Roehl Niño Bautista · · 1 min readTencent-backed e-wallet taps Bolttech for insurance services
Philippine digital wallet PayMaya has partnered with insurtech unicorn Bolttech to offer microinsurance and services products on its app.
Dubbed PayMaya Protect, its early offerings include personal insurance for dengue, Covid-19, and permanent total disability, as well as mobile insurance for smartphone damages. Users can also avail of microinsurance products by subscription for flexibility in payments.
Photo credit: PayMaya
“Our initial offers for health insurance and device protection are very relevant now, especially among our younger customers seeking better ways to protect what matters most to them,” said Shailesh Baidwan, president of Tencent-backed PayMaya.
The digital wallet’s local rival, Ant-backed GCash, earlier started offering insurance for dengue and income loss with Singlife as its partner.
Insurance penetration in the Philippines made up 2.3% of the country’s gross domestic product as of the first quarter of 2021, reported The Philippine Star. This is an industry record buoyed by economic setbacks at the onset of Covid-19.
PayMaya’s move comes after it secured the Philippines’ final digital banking license, with the country’s central bank capping allotment of the licenses to six slots. The PayMaya app currently has 38 million registered users.
Editing by Collin Furtado and Lorenzo Kyle Subido
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