RBI grants payment aggregator license to Hitachi Payment Services

The Reserve Bank of India (RBI) has granted the in-principle authorisation to payment solutions provider, Hitachi Payment Services. The company can now act as a payment aggregator. 

According to the company, the authorisation will enable B2B customers to provide all digital payment products along with value-added services such as EMI, Paylater, BBPS and loyalty solutions to their merchants. 

Through the authorisation, the customers can also be provided with one-stop digital payment services, Hitachi Payment Services said in an official statement.

Rustom Irani, Managing Director, Hitachi Payment Services, said that the payment aggregator authorisation from the RBI can act as a catalyst in boosting company's mission of empowering merchants with convenient digital payment modes and further strengthening its vision of building a robust digital payment ecosystem in India. "It will enable easy access to digital payments for the masses and further contribute to the Digital India initiative, driving financial empowerment for all," Irani said. 

Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services, said, “The payment aggregator licence from the Reserve Bank of India is a testament to our commitment to drive digital inclusivity while keeping the needs of key stakeholders such as merchants and customers in focus."

"The licence will further enhance our merchant portfolio, enabling us to offer a comprehensive range of innovative and merchant friendly digital payment solutions to merchants nationwide," Khosla added. 

As per the payment solutions provider, it powers over 1 billion digital transactions annually for some of the leading banks, payment aggregators and fintech in the country. "The next-gen merchant mobile platform enables innovative solutions such as SoftPOS, value added services such as Dynamic Currency Conversion, EMI and a complete digital merchant management solution including Digital onboarding among others," the company said.
 

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