Mobile wallet app launches insurance policy that protect online shoppers

December 16, 2022 - 3:21 PM
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This June 2021 shows a promotional material of Gcash. (Facebook/Gcash)

A popular digital wallet service launched a new security option that can help protect users from online shopping scams.

GCash partnered with international insurance company Chubb in launching an insurance product that will cover online purchases. It is called “Online Shopping Protect”.

Once subscribed to this insurance policy, it will be integrated into the user’s online purchases from big e-commerce platforms such as Zalora, Shopee and TikTok Shop.

Three ways to protect online shoppers

Protection upon checkout

Neil Trinidad, GCash vice president and head of new businesses, explained that each time a user pays a merchant via its app, the Online Shopping Protect is automatically activated or ticked during checkout.

“In developing the feature, convenience was a crucial factor for us. Filipinos are already spending a significant amount of time researching their purchases and going through online reviews, so we opted for an easy and reliable way to keep them protected against online shopping scams,” Trinidad said.

Graphic sample on how Online Shopping Protect works

Large benefits

GCash’s Online Shopping Protection has the following coverages:

  • Up to P10,000 for electronics
  • Up to P20,000 for other items

The policy also covers items for 60 days after receipt of the purchase or after delivery.

This means customers can get their money back in case something happens to their purchases after receiving them.

“Not only is Online Shopping Protect easy to get, but it also covers most worries we all have when shopping online. Our insurance partner, Chubb, will be able to cover a myriad of claims on the item— whether it’s incomplete, wrong, defective, undelivered, fake, accidentally damaged, or stolen,” Trinidad said.

Affordable subscription

GCash’s Online Shopping Protect only costs P34 per 30 days or around one peso per day.

“We want to make this feature accessible to as many users as possible because Filipinos deserve to be proactively protected against online shopping scams and shipping issues,” Trinidad said.

For added security

GCash also partnered with the Philippine National Police-Anti-Cybercrime Group (PNP-ACG) in rolling out a double authentication feature to its app to help account holders become victims of phishing and other types of scams.

The double authentication removes the SMS OTPs (one-time password) layer that scammers have recently taken advantage of in unsolicited text messages.

Winsley Bangit, chief customer officer of GCash, explained during the launch of the hashtag #GSafeTayo campaign.

“It will provide a unique identifier that can’t be phished by scammers. It also provides an additional layer of security to the current SMS OTP,” Bangit was quoted in the report as saying.