New Delhi: BharatPe has rolled out a fraud protection plan, ‘Shield,’ to bolster the security of UPI transactions amid increasing digital payment fraud in India. The service aims to provide users with safeguards against risks like unauthorized transactions, phishing, and computer fraud.
Introductory Protection for New Users
Under the new plan, first-time UPI users on the BharatPe app will get 30 days of complimentary fraud protection for transactions up to ₹5,000. After the free period, users can opt for continued coverage through a subscription fee of ₹19 per month.
Nalin Negi, CEO of BharatPe, stated that the initiative is part of the company’s efforts to ensure safer digital transactions for its users.
Features to Address Digital Payment Risks
Shield offers pre-reporting coverage, which allows users to claim losses incurred up to 10 days before reporting fraud. The service also provides support for fraud reporting and claims via the app, chatbot, or a 24/7 toll-free helpline.
The plan is designed to address vulnerabilities associated with phone theft and unauthorized access, which have become significant concerns with the rise of UPI transactions in India.
Context of the Launch
This launch comes at a time when digital payments in India are growing rapidly, with UPI transactions surpassing ₹15 lakh crore in November 2024, according to NPCI data. However, this growth has been accompanied by a rise in fraud cases, highlighting the need for robust fraud protection mechanisms for users.
BharatPe’s introduction of Shield reflects the growing focus within the fintech sector on improving user confidence in digital payment systems by addressing security concerns effectively.
