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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.