FreeCharge claims 1M wallet users within five days of launch

Snapdeal-controlled FreeCharge said on Wednesday its digital wallet has crossed the one million customers mark within five day of its launch.

FreeCharge, a recharge and utility payments portal that was acquired in April by online marketplace Snapdeal, had announced its entry into the digital wallet business on September 15 and launched it 10 days later.

"Speed and security are two pillars of the consumer experience. With FreeCharge Wallet, customers are able to make their transaction within 10 seconds," said Govind Rajan, chief operating officer, FreeCharge, and chief strategy officer, Snapdeal.

FreeCharge was founded in 2010 and claims to have 2.9 crore customers on its platform. On average, it records five transactions a month per user.

Freecharge competes with companies such as Paytm, MobiKwik, Oxigen and PayU. Paytm is the largest player in the business with more than 100 million wallet users.