- CNM Business Reporter
Provides customers with a Monthly credit limit
Allows customers multiple purchases with a single bill at the end of the month
Freecharge, one of the leading digital platforms for financial services, has launched ‘Pay Later’ for its customers. The product facilitates customers to make payments through a single click for their small ticket purchases. The expenses get aggregated for a month and customers can pay at the end of the month, in a seamless manner. Pay Later can be utilised on both Freecharge’s platform as well as on a network of 10,000+ merchants (online and offline).
Using Pay Later, customers can pay their electricity bills, recharge their mobiles, order food,
medicines, grocery online, etc. without the need for any card. Unlike other digital payment options,Pay Later does not require remembering or saving card numbers, loading wallet or any OTP approvals. All the payments can be done through a secure one click process.
Airing his thoughts on the launch, Siddharth Mehta, CEO, Freecharge said, “We have launched this product to increase engagement of our users by providing them a seamless payment product backed by a credit limit. The facility enables our customers to pay for their small ticket purchases both online and offline with mobile being the form factor, rather than cash or cards. With the rapid digitization happening across the board seamless and hassle free payment experience is a very important feature from a customer point of view”
On successful onboarding on Pay Later, customers receive a monthly credit limit of upto Rs. 5,000/-and this usage limit gets enhanced in the future, depending on the customer’s profile.
“As we’re just getting started, we have set a small usage limit till the customers get accustomed to
the overall process. We believe this will enable a learning curve not just for the customers but also
for us in providing more customised solutions. As things progress, we are open to looking at
customer specific options,” added Mehta.
On the face of it, a negligible processing fee and a small interest is levied for usage of Pay Later.
However, this interest will be credited back to the customer’s Freecharge wallet in the form of a
‘Cashback’ on the repayment of the Pay Later bill at the end of the month, thereby, ensuring that
these charges do not form a burden on the customer.
Headquartered in Gurugram, Haryana, Freecharge is India's leading digital payments player. A 100% subsidiary of Axis Bank, Freecharge is increasingly focussing on providing its customers a wider suite of financial services and products ranging across payments, investment, lending, savings, insurance,digital gold and credit card. Freecharge's products on the investment side range from FD to Mutual funds to Digital Gold. On the lending front, the offerings span across small ticket debit EMI to large ticket loans, all supported by Axis Bank. Freecharge has always been known for offering safe and seamless utility bill payments like electricity, gas, landline, mobile recharges, broadband, DTH. The organization emphasizes on creating value proposition for the end users by making payment transactions smoother and faster. With a robust infrastructure supporting multiple payment methods, Freecharge users can choose to pay via wallet, UPI, net banking, debit card and credit cards to spend on products and services like electronics, travel, food, online shopping, movies,etc. at their favourite offline or online merchant or even loan repayments. The digital credit card of Freecharge has been specifically designed to make everyday payments more rewarding. The intent is to offer a frictionless user journey and build a holistic financial services platform.
Freecharge being a significant player in the merchant business is constantly innovating and building new products to support small retailers to reach out to their customers at a more personal level.
Unique products like Paisa Plus, Khata and Payment Link have been designed keeping in mind the needs of small merchants.
For more details, please visit https://www.freecharge.com or download the Freecharge app