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FreeCharge launches e-Wallet protection plan for users

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With cashless transactions gaining importance with the digital economy initiatives, FreeCharge has now launched an e-Wallet protection plan for its users.

FreeCharge has announced its partnership with Reliance General Insurance Company Limited to offer e-Wallet protection plan for its users. The plan, which would be offered to both consumers and merchants, would be offered free of charge for all the users. This step would address concerns regarding the usage and security of e-wallets.

As part of the e-Wallet protection plan, the underlying wallet balance of all the customers will be insured in the event of theft or loss of the phone. FreeCharge would insure its users up to a limit of Rs. 20,000, as long as the user is transacting at least once a month. In an event of the loss of the phone or theft, users need to file 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.

Speaking about the launch, Govind Rajan, Chief Executive Officer, FreeCharge said, “At FreeCharge, we are constantly innovating and experimenting to further the consumer interest in the best possible way. 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.”

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