Hitachi Payment Services, a leading payment solutions provider in India, has announced the launch of its Digital Payments Innovation Hub. The hub aims to foster collaboration with Fintech startups in India and the extended Asia-Pacific region. This initiative expands Hitachi’s existing partnership with Plug and Play, which already has a presence in Japan and the US. The primary goal of the partnership is to bring innovative products and platforms into the Hitachi Payments ecosystem, providing startups with capital, integration with the Hitachi Payments stack, and access to its customer network and platform for scaling up. Furthermore, the collaboration seeks to extend the reach of these solutions beyond India.
As an integrated payment solutions provider, Hitachi Payment Services empowers financial institutions, payment aggregators, and fintechs. With a wide reach of over three million merchant touchpoints, the company processes more than seven million POS and Payment Gateway transactions daily. In January, Hitachi Payment Services received authorization from the Reserve Bank of India (RBI) to act as an online payment aggregator (PA).
Anuj Khosla, CEO of Digital Business at Hitachi Payment Services, expressed excitement about the Digital Payments Innovation Hub, highlighting its role in developing future-ready offerings in the digital payments arena. The collaboration with Plug and Play and startups aims to drive growth and innovation in the payments industry while catering to the evolving needs of businesses and consumers.
Jupe Tan, Managing Partner of Plug and Play APAC, expressed delight in working with Hitachi Payments and deepening the relationship with the Hitachi group. The goal is to provide Hitachi Payments with insights into the most innovative startups shaping the financial services industry in India and the Asia-Pacific region.
The launch of the digital payments innovation hub signals Hitachi Payment Services’ commitment to staying at the forefront of technological advancements in the payment sector. By fostering collaboration with fintech startups and leveraging the expertise of Plug and Play, Hitachi aims to drive innovation, create transformative solutions, and contribute to the growth of the Indian fintech ecosystem.
