FreeCharge Launches India’s First e-Wallet Protection Plan for its Users

• All FreeCharge wallet balances upto Rs 20,000 insured in case of phone theft/loss

• FreeCharge, Reliance General tie up to provide customers free insurance on wallet balance

FreeCharge, India’s leading digital payments platform, today announced India’s first 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.

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 case of a phone loss or theft, all the customer needs to do is 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.

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.

Speaking on the launch of the facility, 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.”

Rakesh Jain, CEO, Reliance General Insurance Co. Ltd added, “What we are witnessing is a digital revolution of sorts with an ever increasing focus on digital payment instruments. In keeping with the times, an insurance product around the same was both needed and logical. Through our partnership with FreeCharge, we are taking a step in that direction and hope to play our part in the country’s vision of going cashless.”

About Freecharge

Freecharge is India’s fastest growing digital payments platform. Consumers across the country use Freecharge to make prepaid, postpaid, DTH and Electricity bill payments for numerous utility service providers, fuel payments, travel & commute bookings, food delivery and dining, movie and events tickets, both online and offline shopping in addition to other leading online and offline merchants. Freecharge has millions of registered users, is PCI DSS compliant for information security and is at the forefront of the mobile commerce revolution with over 90 per cent of transactions originating from mobile. Freecharge Go, the virtual card was launched in January 2016, making Freecharge wallet the universally accepted wallet in India.

For complete details of the policy coverages and terms and conditions, please visit www.Freecharge.com or download the Freecharge app. This cover is available upto 21^st December 2017

About Reliance General Insurance

Reliance General Insurance, a part of Reliance Capital, is one of the leading general insurance companies of India.

The Company offers a well-rounded and comprehensive bouquet of products including Motor Insurance, Health Insurance, Travel Insurance, Home Insurance and also offers customized solutions to meet the protection needs of each customer.

Reliance General Insurance offers has a wide network of more than 20,000 intermediaries across 500 locations across India for offering its products and services to retail, corporates and SME clients.