Utility payments platform FreeCharge on Tuesday launched a digital wallet in partnership with Mumbai-based private lender Yes Bank.
Online e-commerce player Snapdeal had acquired FreeCharge in a deal believed to be worth around Rs 2,800 crore earlier this year and the launch of the new wallet could be seen as a challenge to digital payments player Paytm.
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"With the launch of the FreeCharge digital wallet service, 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 FreeCharge co-founder Kunal Shah.
Freecharge, which has a volume of over 200 million transactions annually, claims that it is set to become the most used wallet within the next six months based on the ecosystem of 8.2 million daily unique users, 4 million monthly engaged hours, 15 million stored cards and a combined with gross merchandise value (GMV) of over $4 billion.
In addition, the company will partner with FINO - a payments bank licensee to build scale and ability to reach even the under-served.
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"Our aim is to bring in efficiencies in payments using digital commerce to cater to every consumption need that a user may have. Consumer needs are constantly evolving and we feel it is the right time to launch a trusted and feature-rich digital wallet service," said Snapdeal co-founder Kunal Bahl.
"At Snapdeal we are building an ecosystem that powers billions of digital commerce transactions. With the launch of the FreeCharge Digital Wallet, we will now play an even more intrinsic role in our customers' lives," he added.