includes theft, burglary and loss of mobile phones or through unauthorised fraudulent transactions. The only catch here is that the user needs to call the company within 12 hours of the incident. Otherwise the wallet insurance will not be applicable.
In case of theft or burglary, one has to lodge a complaint with the police and need to provide the FIR copy to paytm within 24 hours. This feature is applicable only once per user per year. This offer is not applicable if the money was lost due to user’s negligence, sharing passwords, not adhering to paytm security enhancements.
The user just need to call +91-9643979797 within 12 hours to report the issue.