Money & Banking

SBI, Hitachi to set up card acceptance, digital payment platform

Our Bureau Mumbai | Updated on October 29, 2018

State Bank of India Chairman Rajnish Kumar (file photo)   -  PAUL NORONHA

State Bank of India (SBI) and Hitachi Payment Services Pvt Ltd have signed a definitive agreement to enter into a joint venture for the establishment of a latest card acceptance and future ready digital payment platform for India.

According to a joint statement, India's largest bank will have a majority stake in the proposed joint venture. The joint venture agreement is subject to requisite regulatory approvals. Hitachi Payment Services Pvt Ltd is a wholly owned subsidiary of Hitachi Ltd, Japan.

The joint venture will leverage SBI’s vast branch network and its engaged relationship with corporates and government to provide a technology-led superior payment service in the country, the statement said.

It will provide a comprehensive suite of payment options to customers and merchants focusing on areas such as roll-out of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, unified payment interface, mass transit sector and e-commerce businesses.

Rajnish Kumar, Chairman, SBI said, “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 Payment, 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.”

Toshiaki Higashihara, President & CEO of Hitachi Ltd,Japan; said, “...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.”

Published on October 29, 2018

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like