Snapdeal and FreeCharge’s digital wallet bait to lure users

|September 15, 2015 0

Soma Tah

Snapdeal owned, recharge and utility payments platform, FreeCharge has launched Digital Wallet in partnership with YES bank.

Snapdeal acquired Freecharge in April this year and hence the users on its platforms will be able to transact through the wallet service.

With a volume of over 200 million transactions annually, FreeCharge aims to transform mobile and web transactions by facilitating easy and secure payments with this digital wallet service.

To compete with Paytm?

FreeCharge aims to stack up against the competition, Paytm with the speed of transactions and the user demographics which consists of the user base of 18-19 yrs. olds mainly. The payment process takes not more than 12 seconds to complete on the Snapdeal integrated FreeCharge wallet.

Besides leveraging the consumer behaviour insights, the wallet also bets on technologies such as HCE, NFC, QR code and Bluetooth low energy to bring in efficiency in the consumers’ purchase experience.

FreeCharge already has an ecosystem of 8.2 million daily unique users in place to start with. It has 15 million stored cards also, combined with GMV of over USD 4 billion, while Paytm has already crossed the 100 million digital wallet users in India with 1.2 million daily recharge transactions, said the company last month.

Snapdeal will offer Rs. 1000 crore cashback rewards in the coming months to promote further usage of the wallet.

In addition to its network of merchant partners, it is also looking to build scale and ability to reach the remote and under-served markets, by partnering with the payments bank licensee, FINO PayTech.

The FreeCharge digital wallet will not limit itself enable a culture of digital payments through multiple partnerships.

Kunal Shah, CEO and co-founder, FreeCharge said, “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.”

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