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 Rs. 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 Rs. 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.
About HDFC ERGO
HDFC ERGO General Insurance Company is a joint venture between HDFC Ltd. and ERGO International AG; the primary insurance entity of the Munich RE Group of Germany. HDFC ERGO is one of India’s largest non-life insurance company in the private sector. A digital-first company, transforming in to an AI-first company, HDFC ERGO is a leader in implementing technology to offer consumers the best-in-class service experience. The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), & Robotics. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~93% of retail policies issued digitally. The self-help tech platform developed by HDFC ERGO has empowered the customers to avail 58% of the services virtually in a self-help mode on a 24×7 basis with ~40% of the customer requested services digitally.
The Company offers a complete range of General Insurance products including Health, Motor, Home,
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
