Senior Correspondent, IndianRetailer.com & Retailer Magazine Mar 16, 2017 / 2 MIN READ
Digital wallet player Paytm is in talks with insurance companies to provide insurance cover for users' to protect their money in the Paytm wallet.
In a statement, the company said that the insurance cover was to protect users against fraudulent transactions.
Krishna Hegde, Vice President, Paytm, said, "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."
The cover will be commensurate with the wallet balance and will be free to begin with. The wallet platform currently has over 200 million users and is looking to enroll close to 1 crore merchants by the end of 2017.
This strategic move allows customers across India to access an exclusive range of premium beauty and personal care products at attractive discounts through the Paytm se ONDC Network using the Paytm app.
As a prominent buyer app on the ONDC Network, the company has experienced remarkable growth, now offering over 200 brands across diverse categories.
As consumer preference leans increasingly towards mobile transactions, businesses are swiftly embracing digital payment options.
Paytm reported a positive EBITDA before ESOP cost (earnings before interest, taxes, depreciation, amortization, and employee stock option costs) of Rs 31 crore.
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