FreeCharge, India’s leading digital payments platform, today announced that the company will adopt Aadhaar as the primary Know Your Customer (KYC) tool for opening & upgrading wallets.
Consumers who enrol for a FreeCharge wallet with Aadhaar authentication can have their balance limit enhanced from Rs 10,000 to Rs 1 Lakh. Also, there will be no monetary limit on transactions making the wallet truly versatile. FreeCharge, which has already hit the million wallets mark within a week of launch, believes that being Aadhaar enabled is key to mass adoption and ubiquitous usage.
Consumers can link their FreeCharge Wallet to their Aadhaar number in multiple ways like–doorstep service available on demand, consumers can also authenticate by walking into any of the 30,000 banking correspondent points of FreeCharge partner YES bank or walk into any branch of YES Bank. In the future this service will also be available with FINO – the Payments bank licensee a strategic partner of FreeCharge.
Speaking about this, Govind Rajan, Chief Operating Officer, FreeCharge & Chief Strategy Officer, Snapdeal said
For consumers, convenience and speed of transaction are key considerations. We will leverage Aadhar ID authentication for paperless, secure KYC, to be completed in a few minutes. We are innovating to bring new models of go to market – for instance doorstep authentication, where customers can request for an agent to come to their home for a doorstep biometric authentication. Within a week we hit the 1 million mark and now leveraging Aadhaar enabled KYC gives us access to the pool of over 900 million KYC ready consumers
With lakhs of deliveries a day on Snapdeal, we have a huge and relevant customer connect opportunity for us to synergize with for doorstep KYC. We will soon launch the pilot in metros and then scale this nationwide.
FreeCharge wallet is powered by cutting edge technology. It is a robust and flexible platform that leverages enabling technologies such as HCE, NFC, QR code & BLE to create a most intuitive consumer experience.
About FreeCharge
FreeCharge is India’s leading digital platform for recharge and utility payments which provides prepaid, post-paid, DTH and Electricity bill payment for almost all Indian service providers. FreeCharge was founded in 2010 by Kunal Shah & Sandeep Tandon and had received funding of over $120 million in the last 4 years. In the largest acquisition in the consumer Internet space yet, Snapdeal acquired FreeCharge in Apr’15 resulting in India’s largest m-commerce ecosystem. For more details, please visit FreeCharge