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<a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> has recently announced in a <a href="https://blog.freecharge.in/2016/05/19/now-whatsapp-money-with-freecharge/">blog post</a> that users can now use its ‘<keyword id="3293302" type="UNKNOWN" weightage="40" keywordseo="Chat-n-Pay">Chat n Pay</keyword>’ to pay using <a href="http://www.businessinsider.in/searchresult.cms?query=WhatsApp&amp;sortorder=effectivedate">WhatsApp</a>. The feature is much like Tencent’s money transfer service on WeChat. 
 Users will have to go to ‘<keyword id="6377963" type="UNKNOWN" weightage="80" keywordseo="Freecharge">Freecharge</keyword> on <a href="http://www.businessinsider.in/searchresult.cms?query=WhatsApp&amp;sortorder=effectivedate">WhatsApp</a>*’ on the Freecharge Menu of their Android phone, click ‘Enable’ to enable Freecharge in accessibility settings, open <a href="http://www.businessinsider.in/searchresult.cms?query=WhatsApp&amp;sortorder=effectivedate">WhatsApp</a>, type in the amount followed FC, for example 100F, and the transfer’s done. 
 At the launch of FreeCharge’s ‘Chat-n-Pay’ feature, <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword> Chief Product Officer <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Chandrasekaran&amp;sortorder=effectivedate">Anand Chandrasekaran</a> said in an <a href="http://www.businessinsider.in/Exclusive-The-Good-Boy-of-e-Payments-Anand-Chandrasekaran-CPO-Snapdeal/articleshow/51496881.cms">exclusive Business Insider interview</a> to that ‘the intuition was that payments can be social’. Looks like they’ve done it. 
 
The ‘Chat n Pay’ feature was launched on FreeCharge in March, was built as a feature over the new chat-based communication in the latest version of the <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> app. 
 
FreeCharge has recently joined hands with Zivame, ClearTrip, RedBus and Café Coffee Day to enable its Wallet payments in merchant outlets. The company claims customers can pay at any time in less than 10 seconds in a secure way across all RedBus platforms. 
 
FreeCharge is currently positioned against segment-leader Paytm. The portal is a key to <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a>’s businesses in building an all-inclusive online marketplace like China’s <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a>. 
 
Image credit: Indiatimes

You
can now send and receive money on WhatsApp using FreeCharge

With a few more days to go for Diwali, <keyword id="541988" type="COMPANY" weightage="80" keywordseo="SnapDeal">Snapdeal</keyword> acquired <a href="http://www.businessinsider.in/searchresult.cms?query=freecharge" target="_BLANK￿￿￿￿">Freecharge</a> is already having a blast. You must be wondering what the reason is. Well, Jasper Infotech, the parent company of Snapdeal will be raising $300 million (Rs 2,000 crore) for its digital services platform <a href="http://www.businessinsider.in/searchresult.cms?query=freecharge" target="_BLANK￿￿￿￿">FreeCharge</a>. 
 The fundraising exercise will bolster <keyword id="6377963" type="UNKNOWN" weightage="80" keywordseo="Freecharge">Freecharge</keyword>’s grounding and thereby aid Snapdeal to extend more goods and services to the customers. In the news report, The Economic Times has also said that Snapdeal had earlier raised $500 million from Alibaba, <a href="http://www.businessinsider.in/searchresult.cms?query=Foxconn" target="_BLANK￿￿￿￿">Foxconn</a> and SoftBank. 
 
The ET news report further confirmed that two sovereign funds are also keen on investing in this round. While the identities of these investors haven’t been ascertained yet, this proves that India is becoming a luring ground for investors funding in digital space. 
 
Freecharge’s rival <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm" target="_BLANK￿￿￿￿">Paytm</a> has raised almost $680 million from Alibaba. This fundraising by Freecharge will help Snapdeal to counter <keyword id="6357120" type="UNKNOWN" weightage="60" keywordseo="PayTM">Paytm</keyword>. Vijay Shekhar Sharma, the founder of the company which owns Paytm, is one of the 11 entities to receive an RBI licence to start a payment bank, reported the ET. 
 
However, the new <a href="http://www.businessinsider.in/searchresult.cms?query=fund+raising+" target="_BLANK￿￿￿￿">fund raising</a> would not have any secondary components. This would mean that Freecharge <a href="http://www.businessinsider.in/searchresult.cms?query=fund+raising+" target="_BLANK￿￿￿￿">investors</a> including Sequoia Capital, hedge funds Valiant Capital and Tybourne Capital, ru-Net and Sofina will keep holding Snapdeal’s stock.

Freecharge gets fund booster as Snapdeal readies to raise $300 million

In a bid to stand close to its rivals such as <a href="http://www.businessinsider.in/searchresult.cms?query=paytm&amp;sortorder=effectivedate">Paytm</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a> is looking to raise money for its digital payment platform <a href="http://www.businessinsider.in/searchresult.cms?query=freecharge&amp;sortorder=effectivedate">FreeCharge</a> and is in talks with many investors including Chinese firms. 
 Jasper Infotech, which handles <keyword id="541988" type="COMPANY" weightage="40" keywordseo="SnapDeal">Snapdeal</keyword>, wants to create a system similar to <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>, the Chinese e-commerce behemoth. 
 
"We are getting a lot of interest from sovereign funds and some Chinese investors. Chinese investors have seen the Alipay story. They have seen that Alipay has been successful because it is attached to a large commerce platform," Snapdeal CEO Kunal Bahl told ET. 
 As per reports, Snapdeal is looking to raise about $300 million, or Rs 2,000 crore for <keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">FreeCharge</keyword>, which had an evaluation of around $400 million in cash and stock in April 2015. 
 
"I have told investors, 'If you want to come into our crown jewel, it is going to be at a price'. If you are not willing to pay that price today, no problem. Let's wait for three to six months and let (Free-Charge) continue to execute. Till then, we will finance it,” Bahl told ET. 
 Meanwhile, <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>, which is backed by <a href="http://www.businessinsider.in/searchresult.cms?query=alibaba&amp;sortorder=effectivedate">Alibaba</a> and valued at $3.4 billion as of September, is much higher than the 30-31 million transactions FreeCharge handles every month. 
 
"FreeCharge is not a three-year journey. It's a commitment of a lifetime for us that we have made to the company and to the business. If we are running Snapdeal for 25 years, we have to run FreeCharge for 25 years also, and hence we want high-quality strategic investors for them as well," Bahl said. 
 
(Image: Thinkstock)

Snapdeal is sharpening focus on FreeCharge to pit it against Paytm

<ul><li><keyword id="6377963" type="General" weightage="100" keywordseo="freecharge" source="Orion">Freecharge</keyword> has announced the rollout of its neo-banking platform.</li><li>The company will offer services such as fixed deposits, digital credit cards, personal loans and more.</li><li>It has partnered with <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword> to offer banking services to its customers.</li></ul> Payments and recharge platform Freecharge have announced the rollout of its neo-banking platform. The Axis Bank-owned company has revealed that over 18,000 customers have already signed up for the new platform. Some of the services that its customers will be able to avail include — fixed deposits, recurring deposits, buy now, pay later (BNPL) services, digital debit and credit cards, personal loans and more. <cmsannotation type="cmsannotation" annotationid="What is a neo-bank?" comment="subhead" text="What is a neo-bank?">What is a neo-bank?</cmsannotation> A neo-bank is a financial institution that offers an alternative to traditional banks. They are digital banks that do not have any physical branches. While they do not have a bank license, they partner with existing banks to onboard customers. Freecharge has partnered with Axis Bank, its parent company to offer neo-banking services to its customers. <cmsannotation type="cmsannotation" annotationid="Phased rollout" comment="subhead" text="Phased rollout">Phased rollout</cmsannotation> Freecharge has been testing its neo-banking platform for some time now. It started offering buy now, pay later (BNPL) services to its customers in the first quarter of the year and is now testing lending services for small businesses. Customers can also enrol for fixed and recurring deposits on the platform using the Freecharge app. The company has also started offering mutual fund services, allowing users to invest in mutual funds right from the app. In the future, the company also intends to offer personal loans to its customers. “We launched BNPL, the first of the (digital) products, in the first quarter. The second one was small-ticket lending for small businesses," Freecharge chief executive officer <keyword id="1478618" type="General" weightage="20" keywordseo="siddharth-mehta" source="Orion">Siddharth Mehta</keyword> said in an <a href="https://www.livemint.com/technology/tech-news/freecharge-announces-roll-out-of-its-neo-banking-platform-11637082492876.html">interview</a>. “The extension of this is that we will launch the consumer financial services platform or the neo-bank. Then, eventually, we will move to the merchant," Mehta added. Freecharge will also partner with insurance providers in the coming months to allow its users to apply and renew their insurance policies. Early next year, the company aims to offer digital credit and debit cards to its users. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/now-you-can-invest-in-global-blockchain-companies-through-this-mutual-fund-heres-how-to-do-it/articleshow/87724967.cms">Now you can invest in global blockchain companies through this mutual fund ⁠— here's how to do it</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-tumble-as-china-continues-its-crackdown-against-mining/articleshow/87738496.cms">Cryptocurrencies tumble as China continues its crackdown against mining</a> <a href="https://www.businessinsider.in/business/corporates/news/jpmorgan-takes-tesla-to-court-over-elon-musks-2018-tweets-demands-162-million/articleshow/87729405.cms">JPMorgan takes Tesla to court over Elon Musk’s 2018 tweets ⁠— demands $162 million</a>

Freecharge announces neo-banking platform, to offer fixed deposits, digital credit card and more

Two of India’s biggest <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+wallet&amp;sortorder=effectivedate">mobile wallet</a> companies have been throwing punches against each other on their respective blogs. It was <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> vs. <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a>-owned <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> last Wednesday. 
 
It all started when <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> raised a stinker with the latest Nielsen Informate Mobile Insights Report concerning <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+wallet&amp;sortorder=effectivedate">mobile wallets</a> in India. The report places <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> as the most popular wallet in India, followed by <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a>. 
 
In a blog post titled ‘<a href="https://blog.mobikwik.com/index.php/the-truth-behind-nielsen-mobile-insights/">the truth behind Nielsen Mobile Insights</a>’, Akash Gupta, the GM Marketing at <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> expressed his wrath against research firm Nielson, and how ‘they mock the ecosystem.’ 
 “We reached out to Nielsen to seek clarification. They said it was meant for internal use, but <keyword id="6377963" type="UNKNOWN" weightage="60" keywordseo="Freecharge">FreeCharge</keyword> and <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> were touting it for press and to aid their pending fund-raise”, <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=Upasana+Taku&amp;sortorder=effectivedate">Upasana Taku</a> told Business Insider. 
 
“It really pisses you off if somebody has actually not done the work but go around telling the world they are number #2. They also used it heavily in China where they are trying to raise funds from”, Taku added. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> also posted screenshots of e-mails from Nielsen. 
 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> shot back with a stinging post, titled ‘<a href="https://blog.freecharge.in/2016/06/15/dont-shoot-the-messenger-when-the-message-stings/">Don’t shoot the messenger when the message stings!</a>’ 
 
<keyword id="143842" type="UNKNOWN" weightage="40" keywordseo="Mobikwik">MobiKwik</keyword>’s Allegations: 
· It was a paid research 
· ‘How can a SAMPLE SIZE OF 6000 be even statistically relevant!’ · A <keyword id="490792" type="UNKNOWN" weightage="80" keywordseo="Mobile-wallet">mobile wallet</keyword> is not just a recharge app 
 
FreeCharge’s Defense: 
· It was a syndicated report 
· ‘very robust sample size by any standard’ 
· FreeCharge Wallet app officially launched in September 
 
In a very short time, the size of India’s mobile wallet market has grown significantly. According to a study by research firm RNCOS, the Indian market size for mobile wallet is estimated to rise to Rs. 1,210 crores by 2019. 
 
Payments are turning out to be crucial for India’s <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> ecosystem. <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> is planning to invest Rs 670 crores to build its payments business, while <a href="http://www.businessinsider.in/searchresult.cms?query=Search&amp;sortorder=effectivedate">Paytm</a> is pouring millions into its own. Last year, <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a> acquired <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> for $450 million and has not looked back ever since. 
 
This isn't the first time India's startups have had a verbal spat online. Hopefully, it's the last. 
 
<a href="http://2.bp.blogspot.com/-o6jmPIDBE80/VMM6sM5e_PI/AAAAAAAAhjg/9iRZFIxDBk0/s1600/a.png">Image Source</a>

MobiKwik vs. FreeCharge: another war on blogs

It’s been a long standing war between <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> in the payments space. Both backed by industry veterans and serious money, while <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> is the current market leader, <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> isn’t taking things lying down. 
 With India’s merchants waking up to the prospect of accepting new payment methods and the upcoming <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> (United Payments Interface) and <a href="http://www.businessinsider.in/http://www.businessinsider.in/searchresult.cms?query=payment+bank&amp;sortorder=effectivedate">payment bank</a> rollouts, payment players now have a new battlefield to fight on. 
 In an <keyword id="6370284" type="ORGANIZATION" weightage="20" keywordseo="Exclusive">exclusive</keyword> interview with Business Insider, <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Govind+Rajan&amp;sortorder=effectivedate">Govind Rajan</a> said promotions aren’t the way forward anyway.”Our retention is not driven by discounts. The whole objective of our promotions is to draw more consumers to our experience. That’s the best way to spend our money. I don’t think you can promote your way to building a habit. If you’re solving a real consumer need, they’ll stick with you. You can’t always be incentivizing”, he said. When asked how much (promotions) is enough, Rajan said they keep re-calibrating as the landscape changes every 6-10 months. 
 
Rajan believes UPI will offer an added phillip to their business, “We’ll do whatever it takes to drive adoption faster. It’ll be a journey of 6-12 months to drive adoption. The target market segment for UPI is over 65%”, he said. 
 While Paytm has expanded its foothold through its partnership with Uber, <keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">FreeCharge</keyword> has so far been targeting the unorganized sector. 
 
When asked why it hasn’t considered a FreeCharge-Ola or FreeCharge-Uber partnership yet, especially when cab business is one of the biggest source of transactions for Paytm, Rajan says, “It’s only a matter of time. For a payment mechanism, it’s never the case of A or B, but A and B. We are moving in wherever we see faster traction.” 
 
According to industry experts, the most popular <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+payment&amp;sortorder=effectivedate">mobile payment</a> apps are the ones that look beyond pure payment. <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> chooses to disagree. Its motto is to ensure you spend as little time on the app as possible. With a tagline that says ‘Lo Do Khatam Karo’ (get it done with, and quick), the company wears its ‘10-second payment time’ as a badge of honor. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> has not applied for a payments bank license but has partnered with FINO, which has one, for last-mile reach and access to new consumers. In the next 6-12 months, the company will tie-up with merchants and retailers to build its network further. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> claims they are doing close to a million transactions a day and growing 10-15% month-on-month. In the first few months of launch, the company crossed $1 billion in annualized GMV. It’s targeting 7 million daily transactions by the end of the year.

FreeCharge has plans to speed ahead of Paytm. CEO says ‘our
retention is not driven by discounts’

India's leading digital payments platform <a href="http://www.businessinsider.in/Snapdeal-owned-FreeCharge-sets-Rs-20000-crore-business-target-by-March-2017/articleshow/50667008.cms">Freecharge </a>has appointed <keyword id="3339827" type="UNKNOWN" weightage="100" keywordseo="Fareed-Jawad">Fareed Jawad</keyword> as the Vice President for its Principal Product Architect as well as Payments. For this role, Fareed would be required to to build payments technologies at <a href="http://www.businessinsider.in/FreeCharge-wants-to-joinRBIs-bill-payment-system/articleshow/50296635.cms">Freecharge</a>, and lead the efforts on building technologies for solving the unique payments problems that India faces. 
 
Before this, Fareed was serving as Principal Product Architect at Amazon India, building the core payment processing infrastructure as a part of his role. Prior to that, he has worked with Flipkart as Director - Product Management and was also a part of the core team that launched PayZippy. 
 
"Fareed's appointment reaffirms Freecharge's commitment to hiring the industry's best talent. We are on a cusp of a revolution to accelerate the <a href="http://www.businessinsider.in/Fintech-sector-attracting-talent/articleshow/51991900.cms">FinTech </a>capabilities in India. We look forward to Fareed's contribution in strengthening our technical expertise and payments capabilities with his in-depth understanding of payments sector. Fareed will be responsible for developing products for customers and merchants both online and offline, in line with our vision to be the digital OS for the <a href="http://www.businessinsider.in/Attention-please-PayTM-FreeCharge-files-patent-for-OTP-alternative/articleshow/50120232.cms">payments business</a> in India." said Govind Rajan, COO, <a href="http://www.businessinsider.in/Freecharge-gets-fund-booster-as-Snapdeal-readies-to-raise-300-million/articleshow/49565011.cms">Freecharge</a>. 
 
Fareed has had a long stint in the payments industry, being associated with it right from the earliest payment gateways with VeriFone in the US. His career path also included stints with large payment processors like Moneris Solutions in Canada and eFunds/FIS.

You Searched For "freecharge" and got 7 results

You can now send and receive money on WhatsApp using FreeCharge

Saikat Pyne

Freecharge gets fund booster as Snapdeal readies to raise $300 million

BI India Bureau

Snapdeal is sharpening focus on FreeCharge to pit it against Paytm

BI India Bureau

Freecharge announces neo-banking platform, to offer fixed deposits, digital credit card and more

Rounak Jain

MobiKwik vs. FreeCharge: another war on blogs

Saikat Pyne

FreeCharge has plans to speed ahead of Paytm. CEO says ‘our retention is not driven by discounts’

Saikat Pyne

Fareed Jawad is the new VP for Payments & Principal Product Architect at Freecharge

BI India Bureau

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