Manila, 14 March 2022 – Digital financial services leader PayMaya Philippines has introduced Buyer Protect, the only online shopping protection insurance provided at no additional cost by an e-wallet in the country. The new feature gives the fast-growing digital Filipino consumers added protection for their online shopping purchases.
Buyer Protect is underwritten by leading general insurer AIG Philippines Insurance, Inc. and developed by PayMaya with leading international insurtech, bolttech.
Through this service, customers shopping online using their PayMaya account can get a reimbursement of up to P8,000 per claim, with annual coverage of P16,000, for undelivered, incomplete, or damaged purchases from eligible online sellers. With this, shopping online with PayMaya is made safer for its users.
"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," said Shailesh Baidwan, President of PayMaya Philippines.
Buyer Protect is automatically provided free of charge to upgraded PayMaya users. Coverage applies to a minimum spend of P100 from legitimate online sellers with their own websites or official stores on Lazada, Shopee, Instagram, Facebook Marketplace, Carousell, and similar sites with payments done through PayMaya virtual or physical card, mobile number, or QR.
Customers can file a claim in three easy steps:
• Visit https://www.paymaya.com/buyer-protect where the claim form can be downloaded.
• Download the form and fill out. Once done, customers can submit it to AIG Philippines at [email protected].
• Valid claims will be processed by AIG Philippines and reimbursement will be credited directly to the customer’s PayMaya account in 7-10 working days.
Gary Wong, President of AIG Philippines, said, “AIG is proud to partner with PayMaya. Our partnership is an example of what can happen when two innovative companies come together to meet the changing needs of online shoppers today. Through Buyer Protect we are making online shopping safer, seamless and stress-free for every Filipino.”
The launch of Buyer Protect is part of PayMaya's thrust of making digital transactions more convenient and safer for more Filipinos. The company strongly supports the country’s e-Commerce Roadmap goal of increasing the contribution of e-commerce to the national economy to 5.5 percent by 2022 from 3.4 percent in 2020.
In December 2021, the company introduced its PayMaya Verified Sellers, making it the only e-wallet that provides a special badge to legitimate and trustworthy online sellers. PayMaya is also the first e-wallet to offer real-time transaction history, enabling customers to see transactions logged as they happen.
Last year, PayMaya launched Personal Protect, which covers dengue, COVID-19, and Permanent Total Disability, underwritten by Pioneer Insurance & Surety Corporation. PayMaya also introduced Mobile Protect, which allows users to avail themselves of mobile phone repair services from bolttech for Cracked Screen or Accidental and Liquid Damage.
PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, communities, and government.
It provides more than 41 million Filipinos access to financial services through its consumer platforms. Customers can conveniently pay, add money, cash out or remit through its over 380,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 60,000 partner agent touchpoints serve as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services. Through its enterprise business, it is the largest digital payments processor for key industries in the country, including "every day" merchants such as the largest retail, food, gas, and eCommerce merchants, as well as government agencies and units.
To know more about PayMaya's products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in approximately 80 countries and jurisdictions. Since establishing a presence in the Philippines in 1925, AIG has provided products and services to help businesses and individuals protect their assets and manage risks.
For more information, please visit www.aig.com.