Within the first 24 hours of the announcement of demonetization, the wallet loads of Snapdeal-owned mobile transactions platform Freecharge grew 12 times and has been increasing by the same average since then.
“Within the first 24 hours, wallet loads grew by 12x versus the 30 days average before,” Co-founder and CEO, Snapdeal, Kunal Bahl told IANS.
The number of people downloading the Freecharge app, registrations for mobile wallet, transactions on third party merchants — are all growing by 10-15 times on a per day average basis, Bahl added.
“Our transactions on third party merchants — use of Freecharge at a cab or a chemist or a Foodpanda or Zomato has jumped 10x in the last one week,” he said.
Demonetization has given a boost to the cashless society and people are finally seeing the value of commerce, logistics and payments being integrated, he added.
Freecharge is also going to offer digital utility payments on your doorstep soon, he said.
The Government demonetized Rs 500 and Rs 1,000 notes on November 8 midnight, which given a whopping boost to the mobile wallet companies that are laughing all the way to the bank.