Freecharge registers 12-times jump in usage within hours of Rs 500 and Rs 1000 note ban

Freecharge has reported a massive jump in usage hours after the announcement of the Rs 500 and Rs 1000 note ban. According to the report shared by the company, it saw 12 times rise in usage across the country as customers recharged their wallets. Freecharge provides a perspective that more than 100,000 online and offline stores and outlets use the platform. These include the likes of BookMyShow, Zomato, Swiggy, Snapdeal, McDonald's, Cafe Coffee Day and Snapdeal."Freecharge has been on a mission to Make India Cashless. The announcement made by the Honorable Prime Minister yesterday is the biggest boost to creating a cashless India. We are thrilled that crores 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," added, Govind Rajan, the CEO of Freecharge.This report is an immediate follow-up of how consumers and digital wallet users took steps to ensure that they are not impacted by the Rs 500 and Rs 1000 note bans. This move was announced by PM Modi during his address to the nation last night and is described as an effort to curb 'Black Money'. RBI will introduce new Rs 500 and Rs 2000 notes which will be available starting November 10.