Axis Bank agrees to buy payments wallet provider freeCharge

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Axis Bank Ltd, India’s seventh-greatest lender by assets, said on Thursday it had agreed to purchase mobile payments wallet supplier FreeCharge from e-commerce company Snapdeal for Rs. 385 crore.

“Digital payments in India are surging. Government policies are driving a less-cash economy,” Axis Bank finance chief Jairam Sridharan told a news conference after declaring the deal.

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