One97 Communications Limited (OCL), the parent of the Indian fintech firm Paytm, has announced a new service for customers, called ‘Cancel Protect.’ In a statement, the company claimed that this new service will help consumers to protect themselves against cancellation charges levied by airlines or bus operators.

OCL has stated that customers can purchase the new service at a premium of Rs 149 for flight tickets and Rs 25 for Bus tickets. They can claim a 100 per cent 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 four hours before the scheduled departure time for buses. 

The company has also claimed that the latest feature does not include any cap on the refund amount. The fare is credited instantly into the source account upon cancellation.

Addressing the latest development, a 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 a 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.”
 
Recently, the Vijay Shekhar Sharma-led fintech firm announced its financial numbers for the third quarter of the financial year (FY) 2023. It witnessed its revenue increase by 42 per cent to Rs 2,062 crore, compared to Rs 1,456 crore in the correspondent quarter, one year ago. It also narrowed down its loss to Rs 392 crore in Q3, FY23 from Rs 778 crore in Q3,FY22.