With “Cancel Protect,” One97 Communications Limited (OCL), the company that owns the Paytm brand and is the pioneer of QR and mobile payments, has made it possible for Paytm users to safeguard themselves from cancellation fees imposed by airlines or bus companies.
Paytm is India’s flight ticket, flight payments, and financial services company. Paytm stated in a statement that customers can purchase “Cancel Protect” starting at a premium of Rs 149 for bus tickets and Rs 25 for flight tickets.
For trips that are canceled 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, the customer can make a claim for a full refund using the “Cancel Protect” feature.
Paytm stated that with “Cancel Protect,” there is no cap on the amount that can be refunded, and upon cancellation, the fare is immediately credited to the source account.
“We have introduced a host of customer-friendly product features on our app that have greatly simplified the travel booking experience and addressed the needs of the Indian traveler,” a spokesperson for Paytm stated.
Our ‘Drop Safeguard’ is the ideal answer for clients who are searching for an adaptable and helpful method for safeguarding their itinerary items. We offer users great deals and discounts on travel bookings in addition to the convenience of ticketing, assisting customers in saving more.
A related-party transaction with Paytm Payments Bank will require shareholder approval, according to Paytm’s announcement. The shareholder meeting’s e-voting will begin on February 22, 2023, and end on March 23, 2023, on Thursday. On or before Sunday, March 26, 2023, the Postal Ballot’s outcome will be announced.
The IT auditors’ report and RBI’s observations regarding Paytm Payments Bank’s IT outsourcing procedures and operational risk management were received in November 2022. The bank’s management then responded to the RBI with a response in which the central bank recommended time-bound corrective measures for the bank. In its Q3 results, the bank said that it is working on meeting these requirements and submitting them to the RBI.