State Bank of India (SBI) and Hitachi Payment Services Pvt Ltd, a wholly-owned subsidiary of Hitachi Ltd, on Tuesday launched their merchant-acquiring joint venture, SBI Payment Services Pvt Ltd (SBIPSPL), in Mumbai, for establishing a digital payments platform for India and other countries in the region.
The joint venture (SBI has a 74 per cent stake, and the balance is with Hitachi Payment Services) will facilitate expansion of the digital payments landscape in India via its digital payments platform. This will offer innovative products to suit the requirements of all segments of merchants by leveraging the brand value and vast distribution network of SBI, and bring Artificial Intelligence and other technological capabilities of Hitachi to SBI Payment Services, SBI said in a statement.
Rajnish Kumar, Chairman, State Bank of India, said, “Through this joint venture, we aim to maintain our position as the top acquirer in the merchant digital payments space. We will also utilise business analytics to develop strategies to penetrate into hitherto untouched Indian towns and cities through merchant-centric digital payments solutions.”