Press Release (ePRNews.com) - INDORE, India - Mar 21, 2017 - Digital payment firm Paytm has announced an insurance cover to protect wallet balances against theft, loss of a device or unauthorized access of the wallet. All Paytm users with balance in their wallets will be covered under this scheme without any additional cost and the lost money, if any, would be refunded to their Paytm wallets. With this move, Paytm has also taken yet another step to guarantee complete safety of money stored in the Paytm Wallet. All customers will cover the insurance up to a limit of Rs. 20,000 or their wallet balance, whichever is lower.
In the event of losing phone loss or theft, the customer must report the matter to Paytm through e-mail or by calling its customer care within 12 hours. This would come as a sigh of relief to users and merchants since it proactively addresses any concern surrounding the usage and security of their e-wallet.
Paytm’s PCI DSS-compliant payment mechanism follows the best security standard of excellence in the industry. Further, the company’s multi-level security system combined with 128-bit Secure Sockets Layer encryption is trusted by over 20 Crore Indians.
Paytm’s QR code-based payment solution is heavily used by consumers currently to pay for their spends at tolls, healthcare industry and large retail outlets among others. Paytm is acquiring almost a million merchants a month and aiming for over 10 million merchants in 650 districts of the country.
Paytm platform is presently available in 10 different regional languages such as Hindi, Gujarati, Marathi, Tamil, Malayalam, Telugu, Bengali, Kannada, Oriya and Punjabi, getting increased result in traffic on the platform from smaller towns.