Not even a week ago, when Govind Rajan was elevated to the post of CEO at Freecharge, he revelaed his agenda of touching seven million daily transactions as he took over from Kunal Shah , the founder of the digital payments platform.
Cut to present, where outnumbering Paytm and Mobikwik, Freecharge has been christened as the fastest growing digital payments app as per study by Nielsen. Nielsen Informate Smartphone Panel data shows that the reach of the Freecharge app grew from 17 per cent to 30 per cent in the period October 2015 to April 2016. This is the highest growth in app usage for any payments app in the country.
Freecharge also emerged as the most engaging app in the category with the average time spent on the app per month increasing from 28 Minutes to 55 Minutes in the period October 2015 - April 2016. The other large player in the segment grew incrementally from 52 min to 56 Min in the same time period and has seen usage time starting to decline since December 2015.
Commenting on the Nielsen data, Govind Rajan, CEO, Freecharge said, “Our growth is driven by our superior user interface. We understand that consumers are loyal to the experience and our single-minded focus is to provide the best user interface at all times. The transactions on Freecharge take less than 10 seconds and our success rate demonstrates the level of product reliability and trust among consumers. We are confident about growing even faster and we are now within striking distance of the No. 1 spot in the payments ecosystem.”
Freecharge is digital payments platform facilitating prepaid, post-paid, DTH and Electricity bill payments for numerous utility service providers in addition to leading online and offline merchants.
The company also launched its virtual card - Freecharge Go in January 2016, making Freecharge wallet the universally accepted wallet in India.
India is witnessing an exponential growth in the area of digital payment in recent times. With ever-increasing internet and mobile penetration, the country is all set to witness a massive surge in the adoption of digital payments in the coming years. Furthermore, flagship government initiatives such as Digital India will act as key catalysts and enablers of this transformation.
Mobile payments in India are estimated to grow from $86 million in 2011 to $1.15 billion in 2016, with a compounded annual growth rate (CAGR) of 68 per cent, according to estimates.