It will do so with its new feature called Auto Pay which will pay utility bills by deducting from the wallet’s balance. Users will have to set a due date for bill and will work for mobile recharges as well. Once the transaction is successful, a confirmation will be shared with the customer.
In this, the money is held within the escrow service until the product is delivered to the user. If the product is not shipped to the user, the money is refunded into the buyers wallet. The facility is available on the FreeCharge wallet, which the company offers to merchants.
This is to allow its users to make payments through the Unified Payments Interface. Through this, FreeCharge users will be allowed to load money into their wallets through the UPI option which will be powered by Axis Bank’s SDK. National Payments Corporation of India had said that wallets were not allowed to be a part of the UPI.
FreeCharge has rapidly gained acceptance as a trusted and easy-to-use replacement for cash among merchants and consumers, with its less-than-10 seconds payment completion promise. FreeCharge expanded its reach by partnering with payment aggregators like ePaisa, CCAvenue, Ezetap and Pine Labs to facilitate payments through Freecharge wallet at various PoS terminals and online payment gateways.
Co-founder Kunal Shah has been made Chairman of the company. Snapdeal had acquired Freecharge in 2015, in a $450 Mn deal. The company offers mobile recharge, bill payments, and a digital wallet.
The E-ricks were distributed to existing rickshaw owners, women, and transgenders in Delhi, Noida, Ghaziabad, Gurgaon and Faridabad. Ola users can book e-ricks through the Ola mobile app and make online payment via Freecharge that has been integrated into this scheme.
Mobile commerce platform FreeCharge has introduced a new feature called ‘Chat and Pay’, which will enable Person-to-Person and Person-to-Merchant interfaces for Digital Payments. FreeCharge says the service will help customers to chat and pay in a secure way to friends, family and merchants in less than 5 seconds. It will also enable merchants to accept digital payments in less than 1 minute after registering on the FreeCharge App.
Digital payments platform FreeCharge has partnered with Cinepolis, a chain of movie theatres. With the partnership going live, customers can pay for movie tickets and Food & Beverages across 38 Cinepolis theatres in 28 Cities using the FreeCharge wallet. As part of the launch, the customers will also be able to avail offers and discounts rolled off by the FreeCharge.
This allows the entire base of FreeCharge users to immediately start using their wallets to make payments at thousands of Ezetap service points consisting of small and mid-sized retailers across India. Ezetap’s Universal Mobile Wallet Acceptance is India’s first universal solution that allows merchants to accept customer payments from any mobile wallet through their existing Ezetap mobile point of sale application. This will enable the wallet consumers to use FreeCharge both not just online but at over 40000 offline points too.
Silicon Valley based Sequoia Capital has raised a $920 million fund to further invest in Indian companies.Sequoia’s Fund V closed around more than a month ago. This is the largest fund raise by any VC till date. In 2015 April, Sequoia had raised $210 million to its existing $530 million-India fund. Altogether, the total assets in India are more than $3 billion. The companies included in Sequoia’s portfolio are Oyo Rooms, Zomato, Freecharge, JustDial, Grofers, Craftsvilla etc.