SBI & Hitachi Group Join Hands to Accelerate Digital Payments in India
State Bank of India (SBI) partners with Hitachi Payment Services, a fully owned subsidiary of Hitachi for the establishment of a state-of-the-art card acceptance and future ready digital payment platform for India.
SBI’s experience will have a majority stake in the proposed joint venture and will leverage its dominant branch network by utilizing the relationship with Corporates & Governments whereas Hitachi’s in-house platform and widespread services in the country will offer innovations to its consumers, including recently launched MOPOD, a multi-modal payment device.
Commenting about the joint venture, Rajnish Kumar, Chairman, SBI, says, “At 2,500 PoS per million people, the penetration of payment acceptance infrastructure is still low. With this JV, we aim to grow the payment landscape by providing a frictionless modern digital payment platform to our customers. In Hitachi Payments, we see a long-term business and technology partner that has the ability, capability and willingness to develop the broad vision of SBI which is tied into the success of the digital payment imperatives of the country. SBI also believes that the future of the payment services lies in the capability of the JV to develop new digital acquiring strategies for the benefit of its consumers.”
The joint venture will provide comprehensive suite of payment options to customers and merchants focussing on areas such as roll-out of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses.
Toshiaki Higashihara, President & CEO, Hitachi Japan, says, “Along with the accelerating movement of digitization around the world, Hitachi aims to improve people's lives by providing digital solutions in India and other countries. By establishing the joint venture with SBI, Hitachi will further contribute to the development of digital payments in India by building a state-of-the-art digital payments platform and leveraging SBI’s robust customer network.”
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