The digital payments platform FreeCharge targets to achieve 7 million transactions per day by the end of 2016. Currently, the company records to over 1 million transactions per day.
“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% of our customers are repeat customers. The milestone of 1 million has been achieved in just 4 months since launch. We are confident at this rate of growth and stickiness we will cross 7 million transactions a day by the end of the year,” commented Govind Rajan, Chief Operating Officer FreeCharge.
The company introduced wallet four months ago and recently introduced categories like bill pay and metro recharge. The wallet launch is said to be one of the reasons for its phenomenal growth.
“While recharges continue to be the single largest use case, we are witnessing a huge growth in bill payments as well. 20% 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,” Mr. Rajan said.
FreeCharge’s another recent launch Freecharge Go Card, which it launched through a partnership with MasterCard enables the customers to use the wallet on all online stores in the country. The card gained an instant popularity, with a million cards getting issued within 10 days of its launch.