One97 Communications (OCL), that owns the brand Paytm, has launched “Paytm Payment Protect”, a group insurance plan, in association with HDFC ERGO General Insurance to insure transactions made through UPI across all apps and wallets.
With this new insurance offering, users can now secure themselves against mobile fraudulent transactions up to `10,000.
“Higher cover options for cover up to `1 Lakh per annum will soon be added to the product,” according to a release. This product is aimed to enhance the digital payments experience and increase the adoption of the same in the country.
Commenting on the launch of this policy, Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm, said, “We are offering an insurance cover with convenient claims with a vision to safeguard users and fight cyber crimes.
“Our partnership with HDFC ERGO is aligned with our mission of spreading financial awareness and propelling safer digital payments adoption in the country.”
Parthanil Ghosh, president, Retail Business, HDFC ERGO General Insurance, said, “The use of mobile wallets and UPI has increased exponentially, especially after the pandemic. While it brings ease and convenience, it also makes one susceptible to cyber frauds. We are excited to partner with Paytm as this asserts our pledge to provide innovative solutions to mitigate cyber risks in today’s digital era. Our comprehensive insurance offering, coupled with Paytm’s digital access, will boost digital growth and ensure financial inclusion along with protection from cyber frauds across the country.”