One97 Communications Limited (OCL), the parent of Indian fintech firm Paytm, has launched ‘Paytm Payment Protect,’ a group insurance plan with HDFC ERGO General Insurance to insure transactions made through UPI across all apps and wallets.

The policy, which comes at Rs 30 per annum, can secure users against fraudulent transactions up to Rs 10,000. The fintech firm has also claimed that it will add a higher cover of up to Rs 1 lakh per annum.

Commenting on the launch of this policy, Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm, said, “ 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.”

Parthanil Ghosh, President of the Retail Business of 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 fraud. 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.”