CURRENT AFFAIRS

Detailed explanation-1: -“Through loyalty points, PAYBACK India has established a strong currency with customers in the last 10 years. With the acquisition, we will power up the currency and make it redeemable at even offline stores, which wasn’t the case earlier.

Detailed explanation-2: -The correct answer is BharatPe. BharatPe has acquired multi-brand loyalty platform Payback India in the first acquisition by the digital payments firm. The company acquired Payback India from American Express and ICICI Investments Strategic Fund.

Detailed explanation-3: -Investor Sequoia Capital India is the largest shareholder in BharatPe with a 19.6 per cent stake, followed by Coatue at 12.4 per cent and Ribbit Capital at 11 per cent.

Detailed explanation-4: -Commenting on the acquisition, Bharatpe, co-founder and CEO of Ashneer Grover, in a statement said: “With the acquisition of Payback India, we will be able to add a whole new dimension to our merchant value proposition.

Detailed explanation-5: -The correct answer is Axis Bank. Axis Bank has tied up with BharatPe to expand its merchant acquiring business in the country. Axis Bank will be the acquiring bank for BharatPe’s point of sale (PoS) business, BharatSwipe, and will provide acceptance of credit and debit cards for merchants associated with BharatPe.