Which bank has announced to acquire mobile payment wallet provider FreeCharge from e-commerce company Snapdeal for Rs. 385 crore?
Which bank has announced to acquire mobile payment wallet provider FreeCharge from e-commerce company Snapdeal for Rs. 385 crore?
Show Hint
- HDFC Bank
- Axis Bank
- Kotak Mahindra Bank
Citi Bank
The Correct Option is B
Approach Solution - 1
Axis Bank acquired FreeCharge, a mobile payment wallet provider, from Snapdeal for Rs. 385 crore. The acquisition allows Axis Bank to bolster its digital payment services and tap into the rapidly growing market for mobile wallets and payment systems in India. This acquisition is part of Axis Bank's strategy to expand its presence in the fintech sector, enhancing its digital capabilities to cater to the increasing demand for secure and efficient online transactions. Hence, the correct answer is (B).
Approach Solution -2
Recalling which bank was actively expanding its digital wallet footprint through acquisitions around that period helps identify the buyer.
- HDFC Bank: built its own digital payment tools in-house rather than acquiring FreeCharge.
- Axis Bank: announced the purchase of FreeCharge from Snapdeal for about Rs. 385 crore, a move aimed at strengthening its digital payments arm.
- Kotak Mahindra Bank: was not party to this transaction.
- Citi Bank: a foreign bank with no involvement in this Indian fintech deal.
The bank that actually completed this transfer of FreeCharge from Snapdeal is Axis Bank.
Hence, the correct answer is Axis Bank.
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