tech2 News StaffNov 23, 2016 10:08:11 IST
The latest announcement from digital payments platform FreeCharge has reveals it is targeting to onboard one million merchants in the coming one year.
Developed especially for Indian users, FreeCharge has released a new innovative feature called 'on the go pin' that allows a user to complete the transaction even when there is no Internet on phone coverage. The digital payments firm has applied for a patent for the same.
In the wake of demonetisation, FreeCharge has witnessed 10 times the growth in the number of retail merchant sign-ups. FreeCharge has also implemented a zero commission offer for new merchants, representing an important and recurring saving for the merchants as credit card companies are known to deduct 2-4 percent for each payment made. With the zero commission announcement, FreeCharge has managed to onboard a new merchant every 30 seconds, claims the digital payments platform.
Food delivery, groceries, daily household payments make for the majority of the transactions right now. However, FreeCharge wallet is also used regularly and extensively to pay for phone recharges and utility payments like electricity, gas, petrol, DTH and lots more.
Govind Rajan, Chief Executive Officer, FreeCharge, commented, “FreeCharge is committed to Government of India’s vision of Digital India. To make the digital payments more convenient and all pervasive, our teams are executing a slew of initiatives aimed at simplifying and accelerating merchant on-boarding. ”
Moreover, FreeCharge claims to have seen new merchants from small villages such as Sikar in Rajasthan, Prakasam in Andhra Pradesh, Narnual in Haryana and more.
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