JOIN USDigital payments platform FreeCharge on Thursday launched its new prepaid virtual card ‘FreeCharge Go’, in partnership with YES Bank and powered by MasterCard.
Speaking to Deccan Herald, FreeCharge Chief Operating Officer Govind Rajan said the company’s endeavour is to make transactions ubiquitous, secure and rewarding for the customers. “The FreeCharge Go enables universal payments of our app online and offline, and can be activated in five seconds. Since FreeCharge Go is linked with FreeCharge wallet, customers can activate it by logging on to their FreeCharge account,” he said.
Customers can top it up by adding money to FreeCharge wallet and use it on-the-go for all their online transactions. The upper limit for charging is Rs 10,000 and make payments on Indian eCommerce websites. But the company is yet to facilitate payments on services reliant on international gateways. Rajan said that FreeCharge wallet is the fastest growing wallet in the country as it is focused on its user interface (UI). “Over 99 per cent of our transactions are completed in less than 10 seconds. As a result, we have 72 per cent of repeat customers,” he said.
FreeCharge CEO Kunal Shah said the prepaid virtual card is secured with 128-bit encryption and stored as per the Payment Card Industry Data Security Standard (PCI DSS) compliance. “FreeCharge users will be able to see a 16-digit MasterCard number with an associated Card Verification Value (CVV) in their account after activation,” he said.
Shah said the card details are only accessible after entering security MPIN every time. “As a security measure, every transaction using the card needs to be verified by an OTP which is sent to the registered mobile number,” he said. As per recent statistics, FreeCharge has one million transactions per day and has over 15 million users on its wallet. It aspires to process Rs 20,000 crore transactions by 2017.
FreeCharge, acquired by Jasper Infotech-owned Snapdeal in March 2015, has been roping in merchants to its platform to grab a greater pie of India’s eCommerce space, which is estimated to breach $100 billion by 2020.