Hitachi and India's Largest Gov't-Owned Bank Partner on Major Digital Payments Platform | RetailTechPodcast

Hitachi and India's Largest Gov't-Owned Bank Partner on Major Digital Payments Platform

Hitachi Payments has partnered with the State Bank of India to establish a nationwide digital payments platform, according to a press release published by Hitachi Oct. 29. Under the aegis of the government's "Digital India" campaign, Hitachi will provide SBI with solutions including its Internet-of-Things platform "Lumada," which was implemented as the base platform for a major blockchain proof-of-concept for supply chain management undertaken with Japan's Mizuho Financial Group last year. Hitachi Payments is a wholly-owned subsidiary in India of multinational tech conglomerate Hitachi, which provides technology-led payment solutions for financial institutions. The Hitachi Payments-SBI joint venture is pitched as a bid to accelerate the "Digitalization" of financial services in India by harnessing Lumada and other cutting-edge technological solutions in order to expand the digital service business in the country. Hitachi Payments has reportedly been providing services for SBI's digital payment acceptance network as of 2011. Through the new partnership, Hitachi Payments is set to invest 26 percent in SBI's subsidiary SBI Payments, which is described as India's "Largest merchant acquirer in the market in terms of [POS] terminals." This summer, Hitachi partnered with telecoms giant KDDI to trial a retail coupon settlement system that combines Hitachi's Hyperledger Fabric-powered blockchain platform with biometrics. Read more