Hitachi Payment Services gets RBI nod to operate as online payment aggregator

Hitachi Payment Services has received 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 licence will allow Hitachi Payments to offer merchants a range of payment options, including UPI, netbanking, cards, and wallets. The company will also provide value-added services such as EMI, buy now pay later (BNPL), link-based payments, and loyalty solutions, said the company in a statement.

"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,” said Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services.

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Hitachi Payment Services is a wholly owned subsidiary of Japanese conglomerate Hitachi Ltd. It claims to process over 2.5 billion digital transactions annually for banks and fintech firms. The company also provides payment gateway solutions and point of sale devices.

Last year, Hitachi Payment Services launched an UPI ATM built on Android OS as a white label ATM, in association with National Payments Corporation of India, to offer card-less QR-based cash withdrawals.

In 2024, the central bank has so far provided the online payment aggregator licence to 27 companies, up significantly from 7 in 2023. The recipients this year include Amazon Pay, Zomato, PayU and, most recently the stock brokering app Groww.