Domestic digital payments platform FreeCharge today launched an e-wallet protection plan for all its users.
Although the detailed TOS of the new e-Wallet Protection plan are still not to be found anywhere in the company website. Below is the key details of the plan and how to remain insured.
Eligibility Conditions for FreeCharge Launches E-Wallet Protection Plan provided in partnership with Reliance General Insurance Company.
- The Wallet protection plan will be offered free of cost to all FreeCharge users
- Irrespective of your Wallet balance, as per the insurance arrangement, the customer will be insured up to a limit of Rs. 20,000. That’s even if a consumer loses more than Rs. 20,000. He/she will be compensated for Rs. 20,000 only.
- To avail the Insurance the user must make at least one transacting a month.
- To avail the e-Wallet protection in case of a phone loss or theft, a customer needs to 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.
The above are the broader details of the FreeCharge E-Wallet Protection Plan. The other details such as to what extent FreeCharge will own the liability will be known only after reading the detailed text. Only then it will also be known whether the e-wallet protection is limited to phone loss or theft; or offers protection for other wallet transaction risks as well.
One the biggest hurdles to e-Wallet and other e-transaction methods is the security and very small e-literacy. This means the user will make mistakes as well. Right now the best thing to do is: Don’t transact big amounts unless you’re confident enough to do so. And transact that much which doesn’t pinch.