Mumbai, February 10th, 2022: HDFC ERGO General Insurance, India’s leading private sector general insurance company in the private sector, announced its first-of-its-kind partnership with Visa, the global leader in digital payments to offer curated insurance covers for Visa’s Platinum cardholders for select Public Sector banks.
The usage of cards as a form of payment has witnessed an increase and seen tremendous acceptance as a preferred mode of payment during the pandemic. Banks, the issuers of cards, are at the forefront of driving usage by creating a network of merchants accepting cards and providing discounts and offers to incentivize increased spend. However, card usage often gives rise to concerns around payment safety and potential unauthorized/fraudulent transactions in the minds of consumers. RBI has mandated banks to offer Zero Liability to cardholders for frauds reported. Through this association with Visa, HFDC ERGO aims to insure the risk of fraudulent transactions and enable the issuing banks to offer Zero Liability to their cardholders.
Speaking about the partnership Mr. Sanjay Kaw, President – Commercial Business, HDFC ERGO General Insurance Company said, “This policy is applicable for Visa’s Platinum cardholders and will provide security to Visa’s partner banks. This in turn will give the card users peace of mind while performing any transaction. We are glad to have partnered with Visa to offer yet another first-of-its-kind cover to its consumers. According to RBI, fraudsters siphoned off ₹615.39 crore in more than 1.17 lakh cases of credit and debit card frauds over 10 years”
“India has seen a rapidly increasing number of new consumers use their cards for digital payments in the past year and Visa is committed to providing them a secure payment experience. We are delighted to partner with HDFC ERGO to offer a complimentary fraud insurance cover for our Platinum Debit & Credit cardholders across participating issuers. The proposition is aimed at addressing consumer concerns around making payments with cards and ensures that our cardholders remain protected in the unlikely event of card fraud,” said Sujai Raina, Head – Business Development, India, Visa.
The policy will offer all Visa Platinum Credit & Debit Cards of participating issuers with fraud insurance cover for an amount up to ₹ 1 lac. For this program, Visa is the master policyholder and the insurance coverage is provided by HDFC ERGO General Insurance Co Ltd., complimentary to Visa Platinum cardholders of participating banks.