Advertisment

FreeCharge has denied any PayPal stake in the company

author-image
Riddhi Sharma
Updated On
New Update
Freecharge denies paypal investment

Last week, there was a news doing the rounds of our world regarding PayPal's stake in Freecharge. With demonetisation, the online wallets have taken the center stage. Every since then, PayPal has been trying to find ways to compete with PayTm at the same level.

Advertisment

Hence, amidst all these reports of PayPal's 25 percent stake, Freecharge has officially dismissed the claims of any such news. Right after demonetisation policy transactions on FreeCharge grew 12 times and has been increasing by the same average since then.

A FreeCharge spokesperson said, “There is no basis to a speculative media story about FreeCharge and PayPal being in discussion about a stake sale. There is no such discussion/ proposal and the story is completely incorrect.”

PayPal recently also filed a case for trademark disregard against PayTm. They appealed to Indian authorities to block Paytm’s pending trademark application on the grounds that the latter’s logo is "deceptively and confusingly" similar to that of the former.

The notice said, "The impugned mark sought by the applicant is deceptively and confusingly similar to the opponent's earlier trademark in as much as applicant has slavishly adopted the two-tone blue colour scheme of the opponent in its entirety."

The online wallet is definitely trying to make its mark felt. Was their an attempt to buy a stake in freecharge or was it just a rumour will never be known. But, is there smoke without fire?