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FreeCharge launches e-wallet protection plan up to Rs 20,000

freecharge e-wallet protection

The Digital Payments Platform FreeCharge has announced that it will provide free insurance on wallet balance. The company launched India’s first e-wallet protection for its user’s up to Rs 20,000 on their wallets.

Users can avail this e-wallet protection in case of loss or theft of their mobiles. The Snapdeal-owned company partnered with the Reliance General Insurance to provide free insurance on wallet balance for it users.

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In a case of theft or loss of mobiles, individuals have to file a FIR within 24 hours in the nearest police station. And also report the same to the FreeCharge via email or by calling to customer care immediately.

“With this move, FreeCharge takes another step in proactively addressing consumer concern around the usage and security of e-wallets, safeguarding the money of the customer in the event of theft or loss of his/her phone,” said the company.

FreeCharge is a convenient, faster and more efficient way and much safer than cash. This is another step for the digital revolution in terms of security and cashless transactions. Under this e-wallet protection, users can avail insurance up to Rs 20,000 as long as the customer transacting at least once a month.

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Commenting on the launch of the security plan, Govind Rajan, Chief Executive Officer of FreeCharge said, “Over the course of operations, we have realised that consumer perception of wallet safety. It is critical to driving both adoption and retention of our customers and hence we are offering this plan to our users free of cost.”

Through the e-wallet protection, the company ensures that it is the way to help less cash India with more protection plans.

FreeCharge ties up with IRCTC for Railway Ticket Bookings

freecharge wallet

India’s fastest expanding digital payments platform, FreeCharge has announced its partnership with Indian Railways Catering Tourism and Corporation. IRCTC is the subsidiary of Indian Railways which is India’s largest travel website to book train tickets through digital payment of freecharge wallet.

In a bid to control massive rush at reservation booking counters and to provide fast and convenient digital payments, IRCTC has come up with this new announcement. Through this newly launched FreeCharge wallet, travellers can experience fast digital payment method both during tatkal and normal hours.

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Indian Railways Catering Tourism and Corporation (IRCTC) processes over 180 million transactions on its platform. From the FreeCharge wallet, customers can pay anywhere and anytime in less than 10 seconds in an easy and secure way.

Previously, FreeCharge has partnered with redbus.in, Cleartrip. Now the partnership with IRCTC, the company is going to enable its users all to travel through a single wallet.

The Chief Executive Officer of FreeCharge, GovindRajan, said, “We are delighted to partner with IRCTC and be a part of their journey to make customer’s travel experience frictionless and convenient in every way. With this partnership, we further increase our reach in commute and travel segment. FreeCharge is the fastest way to pay, and we believe that will offer immense value for users booking at IRCTC. Our aim is to make FreeCharge wallet all pervasive in customer’s lives.”

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Online ticket bookings have become a boon for regular travellers. IRCTC will get instant millions of wallet users and this partnership with FreeCharge will become the best payment gateway. FreeCharge will now become the ever-growing ticket booking market with its fastest check out experience

SEBI to allow mutual funds purchases via digital wallet

SEBI to allow mutual funds purchases via digital wallet

Will cashless and hassle free transactions rule the world of mutual funds? Maybe yes, SEBI (Securities and Exchange Board of India) is holding talks with RBI (Reserve Bank of India) to allow the use of e-wallet/ digital wallet for purchasing mutual funds. Both the capital markets regulator and financial giant are yet to frame the regulations for digital wallet use.

Drawbacks in the current system:

According to the RBI norms, customers can use online e-wallet without KYC for transactions up to 10,000 INR and transactions above 10,000-1 lakh; KYC is mandatory. E-wallet is not applicable for purchases above 1 lakh. But all mutual fund transactions need KYC as a mandatory requirement.

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The reason why SEBI wants the involvement of digital wallet is to promote all the investors to take up the hassle less and paper free KYC procedures. This can be done using the digital wallet, in case the RBI allows. This can help to meet two demands that SEBI presently have

  • Increase mutual fund investments
  • Reduce money laundering via cashless transaction.

Current developments:

SEBI is all set to sell the mutual funds through online marketplaces like Flipkart and Amazon.in. According to the person familiar with the developments, the number of customers visiting the e-commerce portals is increasing on daily basis. Hence, the above step will be justifiable.

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Advantages of digital wallet:

The use of the digital wallet for mutual fund purchase not only promotes cashless transactions but also helps in curbing the black money circulation. The money stagnant in the digital wallet is currently not earning any interest rates, but if the investment is allowed, customers can benefit from the lucrative returns. The simple transaction procedures can attract people in all the fields to invest in mutual funds and the financial markets.

IRCTC To Launch Passenger Insurance And Unreserved Ticketing From September

IRCTC To Launch Passenger Insurance And Unreserved Ticketing

Indian Railway Catering and Tourism Corporation (IRCTC) is soon going to come up with advanced services to comfort the rail passengers. In the mode of up gradation of existing services, IRCTC on Monday announced that it would soon introduce new services which include Passenger insurance and Unreserved Ticketing.

Arun Kumar Manocha, Chairman and Managing Director of IRCTC in a statement said, “We are going to start passenger insurance soon and have already issued letter of award. We have short-listed three companies. The insurance would be less than Rs 2 per trip for a sum insured of Rs 10 lakh.”

According to the reports, among a huge list, three leading insurance providers of the nation are short-listed-Shriram General, Royal Sundaram and ICICI Lombard General Insurance. Insurers will provide ‘Travel insurance’ to the rail passengers. This travel insurance is the amount paid to the passengers in addition to the compensation paid by Indian Railways to the reserved or ticket holders in case of any accidents.

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“At the moment, the insurance offer is under integration process, and we expect it will be operationalised from September,” said Manocha. Currently, only airlines in the nation provide such travel insurance to their passengers while reserving the tickets. Sanjay Datta, Chief-underwriting and claims at ICICI Lombard, said that the insurance coverage would be against accident, disabilities and hospitalisation too.

The other plans of the IRCTC initiatives include Unreserved Ticketing feature on the official website. The feature is not yet clear but is expected to start in the month of September. If we remember, earlier an exclusive app for booking unreserved tickets was introduced by IRCTC.

On Friday, IRCTC and State Bank of India partnered to add an e-wallet ‘Buddy’ that allows passengers to make digital payments during booking of tickets. He said that the e-wallet should be launched by Dussehra or Diwali in October.

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Manocha said that IRCTC works with several private and public sector institutions and Central Food Technological Research Institute (CFTRI)-Mysore and Institute of hotel management, Catering and Nutrition-Pusa, New Delhi to provide better services to the passengers

Manocha also stated that they are working on to integrate Android software into IRCTC, which makes the cancellation of tickets and refund of amount easy. Besides he also stated that “The failure for card payment is only 2-3 per cent because of the pathway issues. We are hoping to launch e-wallet in the renewed form. It will be made free for the first three months. Currently, it is linked to the pan card and it will also be linked to the Aadhaar card soon.”