To provide additional protection to its consumers—when it comes to shopping and buying online—PayMaya Philippines has launched a new security product within its app.
According to the digital financial services company, this new offering, called Buyer Protect is the first online shopping protection insurance provided at no additional cost by an e-wallet in the Philippines.
Through it, users who buy items online using their PayMaya account are entitled to reimbursement of up to P8,000 per claim—with an annual coverage of P16,000—for undelivered, incomplete, or damaged purchases at eligible online sellers.
PayMaya Philippines President Shailesh Baidwan said the service is more relevant now than ever as Filipinos continue to embrace digital transactions.
“Boosting consumer confidence in digital transactions is important for us, and we want our customers to have better peace of mind whenever they use PayMaya for online shopping. Buyer Protect is most relevant right now as we see more Filipinos embrace e-commerce at an accelerated pace, with PayMaya at the forefront of enabling end-to-end seamless digital payments,” she explained.
The new feature comes free of charge to all upgraded PayMaya users, the company said.
It is automatically enforced for purchases of P100 and above made from legitimate online sellers with websites and/or official stores on Lazada, Shopee, Instagram, Facebook Marketplace, etc. Transactions should be done through PayMaya’s service—such as QR payments, PayMaya virtual card purchases, and Send Money transactions.
Buyer Protect is provided by general insurer AIG Philippines Insurance, Inc. and was developed by PayMaya in collaboration with international insurtech bolttech.
PayMaya said the rollout of this new product is part of its push to make digital transactions safer for its Filipino users.
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Image credit: Oleg Magni via Unsplash; PayMaya