FreeCharge has announced that it has reached the one million customers mark within five days of its digital wallet launch.
FreeCharge, a recharge and utility payments portal that was acquired in April by online marketplace Snapdeal, had launched its digital wallet business on September 25.
“This is the fastest not just for wallets but for any digital product! This milestone is a testimony to the trust that consumers have on FreeCharge. Speed and security are two pillars of the consumer experience. With FreeCharge Wallet customers are able to make their transaction within 10 seconds. FreeCharge is compliant with leading industry standards like PCI DSS, making FreeCharge the quickest and most secure wallet,” Govind Rajan, Chief Operating Officer, FreeCharge and Chief Strategy Officer, Snapdeal said.
FreeCharge Wallet leverages technologies such as HCE, NFC, QR code and BLE to create a intuitive consumer experience. Though FreeCharge does not own an open mobile wallet license as of now, the company has tied up with Yes Bank to launch its wallet and Fino tech for payment bank.
The company competes with the likes of Paytm, MobiKwik, Oxigen and PayU. Paytm is the largest player in the business in India with more than 100 million wallet users.