FreeCharge launches its Digital Wallet to take on Paytm

Snapdeal-owned FreeCharge launches its own Digital Wallet system

Freecharge has announced the launch of its digital wallet called the FreeCharge Digital Wallet in partnership with YES bank. FreeCharge was recently acquired by by e-commerce player Snapdeal.

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Snapdeal’s Chief Product Officer Anand Chandrasekaran and Chief Strategy officer Govind Rajan with FreeCharge CEO Kunal Shah (Source: FreeCharge)

FreeCharge says it has 8.2 million daily users, 4 million monthly engaged hours and 15 million stored cards.

“With the launch of the FreeCharge Digital Wallet, we are all set to transform the way people make payments. A secure, easy to use and feature-rich service, the wallet is equipped with state of the art technology and a robust partner network, making it a truly game-changing service that will bring value to consumers and our partners in the ecosystem,” said Kunal Shah, CEO and co-founder, FreeCharge in a press release.

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Apart from YES Bank, FreeCharge will also partner with FINO to build scale. On the technology front, FreeCharge’s Digital Wallet system leverages HCE, NFC, QR code and BLE to build an efficient purchase experience for consumers.

With the digital wallet space already dominated by Paytm which commands over 50 million users, it will be interesting to see how FreeCharge exploits the reach of Snapdeal to expand its Digital Wallet across masses.