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One97 Communications Ltd, that owns leading payments and financial services provider Paytm, on Monday launched 'Paytm Payment Protect', a group insurance plan in association with HDFC ERGO General Insurance, to insure transactions made through Unified Payments Interface (UPI) across all apps and wallets.

The first-of-its-kind insurance offering comes at a cost of as low as Rs 30 per annum. The users can now secure themselves against mobile fraudulent transactions up to Rs 10,000.

Higher cover options for cover up to Rs 1 lakh per annum will soon be added to the product.

"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," said Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm.

Paytm is a pioneer of mobile payments, with a trusted and vast reach, which HDFC ERGO will now leverage to drive its affordable and comprehensive insurance plans.

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 frauds. 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," said Parthanil Ghosh, President, Retail Business, HDFC ERGO General Insurance.

The 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, Ghosh added.

To secure all their future digital transactions, consumers can get 'Payment Protect' in two simple steps: Search for 'Payment Protect' on the Paytm app, enter the name, mobile number and tap on 'Proceed to Pay'.

Paytm recently launched UPI interoperability, where users will be able to make UPI transactions to any mobile number across all UPI payment apps even if the recipient is not registered with Paytm.

Paytm's mission is to bring half a billion Indians into the mainstream economy through technology-led financial services.