How to Use Freecharge if Paytm doesn’t Solve your Cash Worries

by November 24, 2016 0 comments

A fortnight past, the demonetization of Indian notes of Rs. 500 and Rs. 1000 denomination continues to strap the common people of cold, hard cash. Cash, which used to be the King in India, is now a royal pain. While the Prime Minister has assured that the fluidity of money is likely to be restored in a matter of 50 days (starting 14th Nov), the battle against black money is combating the interest of the common man.

Simultaneously, Fintech companies are cashing in on the opportunity of cashless wallet payments, coming as a relief to the sea of tech-friendly population. To facilitate payments via Mobile Wallets, the Reserve Bank of India recently raised the limit of monthly money transfer via Prepaid Payment Instruments (PPIs) from 10,000 to 20,000. While, the #PaytmKaro effect is springing leaps and bounds, other Prepaid Payment solutions providers like Freecharge, Oxigen Wallet, and Mobikwik are seen picking up a significant pace.

Paytm and Freecharge share their year as well as concept of inception, the former has evolved at a much higher scale, thanks to its union with e-commerce giant Alibaba. While we already wrapped up how Paytm functions, this article gives an in-depth look into Freecharge as it is the second most favourite choice as mobile wallet.

How To SignUp:

Freecharge is currently supported on Android, iOS as well as on Windows Phones. In order to register for cashless money transfer using Freecharge App, you must enter the following personal details:

  • Name,
  • Mobile number, and
  • email id

Freecharge

 

Following, an OTP is generated and delivered the registered mobile number for the purpose of verification. Entering the OTP completes the process of registration.

How to Add Money into your Wallet:

You can add money to your Freecharge wallet in a jiffy using standard options like a Debit or Credit card, or by using Netbanking.

Add money to your Freecharge wallet

 

How to Pay Using Freecharge:

To pay via Freecharge you can choose from the following modes:

Pay via Freecharge             Pay via Freecharge

  1. Enter payee’s mobile number associated with Freecharge, or
  2. If you are not willing to share your phone number, you may scan merchant’s QR code, or
  3. Allow merchant to scan QR code on your phone
  4. Pay merchants or vendors who are registered with Freecharge using an “ON-THE-GO” pin, or
  5. Keep your phone near ToneTag-enabled device for a sound-enabled linkage.

Pay viaFreecharge             Pay Via Freecharge

 

How to Receive Money by Freecharge:

Sending money is a convenience, thanks to a score of options listed above. But, the option of receiving money is limited to entering the mobile number of the person you are requesting payment from. The option of scanning any graphical code is not available for sending money.

Pay Via Freecharge

 

The person is then notified of your request for money via an SMS and message within the Freecharge app on their phone. This, however, does not guarantee if you will receive the solicited payment or not.

Transferring money from Freecharge into Bank Account:

You may choose to transfer money from your Freecharge account to your bank account by tapping on the Withdraw option. For wallet-to-bank transfers, there is a limit of Rs. 5000 per transaction, Rs. 20,000 per day and Rs. 25,000 per month. While Paytm levies a charge of 1% for its non-premium customers up to Rs. 50,000, Freecharge has waived off charges for bank transfer. The limit, however, remains unchanged.

Additional Features:

When using the Freecharge app, you don’t have to hop between your messenger and Freecharge while keeping a tab on your payment. You can easily communicate via (Instant Messaging) IM-style interface with your contacts while requesting them for money.

Pay via Freecharge             Pay via Freecharge

Users can sign up for a virtual MasterCard to enable online transactions, restricted to India.

The parent company, Snapdeal has realized “Wallet on Delivery” service to do away with the hassles of cash or change, appealing to online shoppers.

Offers on FreechargeFreecharge, similar to Paytm offers a variety of Cashback offers and purchase options in its online store.

Although buying using Paytm or Freecharge from your go-to vendor for veggies could still be a far off vision in Tier II and Tier III cities, Metros have witnessed notable growth in vendors and merchants willing to use the cashless methods. These Fintech enterprises are popularizing the idea through extensive marketing, and armies of field agents. They are also seeking support from existing to raise awareness of their services. The question lies in whether these promotions and incentives will help consumers in the long run or not.

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