MANILA, Philippines – Digital financial services company PayMaya Philippines has launched a new product that aims to make shopping online more convenient and secure.
Called Buyer Protect, the product is the only online purchase protection insurance provided at no additional cost by an e-wallet in the country.
PayMaya said the new product provides its consumer base with value-added protection for their online purchases.
Buyer Protect is underwritten by general insurer AIG Insurance Philippines Inc. and developed by PayMaya in conjunction with international insurtech bolttech.
“Building consumer confidence in digital transactions is important to us, and we want our customers to have peace of mind when using PayMaya to shop online. Buyer Protect is most relevant right now as we see more Filipinos embracing e-commerce at an accelerated rate, with PayMaya at the forefront of enabling seamless end-to-end digital payments,” said the president of PayMaya Philippines, Shailesh Baidwan.
With Buyer Protect, customers who shop online using their PayMaya account can be reimbursed up to P8,000 per claim, with annual coverage of P16,000, for undelivered, incomplete or damaged purchases at eligible online sellers.
Buyer Protect is provided free of charge to all upgraded PayMaya users.
Coverage applies for a minimum spend of P100 from legitimate online sellers with their own official websites or stores on Lazada, Shopee, Instagram, Facebook Marketplace, Carousell and similar sites with payments made via card virtual or physical PayMaya, a mobile phone number or QR.
PayMaya said the launch of Buyer Protect is part of the company’s efforts to make digital transactions more convenient and secure for more Filipinos.
In December last year, it also introduced PayMaya Verified Sellers to make it the only e-wallet that provides a special badge to legitimate and trustworthy online sellers.
PayMaya also launched in 2021 Personal Protect, which covers dengue fever, COVID-19 and permanent total disability, underwritten by Pioneer Insurance & Surety Corp.
The company has also introduced Mobile Protect, which enables users to avail bolttech’s mobile phone repair services in case of a cracked screen or accidental and liquid damage.
“We are excited to extend our successful partnership with PayMaya, providing them with additional value with Buyer Protect. This partnership is a perfect example of how we enable our e-commerce partners to ‘just add insurance’ through our capabilities and industry expertise to reduce risk and better serve their customers. Together with PayMaya, we look forward to connecting more customers with ways to protect the things they value – quickly, easily and securely online,” said Rohit Khattri, Group Partnerships Manager, bolttech.
Gary Wong, President of AIG Philippines, said his partnership with PayMaya is an example of what can happen when two innovative companies come together to meet the changing needs of today’s online shoppers.
“Through Buyer Protect, we are making online shopping more secure, transparent and stress-free for every Filipino,” Wong said.