FreeCharge partners MasterCard, Yes Bank to launch virtual prepaid card
Launch enables FreeCharge's customers to use the money in their digital wallets on any merchant site that accepts cards
Bengaluru: FreeCharge, the payments unit of e-commerce marketplace Snapdeal (run by Jasper Infotech Pvt Ltd) on Thursday launched virtual prepaid cards called FreeCharge Go in partnership with MasterCard and Yes Bank Ltd.
This launch enables FreeCharge’s customers to use the money in their digital wallets on any merchant site that accepts cards, and helps the company compete with its rival Paytm (run by One97 Communications Ltd), which also launched prepaid cards in partnership with ICICI Bank Ltd in December.
However, unlike Paytm’s cards, which may be used both online and offline, FreeCharge Go is a virtual card that can be used only online. FreeCharge is using other means to enable offline transactions with its wallet, and has tied up with Shoppers Stop and McDonald’s to do so initially.
“Today if you want to use wallets online, there are two issues. All the wallets cannot be used everywhere online because it required a bespoke integration beforehand. Second, in many cases it takes you four or five clicks. There is a lack of interoperability and what this does, in one stroke connects the entire online world to the wallet,” Govind Rajan, chief operating office, FreeCharge, said at a press briefing announcing the launch.
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Business NewsIndustryFreeCharge partners MasterCard, Yes Bank to launch virtual prepaid card
First Published:21 Jan 2016, 10:08 PM IST
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