Paytm to start insurance cover on customers' wallet balance at no extra cost

Highlights:

1. Paytm is in talks with leading insurance companies to provide insurance cover on its customers’ wallet balance 

2. Under this initiative, the balance in customers' Paytm wallets will be covered against fraudulent use

3. The insurance cover on wallet balance will ensure that the customer is covered should there be any misuse of the account 

In order to protect customers from fraudulent use of their digital payment accounts, homegrown mobile payment and e-commerce company Paytm on Wednesday announced to start insurance cover on wallet balance of users with no extra cost.

To facilitate insurance cover to Paytm's customers, the company is holding talks with leading insurance companies in India.

"Paytm is in talks with leading insurance companies to provide insurance cover on their users’ wallet balance. Under this initiative, the balance in their Paytm wallets will be covered against fraudulent use," Paytm said in a press release. 

Paytm's insurance cover is claimed to provide comfort and security to millions of customers on its online payment platform.

“This insurance cover on wallet balance will ensure that the user is covered should there be any misuse of the account.  Along with being the fastest and most convenient way of paying, this cover will provide additional comfort and security to our millions of users," Paytm vice president Krishna Hegde, said in a statement. 

Paytm is headquartered in New Delhi-NCR and is owned by mobile internet company One97 Communications.