Hitachi Payment Services unveils Hitachi Money Spot Plus to drive financial inclusion in India

By Gloria Mathias

Hitachi Payment Services, India’s payments and commerce solutions provider has launched its financial inclusion business to redefine access to financial services for the underbanked and unbanked sections of society.

Through this strategic launch, the company has added a critical extension to its existing bouquet of services and will further drive inclusive growth. For the initial launch, Hitachi Payment Services has partnered with YES BANK, demonstrating its commitment to collaborative efforts for financial inclusion.

The partnership leverages YES BANK’s banking expertise and Hitachi Payment Services’ extensive network and technology infrastructure to provide reliable and secure financial services to the underserved.

The financial inclusion business will be operated under the brand ‘Hitachi Money Spot Plus’ through a network of retailers called Hitachi Partners and will have a strong focus in Tier 3 to Tier 6 towns across the country. The app provides a convenient one-stop platform for financial services, and this digital approach complements the Hitachi Partners network, ensuring accessibility and seamless service delivery across the country.

Anuj Khosla, CEO, Digital Business, Hitachi Payment Services, said, “The remarkable growth of internet penetration and financial literacy in India, especially in our rural communities, presents an urgent call for a resilient payment infrastructure that can keep pace with this rapid expansion. Retailers and merchants are the last-mile touchpoints, enabling easy access to finance for customers. Recognising this, we are extending our services to include financial inclusion initiatives. In essence, we are not just building a payment infrastructure; we are building bridges to financial empowerment and contributing to the nation’s progress.”

Naveen Chaluvadi, Chief Digital Officer at YES BANK, said, “YES BANK has partnered with Hitachi Payment Services to launch Hitachi Money Spot Plus as part of our commitment to promote financial inclusion. This initiative is aimed at enabling financial transactions at hinterlands, focus on taking digital benefits to the last mile in an assisted digital mode.”