Four months after online marketplace Snapdeal acquired FreeCharge, the joint entity has launched its own digital wallet to be commonly used on both platforms. FreeCharge has also partnered with Fino PayTech, one of the 11 companies to get payments bank licence.
“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,” said Kunal Shah, CEO and co-founder, FreeCharge.
Until now, FreeCharge users had to put in their credit or debit card details to recharge or pay utility bills. But with the digital wallet, the 87 million registered user accounts between Snapdeal and FreeCharge will have one FreeCharge digital wallet to be used for transactions on both platforms. FreeCharge claimed it has 15 million stored card details.
“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,” said Kunal Bahl, CEO and co-founder, Snapdeal.
With its newly launched wallet and increase in partnerships with merchants, FreeCharge plans to put back Rs 1,000 crore into user’s wallets in six to eight months. Currently, the company has tied up with more than 100 partners who offer rewards in terms of coupons and cashback to FreeCharge users.