Snapdeal-owned mobile transactions platform FreeCharge plans to spend Rs.1,000 crore in the next 10-12 months as the company aims to position its wallet services as a preferential mode of making payments.
FreeCharge, which had launched its mobile wallet last month in partnership with private sector lender Yes Bank, has two million users of the service.
“FreeCharge’s mobile wallet has seen a great response from the public and we have crossed the two-million user mark... In the next 10-12 months, we will invest Rs.1,000 crore for marketing and promotional activities to drive adoption and usage of our wallet service,” FreeCharge Chief Operating Officer and Snapdeal Chief Strategy Officer Govind Rajan told PTI . He added that a major chunk of the investment will be made during the festive season.
