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HDFC ERGO partners with VISA, to provide security

February 11, 2022

HDFC ERGO partners with VISA, to provide security

HDFC ERGO General Insurance, India’s private lending sector general insurance company in the private sector, announced its first-of-kind collaboration with Visa, the global leader in digital payments to offer curated insurance covers for Visa’s Platinum cardholders for a few 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 covid-19 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 spending.

However, card usage often gives rise to concerns around payment safety and potentially unauthorized transactions in the minds of consumers. RBI has mandated banks to offer zero liability to cardholders for frauds reported. Through this collaboration, HDFC ERGO aims to insure the risk of fraudulent transactions and enable the issuing banks to offer zero liability to their cardholders.

Speaking about the collaboration Sanjay Kaw, President Commercial Business, HDFC ERGO General Insurance company said, “This policy is applicable for Visa’s Platinum cardholders will provide security to Visa’s partner banks. We are glad to have collaborated with Visa to offer yet another first-of-its-kind cover to its customers. According to RBI, fraudsters siphoned off ₹615.39 cr in more than 1.17 lakh cases of credit and debit card frauds over the last 10 years.

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