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FreeCharge Wallet to leverage Aadhaar for wallet usage

  • FreeCharge will adopt
    Aadhaar as the primary KYC tool for opening and upgrading wallets, with
    multiple options of linking them.
  •  
    • FreeCharge will adopt
      Aadhaar as the primary KYC tool for opening and upgrading wallets, with
      multiple options of linking them.
    •  

    •  
    • Consumers who enrol
      for a FreeCharge wallet with Aadhaar authentication can have their balance
      limit enhanced from Rs 10,000 to Rs 1 Lakh, the company said in a statement. There
      will be no monetary limit on transactions.
    •  
    • FreeCharge, which has
      hit the million wallets mark within a week of launch, believes that being
      Aadhaar enabled is the key to mass adoption and ubiquitous usage.
    •  
    • Consumers can link
      their FreeCharge Wallet to their Aadhaar number in various ways like – doorstep
      service available on demand, authenticate by walking into any of the 30,000
      banking correspondent points of FreeCharge partner YES bank, or walk into any
      branch of YES Bank. In the future this service will also be available with FINO
      – a payments bank licensee and strategic partner of FreeCharge.
    •  
    • “For consumers,
      convenience and speed of transaction are key considerations. We will leverage
      Aadhaar ID authentication, for paperless, secure KYC, to be completed in a few
      minutes. We are innovating to bring new models of go to market – for instance
      doorstep authentication – where customers can request for an agent to come to
      their home for a doorstep biometric authentication. Within a week we hit the 1
      million mark and now leveraging Aadhaar enabled KYC gives us access to the pool
      of over 900 million KYC ready consumers,” said Govind Rajan, Chief Operating
      Officer, FreeCharge and Chief Strategy Officer, Snapdeal.
    •  
    • FreeCharge also plans
      to leverage Snapdeal’s extensive delivery reach to scale the doorstep KYC
      model. “With lakhs of deliveries a day on Snapdeal, we have a huge and relevant
      customer connect opportunity for us to synergise with for doorstep KYC. We will
      soon launch the pilot in metros and then scale this nationwide,” Rajan said.
    •  
    • The company claims to
      do 200 million transactions annually. Snapdeal and FreeCharge together have
      about 8.2 million unique daily users, 15 million stored cards and a combined
      gross merchandise value of over $4 billion.

     

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