FreeCharge, the fastest growing digital wallet in the country, has seen half a million sign-ups for its recently launched virtual card ‘FreeCharge Go Card’, Govind Rajan, Chief Operating Officer, has said.
The virtual card — launched 10 days back in association with MasterCard — enables customers to use the FreeCharge wallet on all online stores in the country, thereby enabling its wider acceptance.
In one stroke the FreeCharge Go Card has connected all online merchants to the FreeCharge wallet.
Meanwhile, Rajan also said FreeCharge is working with Pine Labs, ePaisa and other retail Pont-of-sale (POS) providers to enable acceptance of FreeCharge digital wallets and, thereby, help grow the digital ecosystem.
“We believe we are in a fight against cash. We cannot create the ecosystem of digital payments on our own. We have to create the digital ecosystem in partnership with as many people. This is a market development challenge and not a market share challenge. The person who expands the market will grow most,” Rajan told BusinessLine here on Friday.
Rajan said FreeCharge would in the coming days come up with new ways of payments whereby anybody with a smartphone could start accepting payments.
FreeCharge is eyeing transaction velocity of 7 million transactions a day by end-2016, from the current level of 1 million transactions a day, he said.
Achieving the 1 million transactions level is significant as this milestone has come in about four months since the wallet’s launch.