Hitachi Payment Services, a prominent player in India’s payments and commerce solutions sector, has achieved a significant milestone with the Reserve Bank of India (RBI) granting it approval to operate as an Online Payment Aggregator under the Payments and Settlement Systems Act, 2007.
This authorization marks a pivotal moment for Hitachi Payment Services, enabling it to expand its digital payment solutions portfolio. The company’s offerings encompass a wide array of services including UPI, Netbanking, Cards, Wallets, EMI, Pay Later, Buy Now Pay Later (BNPL), link-based payments, and loyalty solutions.
Anuj Khosla, Chief Executive Officer of the Digital Business at Hitachi Payment Services, expressed gratitude for the RBI’s trust and emphasized that this milestone not only validates their capabilities but also serves as a catalyst for bringing innovative solutions to market.
Hitachi Payment Services, a subsidiary of Japan’s Hitachi Ltd., boasts a robust nationwide payment infrastructure managing over 76,000 ATMs, including 27,500 Cash Recycling Machines and 10,000 White Label ATMs. The company processes more than 7 million digital transactions daily and serves over 3 million merchant touchpoints.
In 2023, Hitachi Payment Services launched its Accelerator Program – HPX, aimed at collaborating with fintech startups in India to drive digital payment innovation forward. This initiative underscores the company’s proactive approach in leveraging advanced technologies such as AI & ML to enhance its service offerings.
With the RBI’s endorsement, Hitachi Payment Services is poised to further strengthen its position in the digital payment landscape, contributing to the advancement of cashless transactions and financial inclusion initiatives across the country.