German FinTech company Stocard has launched a free buyers’ protection for all users of its Stocard Pay platform.
Founded in 2012, Stocard allows millions of people to turn their smartphone into a mobile wallet for free within seconds, and lets retailers and brands connect with customers to drive them to stores. The company claims it is Europe’s leading mobile wallet and has over 60 million users.
Following the introduction of this protection, all purchases made with the virtual Stocard card – online and offline – are insured for 45 days and for a total amount of up to €250. Stocard partnered with business-to-business-to-consumer InsurTech firm Moonshot to provide the service.
The new protection will also enable products paid with Stocard Pay to be protected against breakage, damage and theft. Customers will be able to report the damage directly through the Stocard app.
Stocard claims the product protection is the only free insurance offer linked to a payment card in Europe. Stocard Pay and the product protection is currently available in Italy, Germany, France, the UK and the Netherlands.
Stocard co-founder and CEO Björn Goß said, “We’re very proud to offer a free product protection to all our Stocard Pay users. With the launch of Stocard Pay last year, and the expansion to online payments a few months later, we already made a huge step forward on our road to a comprehensive mobile wallet.
“Offering free insurance now adds another value for our customers and brings us nearer to our goal of becoming Europe’s financial super app. You could already ask yourself: why should I use any other card? But it is only a glimpse to the future of what users can expect: enriching services around their daily shopping; and in collaboration with our retail partners, we will be able to offer even more value and products in the future”.
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