One97 Communications Limited (OCL), that owns the brand Paytm, India’sflight ticketflight payments and financial services company and the pioneer of QR and mobile payments, has empowered its users to protect themselves against cancellation charges levied by airlines or bus operators with ‘Cancel Protect’. Customers can purchase ‘Cancel Protect’, starting at a premium of Rs 149 for flight tickets and Rs 25 for bus tickets, Paytm said in a statement.
The customer can claim a 100 percent refund with ‘Cancel Protect’ for trips that are cancelled through Paytm at least 24 hours before the scheduled departure time for flights and at least 4 hours before the scheduled departure time for buses. With ‘Cancel Protect’, there is no cap on the refund amount and the fare is credited instantly into the source account upon cancellation, Paytm said.
Paytm spokesperson said, “We have introduced a host of customer-friendly product features on our app that have immensely simplified the travel booking experience and addressed the needs of the Indian traveler. Our ‘Cancel Protect’ is the perfect solution for customers who are looking for a flexible and convenient way to protect their travel plans. Along with the convenience of ticketing, we offer users great deals and discounts on travel bookings, helping customers save more.”
In another development, Paytm has announced that it will seek shareholder approval for a related-party transaction with Paytm Payments Bank. The e-voting for the shareholder meeting will commence on Wednesday, February 22, 2023, and shall end on Thursday, March 23, 2023. The result of the Postal Ballot will be announced on or before Sunday, March 26, 2023.
In November 2022, Paytm Payments Bank received the IT auditors' report and RBI’s observations, in relation to its IT outsourcing processes and operational risk management. The bank management subsequently submitted a response to RBI, upon which the Central Bank suggested remediating action steps to be taken by the bank in a time-bound manner. The bank in its Q3 results has mentioned that it is in process of complying with these action steps and submitting compliance with the RBI.
