Paytm launches ‘payment protect’ against fraudulent transactions

With this new insurance offering, which comes at a cost of as low as ₹30 per annum, users can now secure themselves against mobile fraudulent transactions up to ₹10,000

Paytm payment bank

Mumbai: Paytm, India’s leading payments and financial services company, on Monday said it has launched ‘Paytm Payment Protect’, a group insurance plan in association with HDFC ERGO General Insurance, a leading general insurance company of India, to insure transactions made through UPI across all apps and wallets.

With this new insurance offering, which comes at a cost of as low as ₹30 per annum, 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.

As a first-of-its-kind offering, this product is aimed to further enhance the trusted digital payments experience and increase the adoption of the same in the country. The move assumes significance in view of the Reserve Bank of India launching the digital currency on pilot basis.

Commenting on the launch of this unique 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.”

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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. 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.”

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