Last Updated: December 22, 2022, 10:57 IST
Paytm has launched Paytm Payment Protect in association with HDFC ERGO General Insurance. This group insurance plan covers Unified Payments Interface (UPI) transactions across all apps and wallets. The first-of-its-kind insurance product can be purchased for as little as Rs 30 per year. Customers can now protect themselves from fraudulent mobile transactions up to Rs 10,000. Soon, the offering will have higher protection options for covering up to Rs 1 lakh annually.
“To protect users and combat cybercrime, we are providing insurance coverage with straightforward claims. Our collaboration with HDFC ERGO aligns with our goal of raising financial literacy,” said Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm.
HDFC ERGO will now use Paytm to promote its cost-effective and all-inclusive insurance solutions. Since the pandemic, the use of UPI and mobile wallets has skyrocketed. “While it makes life easier and more convenient, it also leaves one open to online scams. We are thrilled to work with Paytm since it affirms our commitment to offering cutting-edge solutions to reduce cyber risks in the current digital era,” said Parthanil Ghosh, president of HDFC ERGO General Insurance’s retail business.
According to Ghosh, the extensive insurance selection and Paytm’s digital access would promote digital growth, assure financial inclusion, and provide nationwide protection against cyber theft. Recently, Paytm introduced UPI compatibility, allowing users to send UPI payments to any mobile number using any UPI payment app, even if the recipient is not a Paytm customer. Paytm’s goal is to use technology-driven financial services to integrate 500 million Indians into the economy.
How to use Paytm Payment Protect:-
Step 1: Open the Paytm app after downloading the most recent version to your smartphone.
Step 2: In the Paytm app, look for Payment Protect.
Step 3. Type your name and phone number.
Step 4: Tap the Proceed to Pay button to finish the transaction by paying with your Paytm wallet.
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