FreeCharge and Snapdeal have partnered together to enter into Mobile Wallet segment with the launch of FreeCharge Digital Wallet. The wallet is being launched in partnership with YES bank, one of India’s leading private sector banks.
Merging both of their customer base, the duo boasts a massive user base of 87 million with 8.2 million unique users daily. In the announcement, the company also revealed that a combined of 2298 transactions happen every second with 2 out of every 3 users that end up transacting.
With an ecosystem of 8.2 million daily unique users, 4 million monthly engaged hours, 15 million stored cards, combined with GMV of over USD 4 billion, the FreeCharge Digital Wallet is set to become India’s most used wallet in the next 6 months
Commenting on the launch, Kunal Shah, CEO and co-founder, FreeCharge said
“FreeCharge has hit an important milestone in its journey today. 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.”
Commenting on the way forward for the Digital Wallet, Anand Chandrasekaran, Chief Product Officer, Snapdeal said,
“We are very excited about this landmark product launch. With 87 million combined registered users, we will ensure a seamless transition by offering easy integration and access to the platform resulting in a superior consumer and merchant experience.”
This move comes just a month after Snapdeal announced USD 500 Million in an investment led by Alibaba, Foxconn and SoftBank
Snapdeal had acquired Freecharge for $450 Mn earlier this year, while Freecharge continues to be an independent identity.
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