Hitachi Payment Services receives RBI’s final authorisation for Online Payment Aggregator licence
Hitachi Payment Services announced that it has received the final authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator, under the Payments and Settlement Systems Act, 2007.
This significant landmark enables the company to expand its digital solutions & services stack to encompass a comprehensive suite of innovative and merchant friendly payment options including UPI, Netbanking, Cards and Wallets along with value-added services such as EMI, Paylater, Buy Now Pay Later (BNPL), Link Based payments and loyalty solutions to merchants.
Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services, said, “Receiving the Payment Aggregator licence is an important milestone for us and we are grateful to the RBI for their trust and approval. Receiving the licence is not just a validation of our capabilities, but a catalyst for us to bring innovative solutions and broaden our offerings. Our state-of-the-art platforms and end-to-end services coupled with our expanded capabilities, uniquely positions us to cater to the diverse needs of banks and fintechs, enhance merchant adoption and make digital payments more pervasive.”
Hitachi Payment Services has played an important role in establishing a robust nationwide payment infrastructure through its secure and advanced payments and commerce solutions. Some of its innovative offerings include UPI Solutions, SoftPOS, Value Added Services, AI & ML based solutions, next-gen mobile based merchant platform, UPI ATM on android platform and Upgradable ATM.
Currently, the company processes over 2.5 billion digital transactions annually for some of India’s leading banks and fintechs. In 2023, the company had announced the launch of its Accelerator Program – HPX, to collaborate with fintech start-ups across India to propel digital payment innovation.
