FreeCharge, India-based mobile wallet and digital payments platform, announced on Friday that its newly-launched "FreeCharge Go" cards have reached over five lakh users in just 10 days. The company also revealed that its wallet now has more than 20 million users and handles over a million transactions per day.
The Go cards allow online transactions on several portals, including those that do not have tie-ups with Freecharge.
The company launched the Go cards in partnership with Yes Bank and powered by MasterCard last year for shoppers to enjoy seamless online transactions.
"FreeCharge wallet has crossed 20 million wallet users with over a million transactions a day," Govind Rajan, chief operating officer at FreeCharge, said in a statement. "Today we have crossed half a million mark for our on the GO card which is a great indicator of how the country is moving towards digital payments. We at FreeCharge are confident that by end of 2016 we will witness a huge transformation in customer spending patterns with more and more transactions becoming digital."
In India, where several users still remain skeptical about online banking, FreeCharge says it offers security to all the transactions. According to the company, the data is secured with 128-bit encryption and every transaction is verified by an OTP (one-time password) sent to the registered phone number. The company sees over 99% of FreeCharge transactions are completed in less than 10 seconds.
FreeCharge has tied up with major online retailers to help shoppers use their virtual cards for booking movie tickets, paying electricity bills or more. The company also said it is making its presence in the offline market, where shoppers can pay at partnered retail outlets using their FreeCharge wallets. FreeCharge has already partnered with McDonald's and Shoppers Stop as their first step in the initiative.
"Expansion of the FreeCharge footprint to the offline use cases is another step in building a world class payment OS for a digital India," Rajan said last month. "Our goal is to enable commerce by creating the most frictionless form of digital payments."
India is ranked the second largest smartphone market in the world and expecting to grow further. With this growth, FreeCharge aims to have 35 million users onboard by March 2016.
Adding to the company's future plans, FreeCharge said it will be investing Rs 2,000 crore in cashback, marketing and promotional activities.
