Alibaba-backed digital payments and e-commerce platform Paytm has recently launched a new e-wallet insurance product to cover users of the Paytm Wallet in the event of theft, loss of device or unauthorised access of their Paytm Wallets.
The cover is being provided to Paytm users for free and comes amid rising instances of theft and cyber attacks in the digital payments industry.
Launch of e-wallet insurance in partnership with insurers further establishes that Paytm is emerging as an ecosystem player in the Indian market
To enable the offering, Paytm is partnering with Reliance General Insurance, a major Indian insurer, to provide all its policy holders with up to Rs 20,000 of coverage or the Paytm wallet balance at the time of the incident – whichever is lower.
Additionally, Paytm is entering into partnerships with 18 insurance companies including ICICI Prudential Life, Religare Health, Reliance Life and Aegon Life to enable on-demand insurance services through its wallet. Paytm has also enabled a ‘closed loop process’ that reminds customers about their premium due date, while simultaneously providing customers with deals and offers when paying the insurance premium.
The recent partnership with Reliance General for e-wallet insurance further establishes that Paytm is emerging as an ecosystem player in the Indian market, and this e-wallet protection will bolster Paytm’s efforts to establish itself as a robust e-wallet on the market.
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