FreeCharge will go live with its cashless payments integration on May 9 in 187 cities, based on its patented On-The-Go-Pin, which has been used previously with other QSR chains.
Speaking on the occasion Chief Operating Officer, Freecharge, Govind Rajan said, “We are happy to partner with CCD a favourite coffee shop and hangout place among the youth of country. At Freecharge, our endeavour is to influence the daily payment habits of consumers and offer an assortment of merchants to help them move away from cash. With CCD, we will expand Freecharge’s digital payment ecosystem to include new users and expand our wallet reach to 187 cities including smaller towns like Dhanbad, Agartala, Jamshedpur, Meerut, Jabalpur, Nellore, Nalgonda, Kurukeshtra, Hubli, Mangalore etc.”
Freecharge’s On-the-Go Pin authentication method allows consumers to generate a secure code on its wallet, even when his or her phone is not connected to the internet. It has been described as an alternative to the existing text-based one-time-password authentication system.
In the backend, bank servers and merchants verify the pin in order to process the transaction. On-The-Go pin eliminates wait time for both, retailers as well as customers, since often there is a considerable delay in receiving OTP due to network connectivity issues.
Freecharge has also announced a slew of exclusive tie-ups with a number of leading consumer brands, including, Westlife Development, the master franchisee for global fast food chain McDonald’s, in the west and southern parts of the country, which was announced in January earlier this year.
It has also tied up with leading retailer Shopper’s Stop, as well as with online ticketing platform BookMyShow, payment gateway CC Avenue and Mexican movie theatre chain, Cinepolis, among others.
The company, which competes with Alibaba Group-backed Paytm, has said it is targeting gross merchandise transactions of Rs 20,000 crore in the current fiscal, as it looks to take advantage of cheaper mobile data pricing, increasing smartphone penetration and changing consumer behaviour.