Mumbai: Axis Bank on Thursday announced acquisition of Snapdeal-owned mobile payments provider Freecharge in an all-cash deal worth Rs385 crore. Mint had first reported on the deal on Wednesday. Shikha Sharma, chief executive officer of Axis Bank, said the deal assumes importance because payments system are at the core of bank’s retail banking strategy. With this buyout, Axis Bank will get over 50 million customers of Freecharge along with its niche and patented technology and human resources. This will also double the customer base of the bank, said Jairam Sridharan, chief financial officer of the bank.

Source: Mint July 27, 2017 07:37 UTC