SBI and Hitachi form merchant acquiring joint venture

Source: State Bank of India

State Bank of India (SBI) and Hitachi Payment Services Pvt. Ltd., a wholly owned subsidiary of Hitachi, Ltd., announced the launch of merchant acquiring joint venture, SBI Payment Services Pvt. Ltd. (SBIPSPL) in Mumbai, for establishing a state-of-the-art digital payments platform for India and other countries in the region.

This Joint Venture will facilitate expansion of the digital payments landscape in India by creating a state-of-the-art digital payments platform that will enable offering of innovative products to suit the requirement of all segment of merchants, leveraging the brand value and unparalleled distribution network of SBI and bringing Artificial Intelligence and other technological capabilities of Hitachi to SBI Payment Services Pvt. Ltd. (SBIPSPL).

Chairman, State Bank of India, Shri Rajnish Kumar said, "Through this Joint Venture, we aim to maintain our position as the top acquirer in the merchant digital payments space by providing technologically superior and seamless services to our customers. We will also utilise business analytics to develop strategies to penetrate into hitherto untouched Indian towns and cities through merchant centric digital payments solutions."

The official launch was marked at a glittering event at Hotel Trident in Mumbai, attended by His Excellency, Kenji Hiramatsu, ambassador of Japan to India, Rajnish Kumar, chairman, State Bank of India, Toshiaki Higashihara, president & CEO of Hitachi, Ltd., P.K.Gupta MD (retail & digital banking), State Bank of India, Anshula Kant, MD (stressed assets, risk & compliance), State Bank of India, distinguished customers, partners and other key officials from SBI and Hitachi.

His Excellency, Kenji Hiramatsu, ambassador of Japan to India said, "While both Japan and India share a strong relationship, there is a need for further collaboration. I am confident that the largest Bank of India and one of the biggest companies in Japan through this partnership would take digital payments to new heights in the country."

Toshiaki Higashihara, president & CEO of Hitachi, Ltd., Japan, said "Hitachi's joint venture with SBI, 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. This coincides with Hitachi's vision to improve people's lives by providing digital solutions in India and other countries."
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