Stephen Vagus | Marketing Charts | Thu, 28 Jan 2016 09:00:46 +0000

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McDonald’s will support FreeCharge wallet in 216 of its Indian stores

McDonald’s has begun to roll out support for mobile payments at its restaurants in India. The fast food chain has partnered with FreeCharge in order to support the use of the FreeCharge mobile wallet in 216 McDonald’s stores in 26 cities. Those using the mobile wallet can pay for their orders with nothing more than a smartphones and a PIN code, which changes dynamically. FreeCharge notes that it has been working closely with McDonald’s to develop a system that suits the company’s needs.

Fast food companies see major promise in the mobile payments space

Fast food companies are beginning to grow more interested in mobile payments. New services have emerged that make ordering and paying for food more convenient. Some companies have embraced these services in order to provide their customers with better services. McDonald’s is among these companies and believes that supporting mobile payments in its Indian stores will become a successful initiative that will be well received among consumers.

FreeCharge makes use of a dynamic PIN system, offering additional security

The FreeCharge mobile wallet features a dynamic PIN system, which adds more security to the platform as a whole. The system stores a PIN within a user’s smartphone, which changes every few seconds. The financial institutions associated with the information used by the mobile wallet regularly verify the PIN in order to authenticate mobile payments. Typically, a transaction made through the FreeCharge wallet can be completed in 10 seconds or less.

Mobile payments continue to find success throughout India

India has become one of the world’s fastest growing mobile payments markets, which has created opportunities that companies like McDonald’s could benefit from. Demand for mobile commerce support has been growing among consumers and companies that support mobile payments may begin to find it easier to connect with mobile consumers in the coming years. As usual, McDonald’s will continue to face competition in the India market, but its newfound support for mobile payments may give it an edge against other companies operating in the country.

 

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