- At just ₹30 per annum, consumers can now buy insurance to safeguard themselves from fraudulent transactions of up to ₹10,000
- The policy has been designed to protect customers and drive adoption of mobile payments
- Covers transactions made through UPI across all apps and wallets
Mumbai, 20 December 2022: One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR and mobile payments in India, 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. Paytm is a pioneer of mobile payments, with a trusted and vast reach, which HDFC ERGO will now leverage to drive its affordable and comprehensive insurance plans.
Paytm is the leading fintech innovator of India. Recently, the company 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. This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments.
To secure all their future digital transactions, consumers can get ‘Payment Protect’ in two simple steps:
- Search for ‘Payment Protect’ on the Paytm app
- Enter the name, mobile number and tap on ‘Proceed to Pay’