BharatPe acquires Payback India

Merchant payment and lending service provider BharatPe on Thursday said it has acquired Payback India from American Express and ICICI Investments Strategic Fund.

The company, however, did not disclose the financial details of the transaction.

This is the first-ever acquisition by BharatPe and will make Payback India a wholly-owned subsidiary of BharatPe, a statement said.

Payback India – launched in 2010 – is a multi-brand loyalty programme with over 10 crore members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets.