FreeCharge announced that the company will adopt Aadhaar as the primary KYC tool for opening and 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 and Chief Strategy Officer, Snapdeal said, “For consumers, convenience and speed of transaction are key considerations. We will leverage Aadhaar 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”
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.”
Powered by cutting edge technology FreeCharge wallet, is a robust and flexible platform that leverage enabling technologies such as Host Card Emulation (HCE), Near Field Communication (NFC), Quick Response (QR) code and Bluetooth Low Energy (BLE) to create the most intuitive consumer experience. The company is focused on building habit commerce and through its key partnerships with utility companies and leading consumer brands; it is co-creating the most compelling consumer experience.