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Mission Cashless: All Freecharge Wallet Balances up to Rs 20,000 Insured Against Phone Theft

Image for representation.

Image for representation.

Digital payments platform FreeCharge has announced e-wallet protection plan for all its users, both consumers and merchants in partnership with Reliance General Insurance.

Digital payments platform FreeCharge has announced e-wallet protection plan for all its users, both consumers & merchants. The facility, in partnership with Reliance General Insurance Company Limited, will be offered free of cost to all FreeCharge users.

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“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 consumer in the event of theft or loss of his/her phone,” said FreeCharge in a statement.

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Under this wallet insurance arrangement, the underlying wallet balance of all the customers will be insured up to a limit of Rs 20,000, as long as the user is transacting at least once a month. In the case of a phone loss or theft, all the customer needs to do is to file a FIR within 24 hours at the local police station and report the same immediately to FreeCharge via e-mail or by calling customer care.

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“FreeCharge, which is compliant with all applicable security standards, operates an in-house state-of-the-art Fraud & Risk management system, with more than 500 sophisticated algorithms and checks in order to keep the consumer money safe at all the times,” added the release.

first published:December 20, 2016, 17:55 IST