Snapdeal to launch Wallet Solution with FreeCharge
FreeCharge announced the launch of its Wallet called the FreeCharge Digital Wallet. FreeCharge is owned by Snapdeal and will collaborate to provide wallet solutions to Snapdeal. Snapdeal and FreeCharge announced this news on Twitter with a cheesy proposal on April 8 asking FreeCharge to “recharge their life”. To which FreeCharge replied “I will,Its a deal” and then mySmartPrice asked to join the party.
Paytm has been in the wallet business before anyone else and has been booming as customers enjoy the wallet system. With a good wallet solutions came great cashbacks and unbelievable offers. Paytm has already offered 900 crores on cashbacks on recharges and their shopping range of products.
Snapdeal plans to invest 1000 crores in Wallet solution and Cashbacks
Kunal Shah,CEO and co-founder of FreeCharge claims that the wallet will 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.”
FreeCharge has 27 million registered users making more than 5 transactions per month per user, 8.2 million unique users, 4 million monthly engaged hours,15 million stored cards, with combined GMV of over $4 billion(roughly Rs. 26,,543 crores). Over 90% of its transactions are from mobile devices, accounting for a volume of over 200 million transactions annually.
Flipkart is reportedly planning to launch a payment service on its mobile apps in the next three months, and had paid around Rs. 45.4 crores to acquire a majority stake in payments firm FX Mart, which owns a prepaid license issued by Reserve Bank of India (RBI).
Ola, which is an cab aggregator has announced plans to integrate its mobile wallet with Oyo Rooms, Lenskart, Saavn, among other startups.
Why is Wallet Solution beneficial to consumers?
With an integrated wallet on an e-commerce site, consumers can “put money in their wallet” from their banks and don’t need to use their debit/credit cards for every transaction and put their details everytime. They can use the wallet money straight away making the transaction more convenient and fast.
If a person wants to share their money, they don’t need to give their bank account details, they can simply send money through wallets.
There are always good cashback offers by the companies for the customers. Like Paytm offers cashbacks on almost every product and the cashback is instantly given to the customer when the item is shipped. Other e-commerce sites do offer cashbacks but it takes a lot of time to come to the bank account.
Therefore, a collaboration between your favorite apps with a single wallet will bring great offers and convenience to the people. The wallet will be like a debit card to people.