Digital payments firm FreeCharge to offer free insurance on wallet balance

New Delhi: With digital payments and transactions on the rise since the demonetisation move by the government on November 8, firms in the field are leaving no stones unturn to beat their competitors.

Hitting up the competition in the digital payments world, FreeCharge announced a free insurance on wallet balance.

The Snapdeal-owned company has partnered Reliance General to provide free insurance on wallet balance of up to Rs 20,000 on their e-wallets.

The insurance has been offered to users in case of loss or theft of mobile phones and is applicable to all FreeCharge customers including consumers and merchants.

"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," Freecharge said in a statement.

Under the arrangement, the wallet balance of 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 case of loss or theft of phone, the customer needs to lodge an FIR within 24 hours at the local police station and report the same immediately to FreeCharge via e-mail or by calling customer care.

"Over the course of operations, we have realised that consumer perception of wallet safety is critical to drive both adoption and retention of our customers and hence, we are offering this plan to our consumers free of cost.

"FreeCharge is faster, convenient and more efficient than cash and now much safer too. We believe this is another step to help realise the vision of a less-cash India," FreeCharge CEO Govind Rajan said.

With PTI Inputs