Partnership to establish a state-of-the-art card acceptance and future ready digital payments platform
Hitachi, Ltd. has revealed that Hitachi Payment Services Pvt. Ltd and SBI have signed a definitive agreement to enter into a joint venture for the establishment of a state-of-the-art card acceptance and future ready digital payments platform for India.
It is planned that Hitachi Payments will invest [26%] to SBI Payment Services Pvt. Ltd., a wholly-owned subsidiary of SBI, and through this investment, SBI Payment will be a joint venture between both parties. Both parties will proceed to apply for regulatory approvals.
Mr. Rajnish Kumar, Chairman of State Bank of India, 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 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.”
Toshiaki Higashihara, President & CEO of Hitachi, Ltd., “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.”
