State Bank of India and Hitachi launch JV for payments
The idea is to offer to a digital platform – called SBI Payment Services – for India and other (unnamed) countries in the region. It follows on from October 2018, when they signed a definitive agreement for this JV.
Shri Rajnish Kumar, chairman, State Bank of India, says the JV will “utilise business analytics to develop strategies to penetrate into hitherto untouched Indian towns and cities through merchant centric digital payments solutions”.
The JV will also use the distribution network of SBI and bring artificial intelligence (AI) and other unspecified technological capabilities of Hitachi to SBI Payment Services.
SBI is the largest state-owned commercial bank in India. It has more than 425 million customers, around 600,000 POS terminals, and has migrated more than 80% of its transactions to alternate delivery channels.
Hitachi Payment Services, a wholly owned subsidiary of Hitachi, provides solutions such as ATM services, cash recycling machines, POS processing services, and toll and transit solutions.
It has been providing deployment, technology and management services for the card and digital acceptance payment network of SBI since 2011.