NEW DELHI: One97 Communications, which owns payments and financial services platform Paytm, on Monday launched a group insurance plan called ‘Paytm Payment Protect’.
According to a statement by Paytm, the insurance plan is in association with HDFC ERGO General Insurance and it is aimed to insure transactions made through UPI across all apps and wallets. This product is expected to further enhance the trusted digital payments experience and increase the adoption of the same in India.
With the new insurance offering, which will come at a cost of Rs 30 per annum, users would be able to secure themselves against mobile fraudulent transactions up to Rs 10,000. The statement by Paytm added higher cover options for cover up to Rs 1 lakh per annum will soon be added to the product.
“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.” said Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm.
The partnership with HDFC ERGO is aligned with the mission of spreading financial awareness and propelling safer digital payments adoption, said Gupta.
According to Parthanil Ghosh, President, Retail Business, HDFC ERGO General Insurance: “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,” Ghosh added in the statement.
Separately, the company recently launched UPI interoperability, where users will be able to make UPI transactions to any mobile number across all UPI payment apps even if the recipient is not registered with Paytm. (ANI)