Hitachi Payment Services, an end-to-end payment solutions provider, has received in-principle approval from the RBI to act as a payments aggregator, the company said in a release.
Payment aggregators facilitate e-commerce sites and merchants to accept various payment instruments from customers, and help merchants connect with acquirers.
Hitachi Payments, a wholly-owned subsidiary of Hitachi Ltd, said the aggregator license will further augment its digital solutions stack with various online payment solutions such as UPI, netbanking, cards and wallets.
“This will enable B2B customers to provide all digital payment products along with value-added services such as EMI, Paylater, BBPS and loyalty solutions to their merchants offering one-stop digital payment services,” it said.
The company powers over 100 crore digital transactions annually for leading banks, payment aggregators and fintechs, offering solutions such as SoftPOS, value-added services such as Dynamic Currency Conversion, EMI and a complete digital merchant management solution, including digital onboarding, among others.
“The license will further enhance our merchant portfolio, enabling us to offer a comprehensive range of innovative and merchant-friendly digital payment solutions nationwide,” said CEO-Digital Business Anuj Khosla.