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Digital payments platform FreeCharge has launched its new virtual card ‘FreeCharge Go’ in association with YES Bank powered by MasterCard.
With FreeCharge Go, customers can transact across all major ecommerce portals, pay for movie tickets, book event tickets, pay for various transportation services like bus, cabs and metro rides, leverage it for hyperlocal services like grocery shopping, etc. across all Indian websites.
The card will be linked with the FreeCharge wallet and users can generate the card through the FreeCharge account. A user can recharge the card by adding money to FreeCharge wallet and use it on- the- go for all their online transactions across all online merchants in India.
Govind Rajan, Chief Operating Officer, FreeCharge said, “FreeCharge Wallet is the fastest growing wallet in the country. We are insanely focused on UI – Over 99% of our transactions are completed in less than 10 seconds. As a result, we have amongst the stickiest cohort – with over 72% consumers being repeat consumers. We are partnering with MasterCard and YES Bank to launch the FreeCharge Go card. Transacting online will not only be swifter and safer with “FreeCharge Go” but universal too.”
FreeCharge plans to launch a marketing program for its virtual card with targeted and personalised offers for customers based on their usage patterns. Going further, the company also plans to extend its wallet services to offline stores in coming months.
The company’s development has come after its close competitors, Paytm and Oxigen have launched virtual prepaid card. In December 2015, Paytm launched a co-branded virtual prepaid card in association with ICICI Bank, while in January 2016, Oxigen launched its virtual card powered by Visa in association with another payment solutions provider ZAZOO and RBL Bank.
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