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India-based end-to-end payment solutions provider, Hitachi Payment Services has said, “It has received in-principle authorization from the Reserve Bank of India (RBI) to act as a payment aggregator.”
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.
Hitachi Payments is a leading digital payment solutions provider and the payment aggregator license will further augment its digital solutions stack with various online payment solutions such as UPI, Netbanking, Cards, and Wallets. This will enable its B2B customers to provide all digital payment products along with value-added services such as EMI, Pay later, BBPS, and loyalty solutions to their merchants. Thus, effectively allowing them to offer one-stop digital payment services.
Speaking on the development, Rustom Irani, Managing Director, of Hitachi Payment Services said, “The payment aggregator authorization 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. In effect, it will enable easy access to digital payments for the masses and further contribute to the Digital India initiative, driving financial empowerment for all.”
“The payment aggregator license 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 license will further enhance our merchant portfolio, enabling us to offer a comprehensive range of innovative and merchant-friendly digital payment solutions to merchants nationwide,” Anuj Khosla, Chief Executive Officer – Digital Business, at Hitachi Payment Services added.