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Freecharge targets US$ 3 Billion business in next fiscal

India: Snapdeal acquired digital payments platform -freecharge has set the target of next fiscal. The company is aiming three-fold upsurge in the Gross Merchandise Transactions to reach US$ 3 Billion.

Snapdeal acquired Freecharge in March 2015 which presently sells services close to US$ 1 Billion on its platform.

Freecharge is aggressively penetrating the retail market by tying up with retailers in organized and unorganized space. The company witnessed success on this front as Freecharge entered into the exclusive partnership with the lifestyle retail chain Shopper Stop in September 2015 and last week it tie-up with the master franchise of McDonalds (West & East Operations) Westlife Development.

The company strategy is to focus on those retailers which have high transaction value and high velocity. Also, it is making efforts to onboard unorganized retailers.

On the technical side, Freecharge is working on User-Interface which is highly intuitive for both retailers and consumers.

Snapdeal and Freecharge are owned by Jasper Infotech. The parent company aims to raise funds close to US$ 300 Million for its digital payment platform.

According to TechSci Research, that the mobile wallet market in India is forecast to become highly competitive over the course of next five years. Further, growing awareness regarding the benefits of mobile wallets, rising smartphone and mobile internet penetration rates, and increasing security measures are expected to drive growth in India mobile wallet market.

The recent report on mobile wallet by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020” discuss that the mobile wallet market in India is forecast to reach US$ 6.6 billion by 2020. In 2014, Tier-I cities such as Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users in the country, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are emerging cities in terms 

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