Paytm, to stay relevant in the industry has launched a new feature in India dubbed Paytm protect. The latest service of the brand serves as a group insurance plan that provides a safety net against fraudulent transactions that take place online. A major highlight regarding Paytm Protect is that it only costs Rs 30 per annum. The latest feature released by Paytm works in order to secure all the online transactions taking place. All the transactions that have been made through UPI or your wallet are completely safe under the plan.
The plan has been designed in partnership with ERGO General Insurance and HDFC. The Rs 30 insurance plan allows users to secure transactions of up to Rs 10,000 against any kind of online fraud. This is only the first stage of the plan as of now. It is expected that in future, users will be able to claim insurance on high-value transactions up to Rs 1,00,000 per year.
What Paytm has to say?
Paytm said that the feature offered by the brand is one of its kind features. The product is targeted to further enhance the trusted digital payments experience and increase the adoption of insurance in the same country. Bhavesh Gupta, CEO of Lending and Head Payments at Paytm, said that the brand provides an insurance cover with convenient claims with a focus on protecting users and fighting cybercrimes. He further said that the HDFC ERGO is aligned with Paytm’s mission of sharing financial awareness and skyrocketing safe digital payments adoption in the country.
How to use Paytm payment protect?
- First things first, download the Paytm application on your iOS or Android smartphone.
- Now, find and head to the Payment Protect option in the app.
- Enter your name and mobile number in the required dialogue box.
- Now tap on the proceed to pay button.
- After that, simply purchase the insurance.