Snapdeal owned ‘FreeCharge Go Card’ achieves 500, 000 milestone

In January, Snapdeal announced big plans for its digital wallet FreeCharge in 2016. It recently proclaimed that it would be investing more cash into FreeCharge after receiving fresh funds.

• FreeCharge currently receives 1 million transactions daily

• It Aims to hit 7 million daily transactions by December

The latest news is that the ‘FreeCharge Go Card’ which was recently launched has already achieved 500,000 virtual card sign ups. The FreeCharge Go Shopping Fest which was held from the 11th to the 15th of February contributed to this milestone greatly.

The benefit is that customers can use the virtual card on all major online sites. FreeCharge had partnered with Master Card for the Go Card programme. Similarly, Paytm had tied up with ICICI Bank to facilitate its mobile wallet.

Searching for new Payment solutions

Amazon who recently acquired Emvantage to find better payment solutions, is not alone in its pursuit. FreeCharge is also working on ways to allow anyone with a smartphone to receive payments, which is a big boost for online sellers. It has also joined hands with Point-of-Sale vendors, like Pine Labs and ePaisa to carry this project forward.

“We believe we are in a fight against cash. We cannot create the ecosystem of digital payments on our own. We have to create the digital ecosystem in partnership with as many people. This is a market development challenge and not market share challenge. The person who expands the market will grow most,” said Govind Rajan, Chief Operating Officer, FreeCharge.