FreeCharge launches e-wallet protection plan

Underlying wallet balance of all customers will be insured up to a limit of Rs 20,000

Domestic digital payments platform FreeCharge on Tuesday launched an e-wallet protection plan for all its users.

The facility, in partnership with Reliance General Insurance Company Limited, will be offered free of cost to all FreeCharge users, the company said.

Under the 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.

"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," said Govind Rajan, Chief Executive Officer, FreeCharge.

In case of a phone loss or theft, all the customer needs to do is file an FIR within 24 hours at the local police station and report the same immediately to FreeCharge through an e-mail or by calling customer care.