2024-06-28 By Surbhi Chauhan News

Hitachi Payment Services Secures RBI Approval for Online Payment Aggregator License

Hitachi Payment Services announced on Thursday that it has received final authorization from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator under the Payments and Settlement Systems Act, 2007.

This landmark approval allows the company to expand its digital solutions and services, offering a comprehensive suite of innovative and merchant-friendly payment options. These options include UPI, net banking, cards, wallets, and value-added services such as EMI, Paylater, Buy Now Pay Later (BNPL), Link-Based payments, and loyalty solutions for merchants.

Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services, stated, “Receiving the Payment Aggregator licence is a significant milestone for us, and we are grateful to the RBI for their trust and approval. This licence validates our capabilities and acts as a catalyst for us to introduce innovative solutions and broaden our offerings."

"Our state-of-the-art platforms and end-to-end services, along 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," he added.

Hitachi Payment Services offers several innovative solutions to the nationwide payment infrastructure, including UPI Solutions, SoftPOS, Value-Added Services, AI & ML-based solutions, next-gen mobile-based merchant platforms, and UPI ATM on Android platforms. Currently, the company processes over 2.5 billion digital transactions annually for some of India's leading banks and fintechs. In 2023, the company launched its Accelerator Program – HPX, to collaborate with fintech start-ups across India and propel digital payment innovation.