FreeCharge has been on a growth trajectory since it launched its own mobile wallet last year. After grabbing over a million subscribers withing a week of the wallet’s launch and reaching 1 million transactions in 4 months in February this year, FreeCharge is now growing at a monthly rate of 15 per cent and has also crossed 1 lakh merchants on its platform.
In a statement given to Press Trust of India, FreeCharge CEO Govind Rajan said,
We hit the one million transactions a day in February this year and since then, we are growing at a rate of 15 per cent every month. In last 8 months, we have expanded our reach in various sectors like F&B, travel, e-commerce, retail, entertainment, ticketing, among others, making our wallet ubiquitous in consumer’s daily lives.
He also added that they now have over 1 lakh merchants using FreeCharge platform for payments and they aim to add over 5 million merchants in next 18 months. During the past couple of months, the company has also entered into partnerships with key merchants to boost engagement on its platform.
This includes its foray into travel sector with a partnership with ClearTrip to provide a less than 10-second checkout option to users. The users can now easily fast-forward their payment and book flight tickets, train tickets and make hotel reservations using FreeCharge Wallet.
This month it partnered with hotel aggregator Oyo Rooms to help its users pay across OYO platforms in less than 10 seconds. Users can now check-out from over 5,500 hotels in a swifter and secure way using FreeCharge wallet. It has even come up with a one of its kind service to enable users to send money to their contacts using WhatsApp.
Earlier this year, the company also came up with its virtual plastic card called FreeCharge Go in partnership with MasterCard and Yes Bank. Just like a normal credit or debit card, FreeCharge Go virtual card comes with its own dedicated 16 digit card number, a CVV number, and an added MPIN security layer. For now, it can only be used for online retail but the company is planning to allow offline purchasing in the near future.
FreeCharge has been successfully making the transition from a highly popular recharge platform to a useful mobile wallet, since its acquisition by Snapdeal and the launch of its mobile wallet platform.