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Mumbai: HDFC Ergo General Insurance on Thursday announced its partnership with Visa to offer curated insurance covers for Visa’s Platinum cardholders for select public sector banks.

The company said that 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, it said.

“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," it added.

Sanjay Kaw, president (commercial business) at HDFC Ergo General Insurance Company said that the 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." Kaw said.

According to Sujai Raina, head of business development in India at Visa, 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 a secure payment experience.

“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," Raina said.

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