SBI and Hitachi form merchant acquiring joint venture

State Bank of India (SBI) and Hitachi Payment Services have announced the launch of a merchant acquiring joint venture. SBI Payment Services, based in Mumbai, has been created to establish a state-of-the-art digital payments platform for India and other countries in the region.

The joint venture will facilitate expansion of the digital payments landscape in India by creating a state-of-the-art digital payments platform that will enable offering of products to suit the requirement of all segment of merchants, leveraging the brand value and distribution network of SBI and bringing artificial intelligence and other technological capabilities of Hitachi to the joint venture.