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.
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.
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.