NEW DELHI: A full refund on a cancelled aeroplane ticket is now an option. A new Paytm feature called "Cancel protect" was unveiled by One97 Communications Ltd (OCL) on Wednesday, February 22.

Users of Paytm can use this function to safeguard themselves from cancellation fees assessed by airlines or transit companies. Users can access the function for a premium fee of Rs. 149 for airline tickets and Rs. 25 for bus tickets.

"For excursions cancelled through Paytm at least 24 hours prior to the scheduled departure time for flights and at least 4 hours prior to the scheduled departure time for buses, the user may request a 100% refund with "Cancel Safeguard." The fare is quickly credited into the source account upon cancellation with "Cancel Protect," according to a statement from Paytm, and there is no cap on the refund amount.

Users of "Cancel protect" will not be subject to a cap on the refund amount, according to Paytm, and the fare will be immediately credited.  Paytm added a range of user-friendly product features that greatly simplified the process of booking travel and catered to the demands of Indian travellers, it said.

UPI LITE was introduced by Paytm Payments Banks Ltd (PPBL) on February 15 in order to support numerous low-value UPI transactions. As the bank works to promote the use of digital payments throughout the nation, the UPI LITE feature will make real-time transactions faster and easier to complete with just one click through Paytm.

"Once loaded, a UPI LITE wallet enables a user to conduct instant transactions of up to Rs. 200, speeding up and streamlining the process overall. In a release, Paytm stated that a maximum of Rs. 2,000 can be contributed twice per day to UPI LITE, bringing the daily usage cap to Rs. 4,000.

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