SBI forms joint venture with Hitachi for digital payment platform

State Bank of India (SBI) will have a majority stake in the proposed joint venture, according to the bank, without giving exact details about the shareholding. The joint venture will provide various payment options to customers and merchants focusing on areas such as rollout of a nationwide card acceptance infrastructure, QR code acceptance, UPI, mass transit sector, and ecommerce businesses.

The bank will leverage its branch network and engaged relationship with corporates and the government to provide a technology-led payment service in the country. Moreover, the joint venture agreement is subject to all requisite regulatory approvals, according to the bank.

Through this agreement Hitachi Payments, a wholly-owned subsidiary of Hitachi, enters a new field of business, which is the merchant acquiring business in India. The company will contribute to the expansion of digital payments service business in India by creating a digital payments platform.