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Have No Cash? This is How FreeCharge Aims to Promote Cashless Payments
FreeCharge aims to promote the cashless payments by providing its users with this new scheme.
Ever since the demonetization of cash came into effect imposing a ban on the Rs. 500 and Rs. 1,000 notes in the country, there has been a lot of chaos going on everywhere.
After the announcement of the ban on the notes of the above-mentioned currency, the digital payment and wallet platforms have come up with several announcements as these are the most sought after ones for a cashless life.
Many such services have seen a sudden surge in the number of app downloads, the number of subscriptions, and the number of transactions too. Here is one such announcement that FreeCharge has come up with.
On Monday, FreeCharge stated that it will not charge any setup or commission fee while using the platform for paying the merchants. You can simply pay the merchants and 100% of the payment you make will be credited to the seller's account without any deduction.
Its a great move that is welcome by the merchants as the credit card companies usually deduct 2% to 4% on the payments made. However, the zero fee offer by FreeCharge is a limited period offer for the new merchants who sign up with the payment service.
Moreover, the merchants need not have a separate machine to accept the FreeCharge payments similar to the debit and credit card ones as it can be done via their existing smartphone. This way, the merchants can save a minimum of Rs. 10,000 as there are is no setup or deposit involved in this payment method.
FreeCharge has also rolled out an install sign-up process for merchants and is pretty faster that it can be completed in just 5 minutes. Merchants can accept the digital payments using their smartphones immediately after the sign-up process.