Freecharge Emerges As Fastest Growing Digital Payment App

by CXOtoday News Desk    May 31, 2016

FreeCharge Surpassing rivals Paytm and Mobikwik, Freecharge has emerged as the fastest growing digital payment app in India. The reach of the digital payments platform Freecharge has grown from 17 percent to 30 percent in the period from October 2015 to April 2016, revealed Nielsen study. 

Paytm saw a drop in monthly usage in April 2016 compared to December 2015, the study said. 

Freecharge also emerged as the most engaging app in the category with the average time spent on the app per month increasing from 28 minutes to 55 minutes in the period October 2015 to April 2016, said the data from Nielsen Informate Smartphone Panel.

Another payment app, MobiKwik emerged as the third most engaging app with a user spending 31 minutes per month in April from 29 minutes in December.

“The transactions on Freecharge take less than 10 seconds and our success rate demonstrates the level of product reliability and trust among consumers. We are confident about growing even faster and we are now within striking distance of the No. 1 spot in the payments ecosystem,” IANS report published in The Times of India quoted Govind Rajan , CEO, Freecharge as saying.

Snapdeal owned Freecharge launched its wallet in 2015. Since the launch of the wallet, Freecharge has built its entire proposition towards payments and ease of use, with its under 10-second payment time and a 99 per cent success rate. Freecharge recently introduced a new feature ‘Freecharge on WhatsApp’ that lets users send or receive money right through WhatsApp. 

According to market estimates, Paytm leads the space with a more than 50 percent market share while MobiKwik is at second spot with 12 percent share. Freecharge is third, along with others, making up 20 percent of the market.

The Nielsen Informate mobile insights are gathered through a smartphone panel which captures the actual app usage data of the users on a daily basis.