Aiming high from the vigorously growing online payment industry, digital payment platform FreeCharge is now targeting 7 million transactions on a daily basis by the end of 2016. As of now, the company claims to have around 1 million daily transactions within 4 months of their wallet launch. The company later launched various other services like metro recharge and bill payment.
FreeCharge has seen an exponential hike in its customer base soon after launching features like bill reminders and auto enroll and repeats etc.
Commenting on the same, Govind Rajan, CEO, 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 percent of our customers are repeat customers. The milestone of one million has been achieved in just four months since launch. We are confident at this rate of growth and stickiness we will cross seven million transactions a day by the end of the year.”
“While recharges continue to be the single largest use case, we are witnessing a huge growth in bill payments as well. 20 percent 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,” he added.
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.
The company has recently introduced its FreeCharge Go Card partnering MasterCard with an aim to root itself in the online shopping horizon of the country. The card allows customers to use their e-wallet on all online stores. FreeCharge Go Card has connected up all online merchants to the FreeCharge wallet making it the largest accepted wallet.
FreeCharge has already issued over half a million of these cards 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.
FreeCharge is currently developing technologies that will allow 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.