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Freecharge Launches Buyer Protection Escrow Services

27Jul By AdityaNo Comments

News

Freecharge Launches Buyer Protection Escrow Services

India's fastest growing digital payments platform Freecharge has unveiled a buyer protection service by launching escrow facility for merchants and customers. The escrow service mitigates risk of unsuccessful shopping experiences and safeguards customers' money by withholding funds till they receive the right product. The first merchant for this service, Shopo, has integrated Freecharge wallet on its app to offer escrow protection to its buyers and sellers. After buyers place orders by paying through Freecharge, the seller is notified that the buyer has completed the payment, and money is on hold in escrow. Once the order is delivered to the buyer, the money is automatically released to the seller. In case the order is not shipped or delivered within the stipulated time, the mon...

Freecharge Ready To Compete With Paytm In Taxi Fare Payment

8Jul By RishabhNo Comments

News

Freecharge Ready To Compete With Paytm In Taxi Fare Payment

The taxi industry, with a potential of $7 billion to be reached by 2020( as predicted by SoftBank) has started sheltering e-payment besides cab hailing services. While everyone is familiar how Uber and Ola are striving to gain an upper hand in this sector, theres a silent battle brewing between the wallet and payment service providers Paytm (One97 Communication Pvt. Ltd) and Freecharge(owned by Snapdeal) to make the most of the taxi market. Paytm had already partnered with Uber, as it realized this great potential much before the Freecharge. It's already been accepted in many auto and taxi. Entering this market, Freecharge will enable cashless payments in at least 100,000 taxis by the end of this year. Freecharge claims to have on-boarded about 15,000 taxis already to accept cashless...

Mobikwik Started Cash Pick Up Service in Gujrat’s Business Hub Surat

29Jun By No Comments

News

Mobikwik Started Cash Pick Up Service in Gujrat’s Business Hub Surat

Mobikwik - the largest independent mobile payments company in India with over 32 million users and a network of 100000 merchants has launched cash pick up in Surat. With this launch, MobiKwik users in Surat can now load their wallet with cash from the convenience of their homes or offices. Upon request, a MobiKwik representative will reach user's location within 30 minutes and load user's wallet with cash instantly. Speaking on this launch, Upasana Taku, co-founder, MobiKwik said, "Cash pick up by MobiKwik is a unique service that helps us serve those who want to load their wallets with cash, instead of cards or net-banking. The service is also extremely helpful for unbanked users, who can now convert their cash into mobile money" MobiKwik is the only wallet in India that allows cash pic...

Freecharge Now India’s Fastest Growing Payments App

30May By AnkitaNo Comments

News

Freecharge Now India’s Fastest Growing Payments App

The reach of the digital payments platform Freecharge has grown from 17% to 30% in the period from October 2015 to April 2016 in India -- the highest growth in app usage for any payments app in the country, a Nielsen study revealed on Monday. 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 to April 2016, said the data from Nielsen Informate Smartphone Panel. Freecharge core philosophy is focused on making transactions swifter and more secure. A number of features such as On the Go Pin (patent pending), Speed Pay (making transactions within 10 seconds), first of its kind Social Pay services like Chat n Pay, payments throug...

Govind Rajan Replaces Kunal Shah as a New CEO of Freecharge

25May By AdityaNo Comments

News

Govind Rajan Replaces Kunal Shah as a New CEO of Freecharge

Snapdeal acquired FreeCharge, a digital payments platform announced Govind Rajan as the new Chief Executive Officer of the company replaces Kunal Shah who is now the chairman. "In Govind, we have an exceptional leader, who will lead FreeCharge to become the No. 1 player in the payments ecosystem in the country," said Kual Shah in a press release. Govind joined FreeCharge in August 2015 and was the Chief Operating Officer at the company. In his previous stints, Govind was the Chief Marketing Officer (B2C) at Bharti Airtel and concurrently also served as the CEO for Airtel Money. An alumnus of Indian Institute of Foreign Trade (IIFT), Govind spent the first 15 years of his professional life at Hindustan Unilever, where he served in various marketing and leadership roles. In April...

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

22May By AnkitaNo Comments

News

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

Fin-tech company Mobikwik is expanding its services by offering instant micro loans to wallet users running short on balance as part of its efforts to boost digital payment usage in the country. The company, which competes with Alibaba-backed Paytm, started pilot on the project a few weeks back and has already given loans to about 25,000 users. "These are micro loans, about Rs 500-2,500, given to users when they are running short on balance while making a purchase. We are happy with the product, the repayment rates are around 97 per cent. We are now looking at expanding this," MobiKwik co-founder Upasana Taku said. She added that the company has partnered consumer-lending marketplace, CashCare for the service. MobiKwik is in process of adding 10-12 other similar banks and...

3May By PriyankaNo Comments

FUNDING

Mobikwik Raised USD 50 Million (Rs 330 crore) in Funding

Mobile wallet company Mobikwik today said it has raised USD 50 million (about Rs 330 crore) in funding, led by Japanese payments firm Gateway and Taiwanese chip maker MediaTek. Its existing investors such as Sequoia Capital and Treeline Asia also participated in the current round of funding. The company said it will use the proceeds for product innovations, team building, and user growth. "Despite the current business climate when funding has become challenging, unit economics, sustainable growth and a sound business model are what investors are focusing their attention on. We are very excited to live up to the investors expectations and raise the funding where even larger players are failing to raise funds," Mobikwik founder and CEO Bipin Preet Singh said in a statement. MobiKwiks...

7 Key Points of RBI’s New Online Payment System “Unified Payments Interface Protocol”

11Apr By NitishNo Comments

News

7 Key Points of RBI’s New Online Payment System “Unified Payments Interface Protocol”

The Unified Payments Interface (UPI), which comes into effect Monday, is a single interface across all National Payments Corporation of India (NPCI) systems, allowing customers to instantaneously transfer funds across different banks with the use of a single identification and password. Multiple bank accounts can be linked to a single mobile banking application and money can be both received and requested through the same interface. This could weaken the case for consumers having to store money in multiple electronic wallets to pay for services such as cab rides, movie tickets or utility bills. Mobile banking has surged in India in recent months as banks have pushed both retail and corporate customers to adopt platforms designed to transact on the phone. In the September-December qua...

Ola Started e-rickshaw Bookings on its Platform, Partner with Freecharge

5Apr By NitishNo Comments

News

Ola Started e-rickshaw Bookings on its Platform, Partner with Freecharge

Transportation app Ola today launched e-rickshaw category on its platform that will enable the users to book rides on the electric vehicle in Delhi-NCR region. "A total of 5,100 Ola e-rickshaws will be launched in partnership with Bhartiya Micro Credit (BMC) at the event and will be deployed across Delhi, Gurgaon, Noida, Faridabad and Ghaziabad. This will be further scaled up in the coming months to more small towns and Tier III cities," Ola Chief Operating Officer Pranay Jivrajka told reporters here. The company will charge a 10 per cent commission from the rickshaw pedallers. It will, however, not charge any convenience fee from users as is the case with auto-rickshaws. While the fare will differ city to city, users will have to pay Rs 25 for two km and Rs 8 per km for the follo...

Flipkart Acquired Third Payments Start-up PhonePe

1Apr By PriyankaNo Comments

News

Flipkart Acquired Third Payments Start-up PhonePe

Bengaluru, 1st April 2016: Flipkart Ltd, India's leading E-commerce platform has acquired payments start-up PhonePe Internet Pvt. Ltd.. The startup was launched last December by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer. The amount of the deal is not confirmed yet but according to sources, the deal size is between $10 million to $20 million. The PhonePe team will join leading e-commerce company but will function as an independent business unit. This is Flipkart’s third major acquisition in payments, after it bought payments start-up NGPay (Jigrahak Mobility Solutions Pvt. Ltd) in 2014, and FX Mart Pvt. Ltd, which owns a prepaid wallet licence last August. “Payments has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has ...

FreeCharge Partners CCAvenue; Expands Customer Access to Online Merchants

29Mar By Press Trust of IndiaNo Comments

BUSINESS

FreeCharge Partners CCAvenue; Expands Customer Access to Online Merchants

Snapdeal-owned digital payments platform FreeCharge has partnered with a payment gateway CCAvenue, giving its customers access to over 100,000 online merchants across sectors like hospitality, retail, and education. It will also help them access real-time, multi-currency online payment services, FreeCharge said in a statement on Monday. "We want to make FreeCharge wallet ubiquitous in both the online and offline space by creating an ecosystem of partnership. With CCAvenue, we will further strengthen our partner ecosystem and offer our customers a wider assortment of online merchants. Our endeavour is to build the payment OS for digital India and I am confident that alliances like this will help us move in the right direction," Govind Rajan, Chief Operating Officer, FreeCharge said. ...

FreeCharge Partners With Cinepolis To Provide Secure Digital Payments

3Mar By NitishNo Comments

BUSINESS

FreeCharge Partners With Cinepolis To Provide Secure Digital Payments

FreeCharge wallet has partnered with Mexican movie theatre chain, Cinepolis to provide a platform for secure and easy digital payments. The partnership will start in the second week of March and customers can pay for movie tickets and food and beverages across 38 Cinepolis theatres in 28 Cities. FreeCharge is the first digital wallet partner for Cinepolis, which claims to be the world's 4th largest chain of movie theatre. Movie goers will be able to pay using their registered mobile numbers with FreeCharge at the existing card machine's available at the payment counter. The transactions will get completed in a secure manner within 10 seconds using the dynamic 'On-The-Go-Pin'. The partnership will further help Cinepolis get access to FreeCharge's robust partner network and bring more ...