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Hitachi Payment Services, an end-to-end payments and commerce solutions provider in India, has received the final authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator under the Payments and Settlement Systems Act, 2007.
The license will allow the company to expand its digital payment solutions, which include UPI, Netbanking, Cards, and Wallets, along with services like EMI, Pay Later, Buy Now Pay Later (BNPL), link-based payments, and loyalty solutions.
Enhancing digital payment offerings
The RBI's authorisation enables Hitachi Payment Services to enhance its digital payment offerings significantly.
The company claims that it processes over 2.5 billion digital transactions annually for some of India's leading banks and fintech firms.
“Receiving the Payment Aggregator licence is an important milestone for us, and we are grateful to the RBI for their trust and approval. Receiving the licence is not just a validation of our capabilities but a catalyst for us to bring innovative solutions and broaden our offerings," said Anuj Khosla, Chief Executive Officer of the Digital Business at Hitachi Payment Services.
"Our state-of-the-art platforms and end-to-end services coupled with our expanded capabilities, uniquely positions us to cater to the diverse needs of banks and fintechs, enhance merchant adoption and make digital payments more pervasive,” Khosla added.
Hitachi Payment Services' market presence
Hitachi Payment Services, a wholly owned subsidiary of Japanese conglomerate Hitachi Ltd., has established a robust nationwide payment infrastructure.
The company manages over 76,000 ATMs, including 27,500 Cash Recycling Machines and 10,000 White Label ATMs. It serves over 3 million merchant touchpoints and processes over 7 million digital transactions daily.
Its offerings include UPI Solutions, SoftPOS, Value Added Services, AI & ML based solutions, next-gen mobile-based merchant platform, UPI ATM on Android platform and Upgradable ATM.
In 2023, the company announced the launch of its Accelerator Program – HPX, to partner with fintech startups across India to propel digital payment innovation.