Snapdeal’s Freecharge has newly launched a digital wallet in partnership with the Mumbai based private lender Yes Bank, on Tuesday. Snapdeal gained the freecharge deal which is worth around Rs. 2800crore and the new wallet could be seen as a challenge to digital payments player paytm.

According to Freecharge, it has a volume of at least 200 million transactions annually and has a strongly believe that within the next six months it will become the most used wallet, which will based on the ecosystem of 8.2 million daily unique users, 4 million monthly using hours and 15 million stored cards as a combined with gross merchandise value(GMV) of over $4 billion.

Kunal Bahl the co-founder of Snapdeal said “our aim is to bring in efficiencies in payments using digital commerce to cater the consumption need that a user may have. Consumer needs are constantly evolving and we feel it is the right time to launch a trusted and feature- rich digital wallet service.”