te Paytm to start insurance cover on customers' wallet balance at no extra cost | Zee Business

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

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

Paytm to start insurance cover on customers' wallet balance at no extra cost
To facilitate insurance cover to Paytm's customers, the company is holding talks with leading insurance companies in India. Representational Image. Image Source: Reuters

 

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

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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.

ALSO READ: Paytm introduces recurring payment services to entrepreneurs

"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.

ALSO READ: Paytm withdraws 2% fee for adding money to mobile wallets using credit cards

Written By: Tejal Yerunkar
Updated: Thu, Mar 16, 2017
12:00 pm
Mumbai , ZeeBiz WebDesk
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