Paytm Wallet Insurance Introduced for Money Loss Due to Phone Theft or Fraud Transactions

Paytm has introduced a new feature called Wallet Insurance for all its users, in a bid assure users their money on the app more safe and secure. The digital payment service assures that users will be refunded their Paytm amount if they happen to lose it due to a hack, loss of phone, or loss of money due to any other fraudulent measures.

Every user now has Wallet Insurance by default, and Paytm promises a refund of up to Rs. 20,000 within five days. Now, if you happen to lose your money through theft, burglary or loss of mobile phone; or through unauthorised fraudulent transactions if the user's log in credentials weren't shared, your money can be obtained back if you call Paytm immediately. First step is to inform Paytm about the loss, the company will then assess the issue, ascertain if the complaint is genuine, and refund the money if the case is legit. Users must call Paytm within 12 hours of losing their cash, else the Wallet Insurance feature won't apply.

What you need to do is report the loss or theft to Paytm at paytm.com/care, or by calling their Customer Care number +91 9643 979797 within 12 hours. Make sure you that if you lose the device, you lodge an FIR about the loss of the device with the police and share the proof with Paytm within 24 hours. Once Paytm receives the complaint, it will block the user's wallet and will assess if the claim is genuine. If the claim is found to be genuine, Paytm will ensure the settlement is done within five working days. Also, the claim will be settled in your Paytm Wallet after you confirm that you have regained access to the account and your password has been changed. An FIR is only needed in the event of losing your smartphone, and is not required when you lose Paytm money due to fraudulent transactions without your knowledge.

Paytm also notes that only one incident of claim is applicable per user within a period of 12 months when it comes to losing a smartphone. The Wallet Insurance is not applicable if the money was lost due to user's negligence, misuse of credit card credit card/debit card/bank account information, or by not adopting the latest security features released by Paytm.

Disclosure: Paytm's parent company One97 is an investor in NDTV's Gadgets 360.