The digital recharge and utility bill payment platform FreeCharge has announced the launch of its digital wallet. The FreeCharge digital wallet has been announced in partnership with Yes Bank, a private sector lender.
Back in April, the e-commerce portal Snapdeal acquired FreeCharge in a deal that involved both cash and stock. This deal is one of the major acquisitions in the digital commerce space in India.
Kunal Shah, the CEO and Co-Founder of FreeCharge stated that FreeCharge wallet is a combined account of both Snapdeal and FreeCharge. He stated that they are highly excited about the launch of the digital wallet as they are building up one of the biggest mobile commerce ecosystems in the country. He also claimed that they are probably the biggest in terms of users, amount of transactions, the frequency of the transactions, etc.
He went on stating that they are talking about 80 percent of the transactions that are happening on mobile. The same was just 10 percent to 15 percent a couple of years back. The same is expected to increase to 90 percent in the near future. This way, the seamless payment will become a mandatory one.
The combined efforts of FreeCharge and Snapdeal will make it the most powerful ecosystem in the payment industry. FreeCharge has more than 200 million transactions on a yearly basis, 15 million stored card details, more than $4 billion combined with GMV, etc. and so it is all set to become the most used wallet in India in six months.
The Snapdeal CEO and Co-Founder, Kunal Bahl stated that the consumers are constantly evolving and they feel they are there at the needed time. It was also good to launch a reliable digital wallet service.
At the e-commerce portal Snapdeal, they are forming an ecosystem that will power billions of transactions. The launch of the FreeCharge digital wallet is to play an intrinsic role in the lives of the customers.
