Hitachi Payment Services, a wholly-owned subsidiary based in India, and State Bank of India, the largest state-owned commercial bank, have agreed on a joint venture for the establishment of a card acceptance and digital payments platform for India. Bharat Kaushal, MD of Hitachi India said in a statement: “Under the India Government’s ‘Digital India’ initiative, India is progressing towards becoming a knowledge economy with technology as the pivot.”
It’s expected that Hitachi Payments will invest 26% to SBI Payment, a wholly-owned subsidiary of SBI, and through this investment, SBI Payment will be a joint venture between both parties. Both parties will proceed to apply for regulatory approvals. Hitachi Payments has been providing deployment, technology and management services for the card and digital acceptance payment network of SBI since 2011.