SBI and Hitachi Join Hands for Digital Payment Venture
Moneylife Digital Team 05 March 2019
State Bank of India (SBI) and Hitachi Payment Services Pvt Ltd, unit of Japanese Hitachi Ltd have launched a merchant acquiring joint venture (JV), SBI Payment Services Pvt Ltd (SBIPSPL). This JV will establish a state-of-the-art digital payments platform for India and other countries in the region. Hitachi has been providing deployment, technology and management services for the card and digital acceptance payment network of SBI since 2011.
Rajnish Kumar, chairman of SBI, 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 JV, SBI Payment Services 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 the venture, SBI said in a release.
SBI, as the largest state-owned commercial bank in India, has more than 425 million customers, around 6,00,000 POS terminals, more than 16 lakh merchant payment acceptance touch points and has migrated more than 80% of its transactions to alternate delivery channels.
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