After recent demonetization drive, the GoI is encouraging people to opt for cashless transactions. The “Less-Cash India” drive has opened new doors for the eWallet companies. Other financial institutes are also trying to reach as many people as possible. It is a well-known fact that no system in this world is 100% secure. The hackers and thieves find their way in the system and can steal someone’s hard earned money. The burglary can happen in the digital world as well. These days, eWallets are becoming more vulnerable to such attacks. The hackers are getting attracted to them.
Insurance of the FreeCharge eWallet
FreeCharge is one of the top eWallet companies. They understand how important it is to have security in the digital world. So much so, the company became the first eWallet to introduce insurance plan over the eWallet account. Freecharge has joined hands with Reliance General Insurance Company Limited. It will provide insurance up to Rs.20000/- to its customers.
The process is simple and easy. In case you lose your cell phone or you experience theft in your eWallet account, you have to file an official FIR with the police within 24 hours. Also, you have to inform FreeCharge about the incident via email or by calling its customer care. The company will check the facts related to the case and forward the case to the insurance company which will handle the remaining process.
Statement by FreeCharge
Govind Rajan who is the Chief Executive Officer at FreeCharge issued a statement on the launch of the service. He said that FreeCharge is innovating and experimenting with different methods to provide the best services to the customers. From the past experiences, the company has realized that the perception of the security related to eWallet is very critical in the eye of the customer. After the demonetization, a lot of customers showed concerns over the security of the eWallets.
The security firms from around the world who have warned about Indian eWallet companies. They said that Indian eWallets are young. They are not aware of the security flaws that they may have. A proper security audit is still pending for most of the eWallet companies. GoI also issued instructions for the financial institutes to get the security audit done at the earliest.
Statement by Reliance General Insurance
Rakesh Jain who is the CEO of Reliance General Insurance Co. Ltd. also issued a statement over the association with FreeCharge. He said that India is witnessing a never expected boom in the number of cashless transactions. It is obvious that the security of the eWallet becomes one of the main concerns for the user. The association of Reliance General Insurance Co. Ltd. with FreeCharge will provide a sense of security to the users. The users will enjoy the cashless modes more with a free mind.
FreeCharge took the initiative as a leader. It may become a norm in the coming days for all the eWallet companies. This will increase the security for the user as well as the company can expect more transactions.