FreeCharge, India’s leading digital payments platform, has announced today that the company will adopt Aadhar as the primary KYC tool for opening and upgrading wallets. The company believes that being Aadhaar enabled, FreeCharge Wallet will be open for mass adoption and ubiquitous usage.
According to the company, 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.
Consumers can link their FreeCharge Wallet to their Aadhaar number in multiple ways like–doorstep service available on demand, consumers can also autheticate 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, as stated by the company in its press statement.
Speaking about this, Govind Rajan, Chief Operating Officer, FreeCharge and Chief Strategy Officer, Snapdeal said, “For consumers, convenience and speed of transaction are key considerations. We will leverage Aadhar ID authetication, 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 1million mark and now leveraging Aadhar enabled KYC gives us access to the pool of over 900 million KYC ready consumers.”
FreeCharge is claimed to have hit the million wallets mark within a week of launch in India. Freecharge also plans to leverage Snapdeal’s extensive delivery reach to scale the doorstep KYC model. Elaborating, Govind said, “With lakhs of deliveries a day on Snapdeal, we have a huge and relevant customer connect opportunity for us to synergise with for doorstep KYC. We will soon launch the pilot in metros and then scale this nationwide.”