Paytm, HDFC ERGO launches insurance for digital transactions

Paytm, HDFC ERGO launches insurance for digital transactions: Paytm has partnered with the HDFC ERGO General Insurance to launch a group insurance plan called ‘Paytm Payment Protect’. 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.

December 2022 Current Affairs Quiz

Aim: To insure transactions made through UPI across all apps and wallets.

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.