PayMaya bolttech Micro Insurancefintech

PayMaya offers online shopping insurance Buyer Protect

Following its partnership with international insurtech, bolttech, PayMaya is now offering Buyer Protect, an online shopping insurance provided at no additional cost. Buyer Protect is underwritten by general insurer AIG Philippines Insurance.

Shoppers who used PayMaya as the payment option are automatically covered with Buyer Protect, for a minimum spend of P100 per transaction from legitimate online sellers with their own website or official stores on Lazada, Shopee, Instagram, Facebook Marketplace, and similar sites.

The insurance offering assures shoppers to get their money back should they encounter problems with the products they purchased. If a seller refuses to give a refund, Buyer Protect will then cover it.

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Shoppers can reimburse up to P8,000 per valid claim, or up to P16,000 annually for undelivered, incomplete, or damaged purchases from eligible online sellers. To access this free insurance product, shoppers should have an upgraded PayMaya account.

“We need to create more positive experiences for consumers when they purchase online, and PayMaya is leading at this front with relevant features such as Buyer Protect,” said Shailesh Baidwan, President of PayMaya Philippines. “With Buyer Protect, our customers have better peace of mind using their PayMaya accounts as they can get reimbursed for online shopping fails without having to pay extra charges.”

To file a claim for your online shopping fails, simply follow these three easy steps:

  • Head over to the Buyer Protect page to download the claim form.
  • Once filled out, submit it, along with the supporting documents to aigphl_consumerclaims@aig.com.
  • Waiting for the reimbursement in the PayMaya account is in 7-10 working days.