FreeCharge Unveils Insurance Policy in Partnership with Reliance General Insurance Company

FreeCharge introduces an insurance policy for its users

India: The Mumbai-based mobile wallet company, FreeCharge, has launched an e-wallet safety plan in partnership with Reliance General Insurance Company for its users. With this launch, the company has taken one more step forward in fulfilling the consumer’s security related concerns.

The safety plan will be provided to the users for free and under this wallet insurance agreement, each of the customer’s underlying wallet balance will be secured up to a limit of USD294.5 as long as the user makes at least one transaction in a month. During the case of phone thefts, the users need to simply file an FIR at a local police station within 24 hours and inform the same to FreeCharge by either calling to customer care or through mail.

The Chief Executive of FreeCharge, Govind Rajan, stated that “the company is focusing towards providing the wallet safety to its customers as mobile wallets are considered to be more secure and efficient than cash”.

TechSci Research depicts that the launch of insurance plan by FreeCharge will help in boosting the mobile wallet market in India by providing the mobile wallet users with a more secure and safe platform for easy transactions.

According to the recent report published by TechSci Research, “India Mobile Wallet Market Forecast & Opportunities, 2020”, the mobile wallet market in India is forecast to reach US$ 6.6 billion by 2020. Growing awareness regarding the benefits of mobile wallets, rising smartphone and mobile internet penetration rates, and increasing security measures are expected to drive growth in India mobile wallet market. In 2014, Tier-I cities such as Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users in the country, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are emerging cities in terms of mobile wallet usage. Banking accounted for the largest end user sector in the country’s mobile wallet market in 2014, followed by retail, telecom and transportation sectors. Few of the leading companies operating in India mobile wallet market include One97 Communication Pvt. Ltd., MobiKwik and ItzCash.