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Online payment platform FreeCharge has launched FreeCharge Go, a virtual card which can be used to make payments across all online merchants in India, in association with YES Bank and powered by MasterCard. Go is linked with the FreeCharge wallet and will be accepted at offline stores in the coming months.
Users can log into their FreeCharge accounts and generate the Go card, add money to it and use it for all online transactions. On generating the virtual card on the FreeCharge app, users can select ‘credit card’ on the checkout page of the website or app, copy or type the Go card number, validity and CVV, after which an OTP will be sent for transaction verification on the registered mobile number. Entering the OTP completes the transaction. The company states that the details of the card are visible only after a user enters the m-PIN.
It adds that the Go card can be used across all Indian websites, including ecommerce portals, movie and event tickets, bus, cabs, metro rides, grocery shopping etc. The company plans to launch a marketing program for users with personalised offers and based on their usage patterns.
Paytm’s virtual prepaid card: Last month, Paytm partnered with ICICI Bank to launch virtual prepaid cards which could be used by wallet users at both offline and online stores for purchases. The virtual card could be used at any retail organization which accepted Visa, MasterCard and RuPay. The partnership would also allow users to recharge their wallets at any ICICI Bank branch via cash or cheques. (Rival wallet company MobiKwik had also partnered with ICICI Bank earlier this year to allow its wallet users to add cash at any ICICI Bank branch.)
HDFC-Snapdeal virtual card: In August last year, HDFC Bank tied up with e-commerce portal Snapdeal to launch a co-branded credit card. Snapdeal said that over 70% of its customers were from Tier II and Tier III cities but a majority of them opted for cash-on-delivery and only a minuscule adopted digital payment methods.
Other developments at FreeCharge:
– FreeCharge claims that over 99% of its transactions are completed in less than 10 seconds and 72% of its users are repeat customers. It also claims that the FreeCharge wallet has 15 million users since its launch in September 2015, with 90% transactions originating from mobile, while overall, it has over 30 million registered users.
– In September, Freecharge launched a digital wallet which would provide mobile and web transactions by facilitating payments, in partnership with private sector lender YES Bank. It also partnered with FINO Paytech to reach out to build scale and the underserved. FINO got its semi-closed prepaid payment instrument license renewed by the RBI in August.
Our FreeCharge coverage here.