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With a vision to digitally empower citizens of India, efforts are being made under the Government's pioneering Digital India initiative to provide citizens with multiple options for carrying out safe and convenient digital transactions. However, low adoption of digital payment infrastructure amongst huge merchant base, stands as a roadblock in India's evolution into a Cash-lite economy. To strengthen the digital payments infrastructure, State Bank of India (SBI) and Hitachi Payment Services Pvt. Ltd. entered into a Joint Venture to form “SBI Payments”.
The Joint Venture offers a comprehensive suite of payment options to customers and merchants focusing on the roll-out of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, Unified Payments Interface (UPI) and mass transit sector business, thereby empowering the Indian citizen to transact cash-free, and greatly enhancing their Quality of Life.
Driving Digital Transactions through Robust Payment Infrastructure
As a trusted technology partner, Hitachi offered SBI Payments a host of services powered by its OT X IT driven solutions, including:
Thereby, helping SBI Payments achieve the twin goals of driving merchant acceptance of digital payments and enabling masses to enjoy safe and speedy digital payments at multiple touchpoints such as shops, restaurants, toll plazas, metro stations, government offices, etc.
Committed to enhancing people's Quality of Life through OT X IT driven solutions, Hitachi introduced several innovations to usher Social Innovation in the Payments sector. For SBI Payments, Hitachi Payment Services introduced the innovative Soft PoS solution, Yono SBI Merchant app, which facilitates Tap to Pay, Bharat QR, UPI and Yono payment acceptance and MOPAD (Multi Option Payment Acceptance Device) that allows customers to pay via Card, Bharat QR, UPI and Yono Transactions on the POS device.
Hitachi has further enabled "Open-loop" card-based ticketing systems for Noida and Nagpur Metros to facilitate cashless travel, E-challans for Delhi Traffic Police, FASTag Payment Acceptance at electronic toll plazas, and its Near Field Communication based solution for Contactless Card Payments.
With the goal of providing financial empowerment to all, Hitachi is strengthening the digital payments infrastructure, thus contributing to Digital India initiative. By empowering millions with secure and convenient digital transactions, Hitachi Social Innovation is POWERING GOOD and enhancing the Social, Environmental and Economic values for the nation.