Indian digital payments and financial provider, Paytm today introduced a new feature on its platform in India that aims to help users secure their online transactions in the country. The company today introduced ‘Paytm Payment Protect’ functionality in India, which is essentially a group insurance scheme that ensures transactions done through UPI across all apps and wallets. The company has partnered with HDFC Ergo General Insurance for this.
Paytm says that its new insurance offering, i.e. Paytm Payment Protect, is priced at Rs 30 per year and enables Paytm users to secure themselves against mobile fraud transactions of up to Rs 10,000. The company plans to introduce more cover options soon that will enable users to protect high value digital transactions of up to Rs 1 lakh per year.
The company said in a blog post that its Paytm Payments Protect functionality is a “first-of-its-kind offering, this product aims to further enhance trusted digital payments experience and increase adoption in the country.”
“We are offering an insurance cover with convenient claims to keep users safe and fight cybercrimes. Our partnership with HDFC ERGO is aligned with our mission to spread financial awareness and drive adoption of secure digital payments in the country,” said Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm on the occasion.
Interestingly, the development comes shortly after Paytm introduced UPI interoperability on its platform, which enables users to perform UPI transactions on any mobile number across all UPI payment apps, regardless of whether the recipient is registered with Paytm. not registered This feature not only gives users more flexibility while transacting using Paytm, but also boosts the adoption of mobile payments in India.
If you are a Paytm user, here is how you can secure your digital transactions using Paytm’s Payment Protect feature:
How to use Paytm Payment Protect
Step 1: Download the latest version of Paytm app on your smartphone and open the app.
Step 2: Search for ‘Payment Protect’ in the Paytm app.
Step 3: Enter your name and mobile number.
Step 4: Tap on ‘Proceed to Pay’ option to make payment using your Paytm Wallet and you are ready to go.
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