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Snapdeal launches mobile wallet through FreeCharge
16 Sep 2015
  • 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.
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  • The company claims that its wallet is able to reduce checkout times to under 10 seconds.
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  • "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.
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  • 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.
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  • 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.
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  • 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."

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  • 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.
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  • 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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