Bengaluru: FreeCharge, India’s leading online recharge and utility payments platform, adds another jewel to its crown by launching its digital wallet service – the FreeCharge Digital Wallet to facilitate easy and secure online payments. This new wallet service is being launched in partnership with YES bank, one of India’s leading private sector banks.
“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,” comments Kunal Shah, Co-Founder & CEO, FreeCharge about the new launch.
Applauding FreeCharge on its new feat, Kunal Bahl, Co-Founder & CEO, Snapdeal says, “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”.
Powered by cutting edge technology, customer behavioral insights and innovative payment solutions, the FreeCharge Digital Wallet enables technologies such as HCE, NFC, QR code and BLE to increase the efficiency of customer’s shopping experience. With a massive user base of over 8.2 million daily unique users, 4 million hours of engagement each month, 15 million stored cards and a GMV of over $4 billion, the newly launched wallet service is expected to become India’s most used wallet in the next six months.
FreeCharge was founded in 2010 by Kunal Shah and Sandeep Tandon. It provides online payment solutions for prepaid, postpaid, DTH and data card bills of almost all Indian Telecom Service Providers like Vodafone, Airtel, Reliance, Idea, DOCOMO, Aircel, BSNL, Tata Sky and many more. It has over 27 million registered users on its platform and 86 percent of the transactions that it processes are from mobile. Till date, the company has raised close to $115 million in two funding rounds from Sequoia Capital, Sofina, ru-Net Holdings and Valiant Capital Partners; and was acquired by the e-Commerce firm – Snapdeal in April this year for an undisclosed amount.