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FreeCharge to let users transfer money from their digital wallets

freecharge

Digital payments startup FreeCharge will now let its users transfer money from their digital wallet to other users, as well as registered merchants. The new ‘Chat and Pay’ feature will be integrated into the existing FreeCharge app and enable Person-to-Person (P2P), and Person-to-Merchant (P2M) conversation through chat.

We’re not sure why Freecharge users would like to chat with each other on the app, in the availability of more popular messaging services.

Merchants, on the other hand, will be able to upgrade their payment limits of Rs 1,00,000 with necessary KYC verification. They can accept payments by registering their bank account number and geo-location with FreeCharge. By choosing a custom identifier, a ‘paytag’ will be generated to allow customers to identify their service area through the FreeCharge app.

The feature will include new users like small shopkeepers, taxi services and merchants from unorganised sector without any investment.

Recent FreeCharge developments:

-Last month, FreeCharge tied up with mobile POS solution provider Ezetap to enable Freecharge’s customers to make payments across Ezetap’s service points.

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– In January, FreeCharge 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 MasterCard.

– In November 2015, FreeCharge Wallet claimed to have crossed 10 million users within 60 days of its launch. The company also mentioned that it is adding a million users every 5 days, with the goal of reaching 35 million registered users by March 2016.

-In October 2015 , Freecharge launched a beta Android app called Juice which tracks talktime and data balance and supports operators like Airtel, Vodafone, Idea, BSNL, Reliance GSM and Aircel.

In the same month, Freecharge  launched an online recharge facility for smart card users of Mumbai Metro. With the new integration, Freecharge will enable Smart Card recharges on its website, Android, iOS and Windows app.

-In October 2015, FreeCharge allowed use Aadhaar UID as the primary KYC tool for opening and upgrading wallets. Anyone enrolling for the wallet with Aadhaar authentication would have their balance limit increased from Rs 10,000 to Rs 100,000 as well as remove the monetary limit on transactions.

– In September 2015 it launched a digital wallet which provides mobile and web transactions by facilitating payments, in partnership with private sector lender YES Bank.

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-In April 2015, e-commerce marketplace SnapDeal acquired site Freecharge for about $450 million.

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