Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

Hitachi Payment Services gets RBI nod to operate as online payment aggregator

This licence will allow Hitachi Payments to offer merchants a range of payment options, including UPI, netbanking, cards, and wallets.

Hitachi Payment Services gets RBI nod to operate as online payment aggregator

Thursday June 27, 2024 , 2 min Read

Hitachi Payment Services has received final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments and Settlement Systems Act, 2007.

This licence will allow Hitachi Payments to offer merchants a range of payment options, including UPI, netbanking, cards, and wallets. The company will also provide value-added services such as EMI, buy now pay later (BNPL), link-based payments, and loyalty solutions, said the company in a statement.

"Receiving the licence is not just a validation of our capabilities but a catalyst for us to bring innovative solutions and broaden our offerings. Our state-of-the-art platforms and end-to-end services coupled with our expanded capabilities, uniquely positions us to cater to the diverse needs of banks and fintechs, enhance merchant adoption and make digital payments more pervasive,” said Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services.

Also Read
Global embedded finance market to reach $320B by 2030: report

Hitachi Payment Services is a wholly owned subsidiary of Japanese conglomerate Hitachi Ltd. It claims to process over 2.5 billion digital transactions annually for banks and fintech firms. The company also provides payment gateway solutions and point of sale devices.

Last year, Hitachi Payment Services launched an UPI ATM built on Android OS as a white label ATM, in association with National Payments Corporation of India, to offer card-less QR-based cash withdrawals.

In 2024, the central bank has so far provided the online payment aggregator licence to 27 companies, up significantly from 7 in 2023. The recipients this year include Amazon Pay, Zomato, PayU and, most recently the stock brokering app Groww.


Edited by Swetha Kannan