Hitachi Payment Services, India’s leading provider of end-to-end payment solutions, has announced that it has acquired in-principle approval from the Reserve Bank of India to function as a payment aggregator.
Payment Aggregators (PAs) are organisations that help e-commerce sites and merchants accept numerous payment instruments from clients in order to fulfil their payment obligations. PAs help retailers connect with acquirers.
Hitachi Payments is a leading provider of digital payment solutions, and the payment aggregator licence will allow it to expand its digital payment solutions stack including UPI, Netbanking, Cards, and Wallets. This would enable its B2B customers to offer all digital payment products to their merchants, as well as value-added services such as EMI, Paylater, BBPS, and loyalty solutions. As a result, they may efficiently provide one-stop digital payment services.
India is one of the top countries in the world, with a considerable increase in digital transactions in recent years as a result of forward-thinking government policies, innovative payment systems, and strong user adoption of digital payments. Hitachi Payments has been at the forefront of this transition, helping to develop a strong payment infrastructure across India with its safe and innovative digital payment solutions. It currently powers over 1 billion digital transactions every year for some of the country’s largest banks, payment aggregators, and fintechs. Its next-generation merchant mobile platform offers new solutions like SoftPOS, value-added services such as Dynamic Currency Conversion, EMI, and a comprehensive digital merchant administration solution that includes digital onboarding, among other things.
Rustom Irani, Managing Director, Hitachi Payment Services, said, “The payment aggregator authorisation from the Reserve Bank of India acts as a catalyst in boosting our mission of empowering merchants with convenient digital payment modes and further strengthens our vision of building a robust digital payment ecosystem in India. In effect, it will enable easy access to digital payments for the masses and further contribute to the Digital India initiative, driving financial empowerment for all.”
Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services, said, “The payment aggregator licence from the Reserve Bank of India is a testament to our commitment to drive digital inclusivity while keeping the needs of key stakeholders such as merchants and customers in focus. The licence will further enhance our merchant portfolio, enabling us to offer a comprehensive range of innovative and merchant-friendly digital payment solutions to merchants nationwide.”