RBI gives in-principle approval to Hitachi for payment aggregator’s licence
By MYBRANDBOOK
Payment service provider Hitachi Payment Services has received the in-principle authorisation from the Reserve Bank of India to act as a payment aggregator. Payment Aggregators (PAs) are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers for the completion of their payment obligations.
With the payment aggregator licence, Hitachi Payments will further augment its digital solutions stack with various online payment solutions such as UPI, netbanking, cards and wallets. CEO-Digital Business Anuj Khosla said, “The license will further enhance our merchant portfolio, enabling us to offer a comprehensive range of innovative and merchant-friendly digital payment solutions nationwide.”
The licence will enable its business-to-business (B2B) customers to provide all digital payment products along with value-added services such as EMI, pay later, BBPS and loyalty solutions to their merchants, allowing them to offer one-stop digital payment services.
Hitachi Payments, a 100 percent subsidiary of Hitachi Limited, currently powers over 1 billion digital transactions annually for leading banks, payment aggregators and fintechs, offering solutions such as SoftPOS, value-added services such as Dynamic Currency Conversion, EMI and a complete digital merchant management solution, including digital onboarding, among others.
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