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Paytm begins insurance for mobile wallets

A legal agency might be brought in to examine the concerns around digital payments

Karan Choudhary  |  New Delhi 

paytm, e-commerce

Online marketplace major has said it would provide cover for the money stored in its e-wallets.
 
Money lost due to fraudulent transactions as a result of theft, burglary, loss of device or unauthorised access to the user’s wallet will be refunded. This cover is at no additional cost.


 
The ministry of electronics and information technology (MeIT) had recommended to e-wallet and entities to work in tandem in this regard. It had initiated talks in January this year.
 
“All customers will be insured up to a limit of ~ 20,000 or their wallet balance, whichever is lower. In case of phone loss or theft, the customer must report to via e-mail or by calling its customer care within 12 hours," the company said.
 
Paytm’s QR code-based payment solution is being used at a little more than five million establishments. With no cost of the point-of-service terminal and zero transaction charges, coupled with the vast user base, the company is acquiring almost a million merchants a month.
 
MeIT minister recently met a number of bankers and executives of mobile wallet to discuss ways of making digital transactions safer.
 
According to senior government officials, the ministry will play the role of a facilitator for the cover, as are regulated by the Reserve Bank of India and by the Regulatory and Development Authority of India.
 
A legal agency might be brought in to examine the concerns around digital payments and advise on a law.

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Paytm begins insurance for mobile wallets

A legal agency might be brought in to examine the concerns around digital payments

Online marketplace major Paytm has said it would provide insurance cover for the money stored in its e-wallets. Money lost due to fraudulent transactions as a result of theft, burglary, loss of device or unauthorised access to the user's Paytm wallet will be refunded. This cover is at no additional cost.The ministry of electronics and information technology (MeIT) had recommended to e-wallet and insurance entities to work in tandem in this regard. It had initiated talks in January this year. "All customers will be insured up to a limit of Rs 20,000 or their wallet balance, whichever is lower. In case of phone loss or theft, the customer must report to Paytm via e-mail or by calling its customer care within 12 hours," the company said. Paytm's QR code-based payment solution is being used at a little more than five million establishments. With no cost of the point-of-service terminal and zero transaction charges, coupled with the vast Paytm user base, the company is acquiring almost a .. Online marketplace major has said it would provide cover for the money stored in its e-wallets.
 
Money lost due to fraudulent transactions as a result of theft, burglary, loss of device or unauthorised access to the user’s wallet will be refunded. This cover is at no additional cost.
 
The ministry of electronics and information technology (MeIT) had recommended to e-wallet and entities to work in tandem in this regard. It had initiated talks in January this year.
 
“All customers will be insured up to a limit of ~ 20,000 or their wallet balance, whichever is lower. In case of phone loss or theft, the customer must report to via e-mail or by calling its customer care within 12 hours," the company said.
 
Paytm’s QR code-based payment solution is being used at a little more than five million establishments. With no cost of the point-of-service terminal and zero transaction charges, coupled with the vast user base, the company is acquiring almost a million merchants a month.
 
MeIT minister recently met a number of bankers and executives of mobile wallet to discuss ways of making digital transactions safer.
 
According to senior government officials, the ministry will play the role of a facilitator for the cover, as are regulated by the Reserve Bank of India and by the Regulatory and Development Authority of India.
 
A legal agency might be brought in to examine the concerns around digital payments and advise on a law.
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Business Standard
177 22

Paytm begins insurance for mobile wallets

A legal agency might be brought in to examine the concerns around digital payments

Online marketplace major has said it would provide cover for the money stored in its e-wallets.
 
Money lost due to fraudulent transactions as a result of theft, burglary, loss of device or unauthorised access to the user’s wallet will be refunded. This cover is at no additional cost.
 
The ministry of electronics and information technology (MeIT) had recommended to e-wallet and entities to work in tandem in this regard. It had initiated talks in January this year.
 
“All customers will be insured up to a limit of ~ 20,000 or their wallet balance, whichever is lower. In case of phone loss or theft, the customer must report to via e-mail or by calling its customer care within 12 hours," the company said.
 
Paytm’s QR code-based payment solution is being used at a little more than five million establishments. With no cost of the point-of-service terminal and zero transaction charges, coupled with the vast user base, the company is acquiring almost a million merchants a month.
 
MeIT minister recently met a number of bankers and executives of mobile wallet to discuss ways of making digital transactions safer.
 
According to senior government officials, the ministry will play the role of a facilitator for the cover, as are regulated by the Reserve Bank of India and by the Regulatory and Development Authority of India.
 
A legal agency might be brought in to examine the concerns around digital payments and advise on a law.

image
Business Standard
177 22