Future Group Announces Plans to Launch Mobile Wallet

Future Group Announces Plans to Launch Mobile Wallet

Future Group Founder and Chief Executive Kishore Biyani on Wednesday said the retail major is in the process of launching its mobile wallet.

“In the next two years, we will have more than 40 wallet companies in the country. There has to be value addition in whatever idea you do. We are also launching our wallet now,” he said at the India Retail Forum (IRF).

He, however, declined to divulge any details. Biyani’s announcement comes a day after FreeCharge, a digital platform for recharge and utility payments, had launched FreeCharge Digital Wallet in partnership with private sector lender Yes Bank.

FreeCharge said it expects digital wallet to become India’s “most” used wallet in the next six months. FreeCharge added its platform has 27 million registered users making more than 5 transactions per month per user, 8.2 million daily unique users, 4 million monthly engaged hours, 15 million stored cards, with combined with GMV of over $4 billion (roughly Rs. 26,543 crores). Over 90 percent of its transactions are from mobile devices, accounting for a volume of over 200 million transactions annually.

Anand Chandrasekharan, Chief Product Officer at Snapdeal compared the synergy between the two firms to eBay and PayPal, Taobao and Alipay.

Interestingly, Future Group promoter Biyani’s application for the payments bank licence was earlier denied by the Reserve Bank in the first round.

On expectations from the festive season, Biyani on Wednesday said after a couple of tepid seasons, the mood is quite positive and the company expects more than 25 percent growth in sales during the current fiscal.