OneAssist’s WalletAssist Protecting you Against Credit Card Frauds, Emergency Bill Payments, etc

OneAssist founded by Gagan Maini and Subrat Pani wants to Help and simplify a common man’s worries. Gagan and Subrat have been in the service industry for almost 20 years (each) and have often pondered upon the fact that a few essentials that form a part of our everyday life also significantly increases their dependency on them – mobile phone, credit and debit cards, KYC / financial documents, passport, etc. Loss of any of these could be disruptive and leaves a person stranded & helpless. The core proposition is to offer assistance in times of these emergencies, helping people helping people to lead an uninterrupted life, despite losing his mobile or a wallet or travel documents etc. All this just on one call. One particular product that is of our interest is the WalletAssist.

WalletAssist, as the name suggests, is most relevant for people who carry Credit Cards / Debit Cards. WalletAssist member- on event of loss of a wallet will be able to call the helpline from anywhere in the world and ALL the cards in the wallet will be blocked immediately.

What Benefits WalletAssist Members Get in the unfortunate event of Loss of their Wallet or Credit / Debit Card ?

  • Customer is 100% insured against any fraudulent usage once he calls the helpline
  • Customer also has upto 2 lakh protection against any loss for 7 days prior to reporting about the cards loss
  • Any Hotel Bill Settlement and Return tickets will be paid by OneAssist- customer will need to come back and reimburse the money but will be taken care at the moment of crisis.
  • PAN card and Driving Licence will be replaced by OneAssist

WalletAssist is a subscription based service. There are two category of services – Power & Privilege offered at Rs. 1099 & Rs.1599 per annum. You can do a Side by Side comparison of WalletAssist’s Products and Sign-Up for the one that suits your needs.

Excerpts from Interaction with the Management Team of OneAssist

How many times in a Year WalletAssist Service can be used ?

There is no limit to how many times a customer can use a WalletAssist service.

CardBhai’s Comments: This does not mean you can start reporting False Loss of Credit Cards and Make False Claims. WalletAssist’s Insurance partner does all the necessary investigation and due diligence for claims processing. They have a robust process to keep a check on such fraudulent claims.

Is Customer Data Safe with WalletAssist ?

For us, customers security comes first. Our key investment till date has been in technology backend and in building systems that comply to the highest standard of security- for e.g. at any given point of time, a call center person can only view the last four digits of a credit card. We have applied for the ISO 27001 certification and will be pursuing PCIDSS soon. ( payment card industry data security systems ).

What is different in your approach than existing companies in the market? For example, HDFC Ergo offers Lost Card Liability protection at similar premium as yours. How are you unique?

Our USP and also the biggest differentiator is the level of service that we offer. Our services are designed for offering round the clock assistance to customers when they lose their wallet/cards or mobile, like blocking your credit / debit / pre-paid cards, providing emergency travel assistance across the world, ID card(PAN/DL) replacement services, courtesy handset in case of lost phone scenario etc. While fraud protection insurance is only one aspect of the service offered to protect the customer and offer complete peace of mind

The Advantage with Wallet Assist is that customer gets to protect all his credit/debit and prepaid cards irrespective of the bank and all this on one call. A typical Lost Card liability insurance offers only insurance benefit on a particular plastic and not on the entire wallet.

WalletAssist services were launched in June-2012 and the company has already tied up with HDFC Bank. They plan to capture at least 8-10% of the total credit card customers in 5 years. Do let us know about your experience of signing up for the product and service assistance received, if any.

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