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PayPal launches a free Travel Cancellation Protection benefit in Singapore, its first in Asia Pacific
- The benefit covers non-refundable travel expenses booked via PayPal, for up to S$500 in a year, providing PayPal’s users peace of mind when they make their travel plans
- Fuss-free sign-up process: PayPal users will only need to activate this free benefit once[1] and their eligible travel-related purchases made via PayPal can be protected1
- Available to Singapore residents with their PayPal account registered in Singapore
Singapore – Nov 20, 2017 – PayPal has launched a free Travel Cancellation Protection benefit for users in Singapore, its first in Asia Pacific. In cases of unforeseen circumstances where the users are forced to cancel their trip, the benefit covers all the users’ non-refundable travel expenses booked via PayPal, up to one approved claim of up to S$500 a year – at no cost to the users. Similar to existing PayPal’s offerings such as
Buyer Protection and
Refunded Returns services, Travel Cancellation Protection provides users peace of mind when making a transaction via PayPal.
“Singaporeans and those living in Singapore are traveling more than they’ve ever been. No one wants to disrupt a planned holiday, but sometimes there may be circumstances, such as a serious illness, theft of passport or even a traffic jam on the way to the airport, which can throw a trip off track,” said Mr. Rahul Shinghal, General Manager, PayPal Southeast Asia. “In such situations, it helps to know that all or at least a portion of the costs incurred for the travel can be covered by PayPal’s Travel Cancellation Protection benefit.”
According to the Singapore’s Department of Statistics, nearly 9.5 million outbound departures were made by Singapore residents in 2016, a 71% increase from a decade ago
[2]. Many of these travellers are also taking it upon themselves to plan for their holidays, instead of looking at travel agencies to help them with the bookings.
“Given these trends, PayPal believes that providing customers with additional protection for their travel plans at no additional cost will enhance their purchasing experience, whether they are booking a flight, a car rental, a hotel or an Airbnb apartment,” Mr. Shinghal continued. “This is all part of our goal of being a customer champion – by going beyond processing payments and looking into how we can best provide value-add services to our customers.”
A similar initiative was launched successfully in Europe earlier this year, namely in France, Germany, Italy and Spain. The benefit has seen rapid adoption and more than 250,000 users have activated the benefit.
PayPal has worked with Aon Singapore Pte Ltd as its insurance broker to offer this Travel Cancellation Protection benefit, which is underwritten by Chubb Insurance Singapore Limited
[3].
To qualify for the Travel Cancellation Protection benefit, one must already have an existing PayPal account registered in Singapore and be a resident of the country. PayPal’s Travel Cancellation Protection covers non-refundable travel and accommodation expenses paid for using their PayPal account as a result of “reasonable and necessary” cancellation of the trip due to a cause of force majeure that is “unforeseeable, abnormal, inevitable” and beyond the user’s control. Such circumstances include:
- Serious illness / injury of the PayPal user and his or her traveling companion
- Death of a family member of the PayPal user
- Theft of passport
- Damage to the PayPal user’s principal residence from fire, flood or similar natural disaster
- Unforeseen traffic jam due to an accident on the way to the airport
- Any other cause of force majeure not excluded under the general terms and conditions of the policy, and for which the PayPal user can provide documents to support the claim
[4]
The PayPal user is covered for up to one year after the time of activation, and for one approved claim during that year, up to S$500.
[3]The Insurance cover arranged by Aon Singapore Pte Ltd under a group policy issued to PayPal Pte Ltd and underwritten by Chubb Insurance Singapore Limited as insurer is subject to the general terms and conditions. Activation costs for the option are covered by PayPal. Eligible PayPal customers are not a party to the group policy, do not have an agreement with Chubb and cannot vary or cancel the cover. PayPal is not the insurer, does not guarantee or hold the rights under the group policy on trust for PayPal customers and does not act as Chubb’s agent.
[4]Travel Cancellation Protection (the cover) is subject to terms, conditions and exclusions. Before deciding whether this product is right for you, it is important that you read the
terms and conditions carefully to consider whether the insurance meets your needs. Aon, Chubb and PayPal do not provide advice about the cover.