New coverage increases claim limit by 50% for unauthorised usage of lost or stolen ez-link cards
SINGAPORE, 25 May 2017 – EZ-Link Pte. Ltd., Singapore’s largest issuer of CEPAS-compliant cards, has today announced a new partnership with FWD Insurance, a fully digital life and general insurer, to enhance coverage for ez-link cards registered with ‘Activate!’, a free card-blocking service. ‘Activate!’ ez-link card holders can now claim up to $15 for unauthorised usage due to loss or theft – an increase from $10 coverage when the service started in 2012.
‘Activate!’ offers a suite of value-added services that enable ez-link card holders to protect their lost or stolen cards. In addition to free card-blocking service that blocks the card from unauthorised usage after discovering the loss, registered users can also recover the remaining stored value left from the card. They can claim up to $15 under FWD coverage in the event of unauthorised usage on the lost card. Other features on ‘Activate!’ include tracking of card usage and monitoring of transactions up to 90 transactions in the past three months.
With more than 76,000 ez-link cards reported lost over the last three years, EZ-Link encourages card holders to register their ez-link cards on ‘Activate!’ to protect their card value in the event of card loss or theft.
To enjoy the benefits of ‘Activate!’, ez-link card holders can register their ez-link cards via the EZ-Link Mobile Application or the ‘Activate!’ online portal at www.ezlink.com.sg/activate. Each user may register up to three ez-link cards on ‘Activate!’ and enjoy auto-renewal of coverage annually.
“EZ-Link is delighted to partner with FWD Insurance to augment the benefits of ‘Activate!’ for our card holders,” said Nicholas Lee, Chief Executive Officer, EZ-Link Pte Ltd. “Losing an ez-link card is a very common experience for many commuters in Singapore, especially those who are always on the move. For greater peace of mind, we encourage all ez-link card holders to register their ez-link cards on ‘Activate!’ as a safety net to prevent or minimise loss of monies.”
“We’re very pleased to collaborate with EZ-Link on an initiative that puts customers at the forefront,” said FWD CEO Abhishek Bhatia. “We’ve made it easy and convenient for commuters to protect their ez-link card for free online, in just a few clicks. As Singapore’s public transport evolves, so do the needs of commuters. The additional 50% insurance coverage that we’re providing free exclusively for ez-link card holders is designed to better protect them.”
About EZ-Link Pte Ltd
EZ-Link’s core business is in the sale, distribution and management of ez-link cards, as well as the clearing and settlement of all ez-link card transactions generated in transit and non-transit (retail/merchant) sectors. To date, more than 17 million new CEPAS-compliant ez-link cards have been issued. In 2015, EZ-Link unveiled two new innovations in Singapore, EZ-Charms, the first non-card form factor, as well as the “EZ-Link Rewards with Perx” to reward commuters for using public transport with the ez-link card. EZ-Link continues to set new cashless trends with the “My EZ-Link Mobile” application, the world’s first Near Field Communication (NFC) mobile application for contactless card top-ups; “EZ-Link NFC SIM”, the first NFC payment service on Singapore’s public transit; and “EZ-Pay”, Singapore’s first free card-less ERP payment service.
About FWD Insurance
FWD Insurance started operations in Singapore in April 2016, providing employee benefits insurance to corporate customers. In September, FWD launched its direct-to-consumer business and currently offers a suite of life and general insurance products including term life, car, travel, maid, motorcycle and personal accident insurance. Leveraging technology, FWD provides insurance that is world beating in its simplicity and customer focus for connected people to take control. By doing so, FWD will change the way Singapore feels about insurance.
FWD is the insurance business arm of Pacific Century Group (PCG). PCG, established in 1993, is an Asia-based private investment group with interests in financial services, technology, media & telecommunication, and real estate. Besides Singapore, FWD provides life and general insurance in Hong Kong & Macau, Thailand, Indonesia, Vietnam, Japan and the Philippines.
For more information, please visit www.fwd.com.sg.