One97 Communications-owned Paytm has launched a group insurance plan in partnership with HDFC ERGO General Insurance. The plan, which is called Paytm Payment Protect, will insure transactions made through UPI across all payment wallets and apps.
Paytm users can insure transactions upto Rs 10,000 by paying Rs 30 and more per annum. In addition, insurance cover for transactions costing Rs 1 lakh or above will get added on in the times to come.
The fintech company also highlighted that this plan will increase the trust of the users, enhance their digital payments experience and accelerate its adoption across the country.
According to Paytm’s Bhavesh Gupta, who is the CEO of Lending and Head of Payments, this move is meant to safeguard users and fight cybercrimes. Echoing Gupta’s point, Parthanil Ghosh, President at HDFC ERGO General Insurance’s retail business, said that while UPI and wallet payments provide ease and convenience, it makes the users susceptible to cybercrimes.
“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,” he said.
To avail this option, users can search for the ‘Payment Protect’ option on the Paytm app. Thereafter, they can enter their name, mobile number and tap on the ‘Proceed to Pay’ button. They can also visit the HDFC ERGO website for a detailed run-through of the policies, terms and conditions, and more.
A few days back, Paytm announced Bijlee Days for all the users who pay their electricity bills from the app. The digital payments service provider said that it would be offering 100 per cent cash back and additional rewards to its users who will be making payments for electricity bills between the 10-15th of every month.