The digital wallet company would be offering the service free of cost to the users, reported the Livemint.
“Customers using Paytm wallet will be insured up to Rs 20,000 or the last recorded balance in their wallet, whichever is lower,” the company said.
“Paytm will refund money the user claims to be unlawfully debited from his or her e-wallet as a result of theft, burglary, loss of device or unauthorised access of Paytm account,” the company added.
“Our latest wallet insurance scheme will maintain our seamless payment experience while ensuring greater peace of mind for millions of consumers and merchants who have embraced Paytm in their daily lives,” Krishna Hegde, vice-president, Paytm.
“Paytm has over 200 million wallet users doing about 8.5 million transactions every day,” said Vijay Shekhar Sharma, chief executive officer, One97 Communications tweeted last month.