PayPal is in talks to acquire a 25% stake in Freecharge for about USD 200 million, huffingtonpost.in reports, citing Mint. PayPal is currently is in deal talks with Freecharge's parent Jasper Infotech, which is in turn backed by Softbank.
Snapdeal bought Freecharge in 2015 for an estimated USD 400 million, the source cites. Online wallet companies in India are expected to reap a windfall from the government's recent crackdown on cash. PayPal's entry into the Indian market signals possible consolidation in the fin-tech space that remains a fragmented sector with several players.
Paypal has recently sued Alibaba-backed digital wallet company Paytm for copyright infringement, saying it "slavishly adopted" the two-tone blue colour scheme of PayPal in its entirety in its logo, the source cites.
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