Digital payment platform FreeCharge is well on its way to achieving seven million transactions a day by end of 2016. Currently, recording a million transactions a day, the company has witnessed this phenomenal growth in about four months since the wallet launch. Soon after the wallet launch FreeCharge also introduced new categories like bill pay and metro recharge. Also Read - Reliance Jio is offering its subscribers Rs 2,020 cashback: Here's how to get itAlso Read - Cred: An app that simplifies the hassle of credit card payments
With numerous new features like auto enrol and repeat, bill reminders, which enables consumers to complete a transaction within 10 seconds, FreeCharge has increased customer stickiness on its platform. Also Read - How to delink Aadhaar from bank account, mobile number, e-wallets like Paytm, and more
Govind Rajan, Chief Operating Officer FreeCharge said: “We are focused on creating the digital habit. At FreeCharge, UI is super important. We want to make sure all transactions are completed within 10 seconds. And this focus on stickiness has paid off. 75 percent of our customers are repeat customers.
The milestone of one million has been achieved in just four months since launch. We are confident at this rate of growth and stickiness we will cross seven million transactions a day by the end of the year.”
“While recharges continue to be the single largest use case, we are witnessing a huge growth in bill payments as well. 20 percent of our transaction value is now bill payments. Online shopping is now taking off too. It’s well on its way to becoming one of our largest use cases” Rajan added.
Recently, FreeCharge launched the Freecharge Go Card in association with MasterCard with the aim of enabling ubiquitous online shopping. It enables the customers to use the wallet on all online stores in the country. In one stroke the FreeCharge Go Card has connected up all online merchants to the FreeCharge wallet making it the largest accepted wallet.
The Freecharge Go card has already seen over half a million cards issued within 10 days of its launch. Customers are actively using it on e-commerce portals, pay for movie tickets, book event tickets, and commute like cabs. At 1 million transactions a day, FreeCharge is the fastest growing wallet in the country.
FreeCharge has over 35 million registered users, is PCI DSS compliant for information security and is at the forefront of the mobile commerce revolution with over 90 per cent of transactions originating from mobile. FreeCharge Wallet has registered over twenty million users since the launch in September 2015.