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Freecharge launches digital wallet in partnership with YES Bank

Online recharge and couponing service FreeCharge has launched a digital wallet which will provide mobile and web transactions by facilitating payments, in partnership with private sector lender YES Bank. The wallet will enable payments for consumers using technologies such as host card emulation (HCE), near field communications (NFC), QR codes and Bluetooth low energy (BLE). Earlier in April, FreeCharge was acquired by ecommerce player Snapdeal for a reported $450 million, the biggest deal in the Indian consumer internet industry. Snapdeal added that the wallet was in line with the company's vision of enabling a culture of digital payments through multiple partnerships. #FreechargeWallet partners with payment bank licensee Fino to bring the unbanked into the digital money revolution. pic.twitter.com/wCGOxGZP1X — Kunal Bahl (@1kunalbahl) September 15, 2015 Freecharge has also partnered with alternate banking channel and payments bank licensee FINO Paytech to reach out to build scale and ability to reach the under-served. It's worth noting that FINO got its semi-closed prepaid payment instrument license renewed by the Reserve Bank of India in August. In November 2014, Snapdeal had also partnered FINO with to launch assisted e-commerce centres in semi-urban, rural and low-income residential areas across India. At the time, Snapdeal had planned to set up such FINO PayTech-operated assisted e-commerce outlets or kiosks across 70,000 rural areas in 65 cities. Flipkart's acquisition of FX Mart Earlier this month, rival ecommerce player Flipkart acquired majority stake in FX Mart for Rs 45.4 crore. The move would help Flipkart offer digital wallet services on its app as FX Mart holds a prepaid payments instrument licence…

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