FreeCharge may have taken its own sweet time to come up with its digital wallet,but the long research done by the now Snapdeal-owned brand seems to be paying off well. The digital payments company announced today, that it is currently recording 1 million transactions a day and is on its way to grow that to 7 times to 7 million by the end of 2016.
Freecharge has witnessed this phenomenal growth in about 4 months, since the wallet launch. It had previously also announced that it has over a million subscribers within a week of the wallet’s launch. Soon after the wallet launch, FreeCharge had also introduced new categories like bill pay and metro recharge.
With numerous new features like auto enrol and repeat, bill reminders, and an incredibly fast user interface, which enables consumers to complete a transaction within 10 seconds, FreeCharge has increased customer stickiness on its platform.
Govind Rajan, Chief Operating Officer FreeCharge said,
75% of our customers are repeat customers. The milestone of 1 million has been achieved in just 4 months since launch. We are confident at this rate of growth and stickiness we will cross 7 million transactions a day by the end of the year.
Commenting on the use cases, he said,
While recharges continue to be the single largest use case, we are witnessing a huge growth in bill payments as well. 20% of our transaction value is now bill payments. Online shopping is now taking off too. It’s well on its way to becoming one of our largest use cases.
Recently FreeCharge launched the Freecharge Go Card in association with MasterCard with the aim of enabling ubiquitous online shopping. It enables the customers to use the wallet on all online stores in the country.
In one stroke the FreeCharge Go Card has connected up all online merchants to the FreeCharge wallet making it the largest accepted wallet.
The virtual plastic card has already seen over half a million cards issued within 10 days of its launch. According to the company, customers are actively using it on e-commerce portals, pay for movie tickets, book event tickets, and commute by cabs.