Paytm and HDFC ERGO launch ‘Payment Protect’ insurance policy

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.

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.”

Mr. 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. 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.”

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.

Paytm is India’s payment Super App offering consumers and merchants most comprehensive payment services. Pioneer of mobile QR payments revolution in India, Paytm’s mission is to bring half a billion Indians into the mainstream economy through technology-led financial services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.