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The bank already operates a prepaid payment wallet called Lime and will have to surrender one of the two licences, she said, adding it may consider merging both after getting regulatory nod in about two months.

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The bank management, however, did not divulge the number of users it has on its wallet, restricting itself to saying it has an 11 per cent share of the overall digital payments and has 30 lakh downloads of its UPI app. Freecharge clocked revenues of Rs 80 crore last year, and has a gross merchandise value of Rs 2, crore.

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Axis Banks chief financial officer Jairam Sridharan said there will not be any earnings impact in the short term because of the acquisition. Save my name, email, and website in this browser for the next time I comment. According to some reports, others were offering USD million for Freecharge, which was acquired by Snapdeal for USD million in during heady days for the e- commerce sector in the country.

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