The launch of HPX aims to underline the company's dedication to reshaping the payment industry by fostering enduring collaborations with fintech startups. Through HPX, Hitachi Payment Services aims to engage with new entrants within the fintech and payments arena, with a focus on supporting innovative solutions that have the potential to improve payment experiences for both businesses and consumers. Moreover, the programme seeks to assemble a diverse group of entrepreneurs who have been working on technology-driven solutions.
Participation in the HPX initiative offers a selection of benefits, including access to capital, expedited commercialisation of new payment solutions, industry partnerships, and an opportunity to expand influence beyond India's borders.
Under the HPX umbrella, companies will centre their efforts on key segments, encompassing Core Banking, Banking as a Service, Embedded Finance, Web 3.0/CBDC, Issuance, Payments Compliance, and AI/GenAI. In the company press release, officials from Hitachi Payment Services highlighted the programme's goals to innovate, collaborate, and deliver superior payment experiences for merchants and customers. With HPX, the company aims to link evolving technologies, new-age entrepreneurs, and visionaries in a bid to support the implementation of innovative ideas.
An established company within India's payment industry, Hitachi Payment Services provides various payment solutions, including ATM Services, Cash Recycling Machines, White Label ATMs, POS Solutions, Toll and transit Solutions, Payment Gateway Solutions, and offerings such as SoftPOS, POS Value Added Services, and a next-gen mobile-based merchant platform that facilitates end-to-end services.
In September 2023, the company introduced the UPI-ATM in India as a White Label ATM (WLA) in collaboration with the National Payments Corporation of India (NPCI), offering secure cardless cash withdrawals.
The UPI-only White Label ATM can enhance customer security by eliminating the need for physical cards. Moreover, it aims to enhance financial inclusion by facilitating access to banking services in regions where traditional banking infrastructure and card penetration is reduced. The service delivers a seamless digital experience for customers and can be accessed at approximately 3,000 ATM locations.
In July 2023, Mint reported that payment solutions provider Hitachi Payment Services on Wednesday said it has entered into an agreement with Writer Corp, a multi-business enterprise, to acquire its cash management business.
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