Snapdeal's FreeCharge gets a digital wallet makeover

Snapdeal on Tuesday launched the FreeCharge Digital Wallet for payment transactions in partnership with Yes Bank and Fino PayTech. The latter has recently received RBI approval to set up a Payments Bank.

FreeCharge Digital Wallet  will provide comprehensive and trusted digital wallet service to millions of FreeCharge and Snapdeal customers via mobile and web.

Commenting on the launch, FreeCharge CEO and co-founder Kunal Shah said the company has hit an important milestone in its journey.

“With this launch, 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,” he said. Snapdeal CEO and co-founder Kunal Bahl congratulated the Freecharge team and asked them to bring in efficiencies in payments using digital commerce to cater to every consumption need of users.

With an ecosystem of 8.2 million daily unique users, four million monthly engaged hours, 15 million stored cards and a combined GMV of over $4 billion, the FreeCharge Digital Wallet is set to become India’s most used wallet in the next six months, he claimed.

The Indian digital wallet scene is witnessing heightened competition with bigger players like Citi MasterPass and majors from India like Paytm.

The FreeCharge Digital Wallet will go up against Paytm’s wallet, which has more than 50 million wallets. Paytm has already made it clear that it will touch the 100-million mark by the end of this year and revealed that around 75 million transactions are carried out every month. A digital wallet refers to an electronic device that allows an individual to make eCommerce transactions.