RBI grants in principle approval to Freecharge, Axis Bank unit
Business
Big news for digital payments: Freecharge, which is part of Axis Bank, just got in principle approval from the Reserve Bank of India to act as a payment aggregator.
This means Freecharge can now help handle both online and offline transactions, making it easier for users and merchants to pay and get paid.
Axis Bank UPI value +34% YoY
Axis Bank isn't slowing down: UPI transaction values jumped 34% year over year this quarter, with 98% of customer transactions happening digitally.
The bank now holds a 38% share in UPI payments and has around 16 million monthly active users using its mobile app every month.
Plus, it's making moves with merchants too, holding around 25.7% in terminal acquiring.