FreeCharge is one of the e-payment application which is based out of Gurugram, Haryana. It was started in August 2010 by founders Kunal Shah and Sandeep Tandon with a seed funding of an undisclosed amount from Tandon Group and Sequoia Capital. The services of FreeCharge includes a wide range of financial instruments including insurance, payments, savings, investment, lending and so on. The company is focusing to create an ecosystem of innovative features and products which helps people to carry out cashless transactions.
Using FreeCharge, users can pay utility bills, mobile recharges, broadband recharges, metro card recharge, pay landline bills, DTH bills. The services of FreeCharge is powered by Axis Bank which enables the users to invest in mutual funds and get easy credit through FreeCharge EMI.
The UPI and payment gateway of FreeCharge helps the consumers to immediately send and receive money, perform offline and online purchases at merchant outlets, buy food, entertainment, shopping, gift cards, buy travel tickets, get cashback and discounts.
During April 8, 2015, Snapdeal purchased FreeCharge and this led to the biggest venture capital exit in the country till date. The deal was valued at approximately $400 million in cash and stock.
On July 27, 2017, Axis Bank acquired FreeCharge for $60 million.
Currently, FreeCharge is one of the most popular mobile payment apps which is owned by Axis Bank.
The unique ‘Chat n Pay’ service has drawn more users towards using the app whose service was launched way back in September 2015. Recently, the wallet company joined hands with the Bharat Interface for Money (BHIM) and Unified Payments Interface (UPI) system, which is developed by National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). The system will enable all the customers to send and receive funds through the UPI system.
FreeCharge UPI provides uninterrupted service to users on a 24/7 basis on all 365 days in a year and even on bank holidays. The feature helps its users to send money from one bank account to another without the need to know the bank details like account number, IFSC code and so on.
Currently, this service is available only on Android smartphones.
Individuals who use FreeCharge will have the facility to make payments using the UPI system. All the transactions can be made by linking the bank account to UPI using the Virtual Payment Address (VPA). Using FreeCharge, UPI customers can
Step 1: First, open the FreeCharge app and choose the ‘BHIM UPI’ option which appears on the home screen
Step 2: Proceed further to carry out a mobile number verification which can be done using the OTP
Step 3: Now link your savings bank account and choose a respective UPI PIN
Post completion of the process, the money can be sent to anyone by keying in their respective UPI ID on the app. Payments can also be done to merchants using a UPI ID.
Step 1: First download the app on your mobile phone using the Google PlayStore
Step 2: Now complete the mobile number verification process and choose a number if in case you have a dual sim phone
Step 3: Proceed further and choose your respective bank account details and then verify the same using the OTP and debit card data
Step 4: Now choose a UPI PIN