FreeCharge recently launched it’s own wallet platform named ‘FreeCharge Wallet’. The customer roll out of the service begin on 25th September, the company has announced that the wallet service has crossed 1 million subscribers.
As the company does not have an open wallet license from Reserve Bank of India, it has tied up with Yes Bank to launch its wallet and Fino tech for payment bank. However, it has received an “in-principle” approval for a semi-closed wallet and may launch its own wallet over time.
It uses some new technologies like HCE, NFC, QR code and BLE to create a intuitive consumer experience. The company is claiming a massively speedy ’10 seconds’ checkout through its new wallet system. You can store money into the wallet, and then later use it for purchases on FreeCharge later.
Govind Rajan, Chief Operating Officer, FreeCharge and Chief Strategy Officer, Snapdeal said,
This is the fastest not just for wallets but for any digital product! This milestone is a testimony to the trust that consumers have on FreeCharge. Speed and security are two pillars of the consumer experience. With FreeCharge Wallet customers are able to make their transaction within 10 seconds. FreeCharge is compliant with leading industry standards like PCI DSS, making FreeCharge the quickest and most secure wallet.
As per the number revealed by the founder of FreeCharge Kunal Shah, 86% of total FreeCharge users and 75% of all Snapdeal users transact using their mobile phones, while both of these have together clocked a mind-boggling $4Billion in GMV.
Currently, PayTM is the largest mobile wallet platform in India with more than 100 million users, followed by Mobikwik and Oxigen.