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Snapdeal launches mobile wallet through FreeCharge

  • Snapdeal-owned mobile transactions platform FreeCharge announced its
    foray into the wallets space, partnering with Yes Bank and payments bank
    licensee Fino PayTech to launch the service.
    • Snapdeal-owned mobile transactions platform FreeCharge announced its
      foray into the wallets space, partnering with Yes Bank and payments bank
      licensee Fino PayTech to launch the service.
    • Image result for snapdeal logo
    •  
    • The company claims that its wallet is able to reduce checkout times to
      under 10 seconds.
    •  
    • “At Snapdeal we are building an ecosystem that powers billions of
      digital commerce transactions. With the launch of the FreeCharge Digital
      Wallet, we will now play an even more intrinsic role in our customers’
      lives,” Kunal Bahl, CEO and co-founder, Snapdeal told reporters.
    •  
    • Snapdeal said it will spend Rs 1,000 crore towards cash-back offers and
      other discounts, in a move to attract consumers to start using the FreeCharge
      Digital Wallet.
    •  
    • FreeCharge chief executive officer Kunal Shah said the company wants to
      encourage Indians to move away from cash to cashless payments. FreeCharge’s
      wallet aims to help people pay for day-to-day things such as electricity bills
      and groceries so as to habituate shoppers to making digital payments.
    •  
    • Shah said the wallet was equipped with state-of-the-art technology and a
      robust partner network, “making it a truly game-changing service that will
      bring value to consumers and our partners in the ecosystem.”
    •  
    • Image result for freecharge
    •  
    • FreeCharge said its platform has 27 million registered users making more
      than 5 transactions per month per user, 8.2 million daily unique users, 4
      million monthly engaged hours, and 15 million stored cards. Over 90 percent of
      its transactions are from mobile devices, accounting for a volume of over 200
      million transactions.
    •  
    • The online platform already has a credit-based wallet-like feature in
      its app called ‘FreeCharge Credits’, which gets credited when a transaction is
      unsuccessful. By partnering with a payments bank licensee, FreeCharge can now integrate
      the wallet with savings bank accounts via IMPS and NEFT transfers, and issue
      ATM and debit cards.

     

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