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Hitachi Payment Services bags RBI’s nod for Payment Aggregator license

By Gloria Mathias

July 01, 2024

  • Cash Management Business
  • Cash Recycling
  • Financial Inclusion
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Hitachi Payments, Payments services, Writers Corporation, Cash Management Business, One payments solutions, Merchants transactions, HPX, Fintech Startups, Financial Innovation, India, Hitachi Money Spot Plus, Fintech news, Fintech solutions, Hinterlands of India , Rural India, Financial Inclusion, YES Bank, White Label ATMs, Upgradeable ATMs, Cash Recycling, India, RBI, Payments Aggregator License, Reserve Bank of India, Hitachi Payment Services, India’s end-to-end payments and commerce solutions provider, has announced that it has received the 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 significant landmark enables the company to expand its digital solutions and services stack to encompass a comprehensive suite of innovative and merchant-friendly payment options, including UPI, Net banking, Cards and wallets, along with value-added services such as EMI, pay later, Buy Now Pay Later (BNPL), link-based payments and loyalty solutions for merchants.

Anuj Khosla, Chief Executive Officer of Digital Business, Hitachi Payment Services, said, “Receiving the Payment Aggregator license is an important milestone for us, and we are grateful to the RBI for their trust and approval. Receiving the license 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 position us to cater to the diverse needs of banks and FinTechs, enhance merchant adoption and make digital payments more pervasive.”

Hitachi Payment Services has played an important role in establishing a robust nationwide payment infrastructure through its secure and advanced payment and commerce solutions. Some of its offerings include UPI Solutions, SoftPOS, Value-Added Services, AI and ML-based solutions, a next-gen mobile-based merchant platform, a UPI ATM on the Android platform and an upgradeable ATM.

Currently, the company processes over 2.5 billion digital transactions annually for some of India’s banks and FinTechs. In 2023, the company announced the launch of its Accelerator Program, HPX, to collaborate with FinTech start-ups across India to propel digital payment innovation.

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