By buying Freecharge, Axis Bank will get a popular digital payments brand as well as access to high-quality technology that traditional companies typically struggle to build compared with internet start-ups. More From Livemint »Axis Bank and Freecharge are likely to announce the deal this week, two people familiar with the matter said, on condition of anonymity. Freecharge had also held lengthy talks with Paytm (One97 Communications Ltd) but chose to go with Axis Bank as the bank offered a higher price, the people said. Axis Bank and Snapdeal (Jasper Infotech Pvt Ltd) didn’t immediately respond to emails seeking comment. Separately, Axis Bank on Tuesday reported a 16.07% fall in net profit for the quarter ended June 30 because of higher bad loans and provisions.

Source: Mint July 26, 2017 09:45 UTC