Online payment platform FreeCharge has launched FreeCharge Go, a virtual card which can be used to make payments across all online merchants in India, in association with YES Bank and powered by MasterCard. Go is linked with the FreeCharge wallet and will be accepted at offline stores in the coming months. Users can log into their FreeCharge accounts and generate the Go card, add money to it and use it for all online transactions.
Snapdeal owned FreeCharge has announced an exclusive partnership with Westlife Development, owner of McDonald’s in India. McDonald’s has implemented FreeCharge wallet to enable customers to make payments and this offline payment capability has been rolled out across 216 McDonald’s restaurants in 26 cities. He further explained that FreeCharge has developed a ‘built-to-order’ product as per their specifications and claims that the transactions can be done in 10 seconds. Customers can augment home delivery experience by ordering at verified addresses through Tele Check out and Pay on delivery.
It claims to have crossed 10 million users in 60 days of its launch and is currently adding a million users every 5 days, with the goal of reaching 35 million registered users by March 2016. In September, Freecharge launched its digital wallet in partnership with YES Bank which enables payments for consumers using technologies such as host card emulation, NFC, QR codes and Bluetooth low energy. In October, it claimed to have crossed 5 million users within 4 weeks of its launch and also started using Aadhaar UID as the primary KYC tool for opening and upgrading wallets.
BBPS has been proposed as an integrated system that will provide ‘Anytime Anywhere’ payment options to customers. The platform will be run and managed by the National Payments Corporation of India. Mobikwik, Oxigen Services and ItzCash are among the applicants for the Bharat Bill Payment System. On the other hand, Paytm and Freecharge didn’t apply for a payment bank licence because it wants to be a neutral gateway.
India’s Digital payments platform FreeCharge is planning to spend up to Rs 2,000 crores on promotions and cashbacks over 18 months. The Snapdeal-owned platform has a customer base of over 30 million users. The whooping also includes the over Rs 100 crore budget for sponsorship, alliances and promotions during the IPL. Kunal Shah, company’s co-founder and CEO said, “The Company will also introduce LPG cylinder refill payments in the coming months”.