BENGALURU: FreeCharge a mobile transaction platform owned by Snapdeal forayed into the wallet space with the announcement of FreeCharge Digital Wallet made at a function in Bengaluru on Tuesday.
To launch the service FreeCharge has partnered with Yes Bank and payment licensee Fino Paytech. The mobile wallet will go online in few weeks. The company claimed the unique selling proposition of its wallet is its checkout time of 10-12 seconds.
Kunal Bahl, CEO and co-founder Snapdeal said, “Consumer needs are constantly evolving and we feel it is the right time to launch a feature rich digital wallet service.” The startup market is burgeoning in terms of mobile wallets. Cab aggregator Ola had announced plans to integrate its mobile wallet with Oyo Rooms, Lenskart, Saavn, among other startups. Flipakart on the other hand had paid around Rs 45.4 crore to acquire FX mart, which owns a pre paid license issued by the Reserve Bank of India.
FreeCharge said it has a vibrant ecosystem of 8.2 million daily unique users, 4 million monthly engaged hours, 15 million stored cards, with combined with GMV of over $4 billion and expects that FreeCharge digital wallet to become India’s most used wallet in next six months.
Kunal Shah, CEO of FreeCharge said, “Our mobile wallet is a secure, easy to use and feature rich. It 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.
Nandan Nilekani invests in Mubble
Infosys co-founder Nandan Nilekani has made a personal investment in Mubble, a technology company, focused on the Indian market. This is his first investment in a mobile technology product company. The funding, an undisclosed sum, will be used to scale up the technology team at Mubble. “It will be used to hire best engineering talent in the country to solve difficult problems,’’ Ashwin Ramaswamy, co-founder & CEO of Mubble said. Mubble is a smartphone app that addresses the key problems of new smartphone adopters in India by helping them track and control their telecom spends and mobile data usage.