State Bank of India sets up joint venture with Hitachi unit for digital payments

The JV will use business analytics to study how to penetrate unbanked towns.

State Bank of India (SBI) has tied up Hitachi Payment Services to launch a merchant acquiring joint venture called SBI Payment Services in Mumbai.

The joint venture will establish a digital payments platform that will will enable offering of innovative products for merchants. The paltform will also make use of business analytics to explore strategies of expanding into unbanked towns and cities with digital payment solutions.

"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," Toshiaki Higashihara, president & CEO of Hitachi, Ltd., Japan said in a statement.

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