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Ebix to invest $120 million for stake in digital payment provider ItzCash

U.S.-based software firm Ebix Inc will pay 8 billion rupees ($120 million) for a majority stake in Indian payment provider ItzCash, the companies said on Wednesday, the latest foreign investment in India's booming digital payments market. The deal, which values ItzCash at $150 million, comes as digital payments gain traction in India after the government late last year scrapped old high-value currency notes and started promoting non-cash payment modes. Japan's SoftBank last week invested $1.4 billion in the parent of India's Paytm, which along with MobiKwik competes with ItzCash in the digital wallets business.

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