New Digital Payments Platform by Hitachi Payments and State Bank of India (SBI) to Launch
In a press release on October 29th, Hitachi Payments announced their new collaboration with the State bank of India (SBI). In this new partnership, the two parties are working together to create a new digital payments platform that would impact the entire country. The new platform will be integrated into point-of-sale solutions and mass transit roadways. Right now, Hitachi Payments has a 26% stake.
Hitachi’s press release explained exactly what their company offers to the world and to SBI specifically, saying, “Hitachi Payments empowers financial institutions with a comprehensive array of technology-led cash and digital payment solutions such as ATM managed services*3 and POS processing services*4. It has over 55,000 ATMs and 850,000 POS devices (including Mobile POS) under management in India. Hitachi Payments has been providing deployment, technology and management services for the card and digital acceptance payment network of SBI since 2011.”
Much of the tech giant’s participation will be with their expert experience in big data analytics and artificial intelligence (AI). These technologies will be combined to allow Hitachi to introduce a new Internet of Things (IoT) platform called Lumada.
The statement says, “Hitachi will provide wide range of services contributing to “Digital India” by creating innovative solutions with ‘Lumada.’ With this JV, Hitachi will accelerate digitalization of financial services in India by linking up digital payments platform to state-of-the-art digital technologies of “Lumada”, and also will provide solutions for mass transit sector and e-commerce businesses.”
Authorities from both parties were included in the press release. Chairman Rajnish Kumar of SBI commented, “With this JV, we aim to grow the payment landscape by providing a frictionless modern digital payment platform to our customers. In Hitachi Payments, we see a long-term business and technology partner that has the ability, capability, and willingness to develop the broad vision of SBI which is tied into the success of the digital payment imperatives of the country. SBI also believes that the future of the payment services lies in the capability of the JV to develop new digital acquiring strategies for the benefit of its consumers.”
Toshiaki Higashihara, the president and CEO of Hitachi, added,
“Along with the accelerating movement of digitization around the world, Hitachi aims to improve people's lives by providing digital solutions in India and other countries. By establishing the joint venture with SBI, Hitachi will further contribute to the development of digital payments in India by building a state-of-the-art digital payments platform and leveraging SBI's robust customer network.”
The full press release can be viewed on Hitachi’s official website at https://www.hitachi.com/New/cnews/month/2018/10/181029c.html.