State Bank of India (SBI) and Hitachi Payment Services Pvt. Ltd., a wholly owned subsidiary of Hitachi, Ltd., announced the launch of merchant acquiring joint venture, SBI Payment Services Pvt. Ltd. (SBIPSPL) in Mumbai, for establishing a state-of-the-art digital payments platform for India and other countries in the region.
This Joint Venture will facilitate expansion of the digital payments landscape in India by creating a state-of-the-art digital payments platform that will enable offering of innovative products to suit the requirement of all segment of merchants, leveraging the brand value and unparalleled distribution network of SBI and bringing Artificial Intelligence and other technological capabilities of Hitachi to SBI Payment Services Pvt. Ltd. (SBIPSPL).
Chairman, State Bank of India, Shri Rajnish Kumar said, "Through this Joint Venture, we aim to maintain our position as the top acquirer in the merchant digital payments space by providing technologically superior and seamless services to our customers. We will also utilise business analytics to develop strategies to penetrate into hitherto untouched Indian towns and cities through merchant centric digital payments solutions."
The official launch was marked at a glittering event at Hotel Trident in Mumbai, attended by His Excellency, Kenji Hiramatsu, ambassador of Japan to India, Rajnish Kumar, chairman, State Bank of India, Toshiaki Higashihara, president & CEO of Hitachi, Ltd., P.K.Gupta MD (retail & digital banking), State Bank of India, Anshula Kant, MD (stressed assets, risk & compliance), State Bank of India, distinguished customers, partners and other key officials from SBI and Hitachi.
His Excellency, Kenji Hiramatsu, ambassador of Japan to India said, "While both Japan and India share a strong relationship, there is a need for further collaboration. I am confident that the largest Bank of India and one of the biggest companies in Japan through this partnership would take digital payments to new heights in the country."
Toshiaki Higashihara, president & CEO of Hitachi, Ltd., Japan, said "Hitachi's joint venture with SBI, will further contribute to the development of digital payments in India by building a state-of-the-art digital payments platform and leveraging SBI's robust customer network. This coincides with Hitachi's vision to improve people's lives by providing digital solutions in India and other countries."
SBI, as the largest state-owned commercial bank in India, has more than 425 million customers, around 6,00,000 POS terminals, more than 16 lac merchant payment acceptance touch points and has migrated more than 80% of its transactions to alternate delivery channels. The joint venture is expected to take this initiative further.
Hitachi Payment Services empowers financial institutions with a comprehensive array of technology-led cash and digital payment solutions such as ATM Services, Cash Recycling Machines, POS processing services, Toll & Transit Solutions. It has been providing deployment, technology and management services for the card and digital acceptance payment network of SBI since 2011.
About State Bank of India
State Bank of India (SBI) the largest commercial bank in terms of assets, deposits, branches, customers and employees; is also the largest mortgage lender in the country. As on December 31, 2018, the bank has a deposit base of over Rs. 28 lakh crore with CASA ratio of 45% and advances of over Rs. 21 lakh crore. SBI commands around 34% of market share in Home Loans and Auto Loans. The Bank has the largest network of 22,000 branches in India and an ATM / CDM network of over 58,000. The number of customers using internet banking facility are close to 5.73 crore and mobile banking services stand at 1.32 crore. Downloads for YONO - an integrated digital and lifestyle platform by SBI - are over 1.8 Crore, with more than 10 lakh logins per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The Bank tops the list of followers on Facebook and YouTube across all banks worldwide.
About Hitachi Payment Services Pvt. Ltd.
Hitachi Payment Services is a wholly owned subsidiary of Hitachi, Ltd. Its cash and digital payment solutions enable high level of customer satisfaction and has redefined the way payments are fulfilled today. A pioneer in the Indian payments space, it has over 45,000 ATMs, 13,000 CRMs and 900,000 POS devices (including Mobile POS) under management till date.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges, combining its operational technology, information technology, and products/systems. The company's consolidated revenues for fiscal 2017 (ended March 31, 2018) totaled 9,368.6 billion yen ($88.4 billion). The Hitachi Group is an innovation partner for the IoT era, and it has approximately 307,000 employees worldwide. Through collaborative creation with customers, Hitachi is deploying Social Innovation Business using digital technologies in a broad range of sectors, including Power/Energy, Industry/Distribution/Water, Urban Development, and Finance/Social Infrastructure/Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
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