Question

Which bank has announced to acquire mobile payment wallet provider FreeCharge from e-commerce company Snapdeal for Rs. 385 crore? 

• A. HDFC Bank
• B. Axis Bank
• C. Kotak Mahindra Bank
• D. Citi Bank
• E.

Hint:

Mergers and acquisitions in the fintech sector are on the rise, as companies aim to strengthen their digital platforms and expand their user base in the rapidly growing mobile payments market.

Answer 1

The Correct Option is B

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).