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FreeCharge to spend Rs 2,000 cr on promotions, cashbacks
Snapdeal-owned mobile transactions platform FreeCharge today said it will spend up to Rs 2,000 crore on promotions and cashbacks over 18 months to get more people transacting through digital platforms.
The company, which has partnered five merchants for enabling users to make gas bill payments through its platform, is also aggressively tapping into the utilities segment. "Our aim is to convert all the mundane transactions that customers have to do but do not really enjoy into a rewarding experience.
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Since the time we have launched electricity bill payment services, the response has been really good and we expect similar response for gas and landline bill payment services," FreeCharge co-founder and CEO Kunal Shah told PTI.
The company will also introduce LPG cylinder refill payments in the coming months, he added. FreeCharge has a customer base of over 30 million users and over 8 million users of its mobile wallet.
"We will launch more categories in the utility segment... We are also rolling out initiatives like cashbacks to get people to try digital payments because once a person uses it, the ease of transaction ensures they stay hooked," Shah said.
The company will spend about Rs 2,000 crore over 18 months in various promotional activities and cashbacks, he added. This also includes the over Rs 100 crore budget for sponsorship, alliances and promotions during the Indian Premier League (IPL).
Talking about the utility segment, Shah said over 7-9 per cent people are using digital payment options that will grow substantially in the coming years. "All of us put together (wallet players like FreeCharge, Paytm etc) are 2 per cent of the pie. So, its not so much about competition but how do we grow this market," he added.
Mobile wallets are increasingly becoming a preferred mode for making payments to cab services and other app-driven services like utility bills and e-commerce purchases. Some of the major mobile wallet players include PayU, Paytm and MobiKwik.
FreeCharge has received funding of over USD 120 million in the last 4 years. In April, Snapdeal acquired FreeCharge in one of the largest acquisitions in the consumer Internet space in the country.