Paytm partners with HDFC ERGO to cover mobile transactions insurance
By MYBRANDBOOK
Paytm parent One97 Communications has launched “Paytm Payment Protect”, a group insurance plan to insure transactions made through UPI across all apps and wallets, in collaboration with HDFC ERGO General Insurance.
This product is aimed to enhance the digital payments experience and increase the adoption of the same in the country. The new insurance offering will come at a cost of Rs 30 per annum, enabling users to secure themselves against mobile fraudulent transactions up to Rs 10,000. The company stated that higher cover options for cover up to Rs 1 lakh per annum will soon be added to the product.
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 cybercrime. 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, “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.”
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