Digital payments platform FreeCharge announced that it is on its way to achieve 7 million transactions a day by end of 2016. Currently, the company is recording one million transactions a day. Soon after the wallet launch, the company also introduced new categories like bill pay and metro recharge.
Recently, FreeCharge also launched the Freecharge Go Card in association with MasterCard, which enables customers to use the wallet on all online stores in the country. The Freecharge Go card is said to have seen over half a million cards issued within 10 days of its launch and customers are actively using it on e-commerce portals, to pay for movie tickets, book event tickets, and for commute, such as cabs.
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% of our customers are repeat customers. The milestone of 1 million has been achieved in just 4 months since launch. We are confident at this rate of growth and stickiness we will cross 7 million transactions a day by the end of the year”.
Commenting on the use cases he said, “While recharges continue to be the single largest use case, we are witnessing a huge growth in bill payments as well. 20% 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.”
According to a recent report, FreeCharge has also announced that ‘FreeCharge Wallet’ crossed 10 million registered active users. FreeCharge Wallet is a service that is actively being used by customers for recharge and utility bill payments.
FreeCharge is currently developing technologies in combining both online and offline modes to make transactions faster and more secure than cash. The company plans to expand into a number of new payments services in the next few months along with new merchant products too.