Freecharge Wallet balance jumps 12x overnight with demonetization of Rs 500, 1000 notes

Digital payments platform FreeCharge and Reliance Mutual Funds teams-up to offer paperless purchase of mutual funds.

New Delhi, November 10: Freecharge reported a sharp 12X overnight jump in the average wallet balance as consumers loaded up their wallets to face a cashless day across the country.

Freecharge wallets are used extensively by users to conveniently pay for utilities like cab rides, metro, phone recharges, electricity, gas, petrol, DTH and lots more.

Since Freecharge is also used at over 100,000 online and offline merchants like Snapdeal, Bookmyshow, Swiggy, Zomato, Shoppers Stop, McDonald’s, Cafe Coffee Day and others, Freecharge user can continue their daily transactions without any cash related interruption.

“The announcement made by the Prime Minister yesterday is the biggest boost to creating a cashless India. We are thrilled that crore of Freecharge customers will be able to continue paying conveniently and securely for all their utilities and at leading merchants in India. The 12x surge we have witnessed is unprecedented and clearly driven by this big announcement,” said CEO Freecharge, Govind Rajan