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September 16, 2015updated 04 Apr 2017 4:01pm

Snapdeal to foray into mobile wallet space

Snapdeal-owned mobile transactions platform FreeCharge has partnered with Yes Bank and payment bank licensee Fino PayTech to launch mobile wallet service in India.

By Verdict Staff

Snapdeal-owned mobile transactions platform FreeCharge has partnered with Yes Bank and payment bank licensee Fino PayTech to launch mobile wallet service in India.

The company claims that its mobile wallet service, which will go live in a few weeks, will be able to slash checkout times to below 10 seconds.

The new wallet will let consumers to make payments for transactions on both Freecharge and Snapdeal.

Snapdeal intends to leverage FreeCharge’s userbase that includes about 8.2 million daily unique users and a database including around 15 million stored cards.

FreeCharge CEO Kunal Shah said the company wants to encourage Indians to move away from cash to cashless payments.

"We are nowhere close to claiming that cashless payments are happening (in numbers) in the country; transactions are still happening in cash. You have to give right kind of motivations and use methods that are more seamless in nature. Ours is a separate app. Payments have to be invisible and addressing payments is a function of many things," Shah said.

The company is bullish about its new launch, and claims it will become ‘India’s most used wallet in the next six months.

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