FreeCharge’s Digital Wallet Targets Rs 1000 Crore

FreeCharge, India’s leading digital platform for recharge and utility payments, with a volume of over 200 million transactions annually, today announced the launch of FreeCharge Digital Wallet. The ‘comprehensive and trusted’ digital wallet service will transform mobile and web transactions by facilitating easy and secure payments. The wallet is being launched in partnership with YES bank, one of India’s leading private sector banks and targets Rs 1000 crore over the next few years.

With an ecosystem of 8.2 million daily unique users, 4 million monthly engaged hours, 15 million stored cards, combined with GMV of over USD 4 billion, the FreeCharge Digital Wallet is set to become India’s most used wallet in the next 6 months.

In line with Snapdeal’s vision of building the most impactful digital commerce ecosystem in India, the FreeCharge digital wallet will enable a culture of digital payments through multiple partnerships.

In addition to a large and robust network of merchant partners, FreeCharge will partner with FINO - a payments bank licensee to build scale and ability to reach even the under-served.

FreeCharge Digital Wallet is powered by cutting edge technology, consumer behaviour insights and innovations in payments. It is a robust and flexible platform that leverages enabling technologies such as HCE, NFC, QR code and BLE to bring in efficiencies in the consumers’ purchase experience.

Commenting on the launch, Kunal Shah, CEO and co-founder, FreeChargesaid “FreeCharge has hit an important milestone in its journey today. With the launch of the FreeCharge Digital Wallet, we are all set to transform the way people make payments. A secure, easy to use and feature-rich service, the wallet is 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.”

Congratulating FreeCharge on this milestone launch, Kunal Bahl, CEO and co-founder, Snapdeal said, “Our aim is to bring in efficiencies in payments using digital commerce to cater to every consumption need that a user may have. Consumer needs are constantly evolving and we feel it is the right time to launch a trusted and feature-rich digital wallet service. 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”

Commenting on the way forward for the Digital Wallet, Anand Chandrasekaran, Chief Product Officer, Snapdeal said, “We are very excited about this landmark product launch. With 87 million combined registered users, we will ensure a seamless transition by offering easy integration and access to the platform resulting in a superior consumer and merchant experience.”