India-based Axis Bank Ltd. has acquired digital payments platform Freecharge from Jasper Infotech Private Ltd for 3.73 billion rupees in cash.

The Indian lender said Oct. 6 that it acquired 100% equity capital of Accelyst Solutions Pvt. Ltd. and Freecharge Payment Technologies Pvt. Ltd.

Accelyst Solutions offers payment processing services, while Freecharge Payment Technologies operates a payment system for semi-closed payment instruments and gift vouchers. Together, Accelyst Solutions and Freecharge Payment Technologies form the Freecharge platform.

Axis Bank also announced that Sangram Singh has been appointed CEO of Freecharge Payment Technologies.

Jasper Infotech owns and operates online marketplace Snapdeal.

As of Oct. 6, US$1 was equivalent to 65.47 Indian rupees.