India: Snapdeal launches FreeCharge mobile wallet

Thursday 17 September 2015 11:50 CET | News

Indias Jasper Infotech, which operates the online shopping website Snapdeal, has joined the mobile wallet race by developing one.

The company has also teamed up with FINO PayTech, a financial inclusion solutions and services company, which was recently awarded a license to start a payments bank in India.

About 87 million users of Snapdeal are expected to get the FreeCharge Digital Wallet. Indias smartphone-led internet penetration is allowing consumers to increasingly transact online, be it buying groceries or hailing cabs or renting apartments. Companies such as SoftBank-backed Snapdeal and local rival One97 Communications, which operates another wallet and online shopping site, Paytm, are in a race to become the de facto providers of the payment backbone that is needed for these transactions.

To entice more people to download the wallet, register themselves and start using it regularly, Snapdeal, in partnerships with merchants that sell goods on its website, was looking to return as much as about USD 150 million in cash-back rewards in the coming months.

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Keywords: India, Snapdeal, FreeCharge, mobile wallet, Jasper Infotech, online shopping, FINO PayTech, payments, smartphone
Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce