FreeCharge aims for 7 million transactions a day by end of 2016
India’s leading digital payments platform, FreeCharge, is well on its way to achieve 7 million transactions a day by end of 2016. Currently, recording 1 million transactions a day, the company has witnessed this phenomenal growth in about 4 months, since the wallet launch. FreeCharge soon after the wallet launch also introduced new categories like bill pay and metro recharge.
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.
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.”
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.