RBI Approves Hitachi Payment Services as Online Payment Aggregator

On June 27, 2024, Hitachi Payment Services received the Reserve Bank of India’s final authorization to operate as an Online Payment Aggregator under the Payments and Settlements Act, 2007. This end-to-end payments and commerce solutions provider will now be able 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.

Importance for the company:

Hitachi Payment Services has played an important role in establishing a robust 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. The license is an important milestone for the company, as stated by Mr. Anuj Khosla, CEO of Digital Business at Hitachi Payment Services. The company handles more than 2.5 billion digital transactions each year for several of India’s top banks and fintech companies. This license provides a catalyst effect for the company to bring innovative solutions and broaden its offerings. 

About Hitachi Payment Services Pvt. Ltd.

Hitachi Payment Services is an end-to-end payments and commerce solutions provider. It empowers financial institutions, payment aggregators, and fintechs with a comprehensive array of solutions focused on security, reliability, and innovation. A pioneer in the Indian payments space, 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 Mn merchant touchpoints and processes over 7 Mn digital transactions daily.

Conclusion:  The company, with authorization from RBI, will now be able to grow its services and expand its digital footprint. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.