PayMaya launches online shopping insurance for customers

This will be available for PayMaya users in the Philippines for free.

E-wallet and digital financial services firm PayMaya Philippines has launched an online shopping insurance for its users at no additional cost. 

Called Buyers Protect, customers shopping using their PayMaya account can get reimbursed up to PHP8,000 ($152.55) per claim, with an annual coverage of PHP16,000 ($305.11), 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 PHP100 ($2) 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.

According to PayMaya, the launch of Buyer Protect is part of its push to make digital transactions more convenient and safer for Filipinos. Last year, the company introduced PayMaya Verified Sellers, a special badge for legitimate and trustworthy online sellers as part of the company’s efforts to support the Philippines growing e-commerce market.

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