One97 Communications Limited (OCL), the parent company of Paytm, launched ‘Paytm Payment Protect’, a group of insurance plans in collaboration with HDFC ERGO General Insurance to insure transactions made through UPI across all apps and wallets.
Users can protect themselves from fraudulent mobile transactions up to 10,000 with this latest offering, which is available for just ₹30 per year. Higher cover options with an annual cap of Rs.1 lakh are among the future additions to the product.
Commenting on the launch of this unique policy, Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm, said, “We are the pioneers of mobile and QR payments in India, with customer safety being our top priority. 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.”
This product’s launch to the market aims to improve trusted digital payments even more and boost their adoption across the nation. HDFC ERGO will now use Paytm, a mobile payments pioneer with a trusted and extensive reach, to promote its cost-effective and comprehensive insurance plans.
Mr Parthanil Ghosh, President of 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.”
