PayMaya unveils feature for safer shopping online

MANILA, Philippines — Digital financial services company PayMaya Philippines has launched a new product which aims to make online shopping more convenient and safer.

Called Buyer Protect, the product is the only online shopping protection insurance provided at no additional cost by an e-wallet in the country.

PayMaya said the new product gives its consumer base value-added protection for their online shopping purchases.

Buyer Protect is underwritten by general insurer AIG Insurance Philippines Inc. and developed by PayMaya together with international insurtech bolttech.

“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,” PayMaya Philippines president Shailesh Baidwan said.

With Buyer Protect, customers shopping online using their PayMaya account can get reimbursed up to P8,000 per claim, with an 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 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.

PayMaya said the launch of Buyer Protect is part of the company’s push to make digital transactions more convenient and safer 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 likewise launched in 2021 Personal Protect, which covers dengue, COVID-19, and permanent total disability, underwritten by Pioneer Insurance & Surety Corp.

The company 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.

“We are excited to expand our successful partnership with PayMaya, offering them additional value with Buyer Protect. This partnership is a perfect example of how we enable our e-commerce partners to ‘simply add insurance’ with 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 safely online,” said Rohit Khattri, head of group partnerships of bolttech.

Gary Wong, AIG Philippines president, said its partnership with PayMaya 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,” Wong said.