Hitachi Payment Services receives RBI’s in-principle approval for payment aggregator licence

Payment Aggregators (PAs) are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers for the completion of their payment obligations. PAs facilitate merchants to connect with acquirers.

The payment aggregator licence will augment its digital solutions stack with various online payment solutions such as UPI, Netbanking, Cards and Wallets, Hitachi Payment Services said in a press release.

“This will enable its B2B customers to provide all digital payment products along with value-added services such as EMI, Paylater, BBPS and loyalty solutions to their merchants. Thus, effectively allowing them to offer one-stop digital payment services,” according to the release.

India is one of the leading countries globally which has seen a significant rise in digital transactions in the last few years, owing to forward-looking government policies, innovative payment technologies and strong customer adoption of digital payments, the company said.

Currently, the company has 1 billion digital transactions annually for some of the leading banks, payment aggregators and fintechs in the country, with its merchant mobile platform offering services such as SoftPOS, value added services such as Dynamic Currency Conversion, EMI and a complete digital merchant management solution including Digital onboarding among others.

Rustom Irani, Managing Director, Hitachi Payment Services, said, “The payment aggregator authorisation from the Reserve Bank of India acts as a catalyst in boosting our mission of empowering merchants with convenient digital payment modes and further strengthens our vision of building a robust digital payment ecosystem in India.”

Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services, said, “The payment aggregator licence from the Reserve Bank of India will further enhance our merchant portfolio, enabling us to offer a comprehensive range of innovative and merchant friendly digital payment solutions to merchants nationwide.”