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20 March, 2019 14:28 IST
SBI, Hitachi group enter into JV to accelerate digital payments in India
Source: IRIS | 29 Oct, 2018, 10.15AM
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State Bank (Q,N,C,F)* of India (SBI) and Hitachi Payment Services Private (Hitachi Payments), India ; a wholly owned subsidiary of Hitachi, Japan have signed definitive agreement to enter into a joint venture for the establishment of a state-of-the-art card acceptance and future ready digital payment platform for India. The JV agreement is subject to requisite regulatory approvals.

SBI is a market leader in digital payment space in India and will have a majority stake in the proposed JV. It will leverage its unrivalled branch network and its engaged relationship with Corporates & Government  to  provide a technology-led superior payment service in the country.

Hitachi Payments is a market leader that provides comprehensive cash and digital payment solutions. Hitachi Payments has been providing deployment, technology and management services for the card and digital acceptance payment network of SBI since 2011 and has partnered with SBI  to become  the largest acquiring network in the country. Backed by Hitachi Payments' in-house technology platform and widespread field services in the country, SBI has been able to offer innovations to its consumers, including the recently launched MOPAD, a multi-modal payment device.

The JV combines the unparalleled distribution network, customer trust of SBI with cutting edge technology and services of the Hitachi Group in areas such as digital payments technology, services, big data, analytics and artificial intelligence. The JV 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.

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 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.''

Shares of the bank gained Rs 6.75, or 2.72%, to trade at Rs 254.85. The total volume of shares traded was 239,340 at the BSE (10.04 a.m., Monday).

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