Online payment platform Paytm has launched an insurance scheme named Paytm Payment Protect. Insurance coverage of up to Rs 10,000 is being given to those making UPI payments. This insurance policy can be taken online.
Transactions done through Unified Payment Interface (UPI) are increasing continuously. In October 2022, a total of 730 crore UPI transactions were done. UPI transactions of more than Rs 12.11 lakh crore took place in October. With the increase in UPI transactions, the cases of UPI fraud are increasing.
In such a situation, Paytm has now started an insurance scheme named Paytm Payment Protect in association with HDFC Ergo General Insurance for the protection of UPI users. Under this, transactions done through UPI in all payment wallets and apps will be insured.
At present only transactions up to Rs 10,000 are being insured. Paytm says that in the coming times, up to Rs 1 lakh transactions will also be covered under insurance. The company says that according to this scheme will increase the security and trust of the consumers. The partnership with HDFC ERGO aims to spread financial awareness and promote the adoption of secure digital payments in the country.
How much premium will have to be paid
Paytm CEO, Lending & Head of Payments, Bhavesh Gupta said that this insurance is available for users making UPI payments across all apps and wallets. To get an insurance cover of Rs 10,000, a premium of Rs 30 per year will have to be paid.
Paytm has announced that it will soon launch a product that will provide coverage of up to Rs 1 lakh per year. Parthanil Ghosh, President, Retail Business, HDFC ERGO General Insurance, said, “The use of mobile wallets and UPI has grown exponentially. Along with this, cases of cyber fraud are also increasing. To reduce cyber risks in today’s digital age, we have launched this product in association with Paytm.
Take insurance like this
Paytm users can avail insurance coverage by paying only Rs.30. For this, first open the Paytm app. Search again payment protect. On doing this some fields will appear. In these, enter your name and mobile number at the designated place and click on Proceed to Pay to make the payment.
Your insurance will start as soon as the payment is done. You will get coverage for one year from the date of taking the payment protect plan.
