Paytm to give insurance upto Rs 20,000 on e-wallet

Digital payment platform Paytm on Monday announced that it will now provide an insurance on money kept in a user's Paytm wallet, a media report said.

With the rise in theft or loss of devices and hacking of user's e-wallet, Paytm will provide an insurance of up to Rs 20,000 or the last recorded balance in the wallet of the user, depending on the lower amount, as reported by Live Mint. 

As per the report, Paytm will refund money, as claimed by the user if the amount is unlawfully debited from the account. The customer or user will have to send notification via an email or call Paytm's customer care within 12 hours to get the refund amount.

Quoting Krishna Hegde, a vice-president at Paytm, the report said, "The latest wallet insurance scheme will maintain our seamless payment experience while ensuring greater peace of mind for millions of consumers and merchants who have embraced Paytm in their daily lives."

According to The Times of India report, Alibaba-backed Paytm has partnered with Reliance General Insurance to provide the insurance to its customers. 

Last week, Paytm founder and chief executive Vijay Shekhar Sharma at an event had said that Paytm Payments Bank is likely to start operations by the month-end. 

The company had got approval from the Reserve Bank of India in January. Earlier, Paytm had a plan to launch the bank on March 7.