Hitachi Payment Services receives RBI's final authorisation for Online Payment Aggregator licence

Thursday 27 June 2024 14:28 CET | News

Hitachi Payment Services has announced that it received the final authorisation from the RBI to operate as an Online Payment Aggregator, under the Payments and Settlement Systems Act, 2007.

As per the official press release, this enables the company to expand its digital solutions and services stack to encompass a comprehensive suite of innovative and merchant friendly payment options including UPI, Netbanking, Cards and Wallets along with value-added services such as EMI, Paylater, Buy Now Pay Later (BNPL), Link Based payments and loyalty solutions to merchants.

Officials from Hitachi Payment Services stated that receiving the licence is not just a validation of its capabilities, but a catalyst to bring innovative solutions and broaden offerings. Its platforms and end-to-end services coupled with expanded capabilities, positions the company to cater to the diverse needs of banks and fintechs, enhance merchant adoption and make digital payments more pervasive.

Hitachi Payment Services seeks to play an important role in establishing a strong nationwide payment infrastructure through its secure and advanced payments and commerce solutions. Some of its innovative offerings include UPI Solutions, SoftPOS, Value Added Services, AI & ML based solutions, next-gen mobile based merchant platform, UPI ATM on android platform and Upgradable ATM.

About Hitachi Payment Services

Hitachi Payment Services is an end-to-end payments and commerce solutions provider empowering financial institutions, payment aggregators, and fintechs with a comprehensive array of solutions focused on security, reliability and innovation. It has over 76,000 ATMs under management (including 27,500 Cash Recycling Machines and 10,000 White Label ATMs). In addition, it caters to over 3 million merchant touch points and processes over 7 million digital transactions daily.

Currently, the company processes over 2.5 billion digital transactions annually for some of India's banks and fintechs. In 2023, the company had announced the launch of its Accelerator Program – HPX, to collaborate with fintech start-ups across India to propel digital payment innovation.

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Keywords:	financial institutions, payments , payments aggregator, payments aggegator license
Categories:	Payments & Commerce
Companies:	Hitachi Payment Services
Countries:	India

This article is part of category

Payments & Commerce

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