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.
“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.
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.
“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.