Hitachi’s fintech arm launches digital payments innovation hub with Plug and Play

Hitachi Payment Services, an integrated payment solutions provider in India, launched its digital payments innovation hub to collaborate with fintech startups across India and the extended Asia-Pacific region. 

With this launch, the Hitachi Group has extended its association with Plug and Play in the Asia-Pacific. Plug and Play already has an existing association with the group in Japan and the US.

The partnership’s primary objective is to bring innovative products and platforms into the Hitachi Payments ecosystem. It seeks to provide startups with the capital, integration with the Hitachi Payments stack, and access to its customer network and platform to launch and scale up. Additionally, it aims to expand the reach of these solutions beyond India.

Hitachi Payment Services is an integrated payment solutions provider empowering financial institutions, payment aggregators and fintechs. It also claims to cater to over three million merchant touchpoints and processes over seven million POS and Payment Gateway transactions daily.

Earlier, in January this year, Hitachi Payment Services, a wholly-owned subsidiary of Hitachi Ltd, had received RBI’s authorisation to act as an online payment aggregator (PA). 

“The Digital Payments Innovation Hub will help in building future-ready offerings in the digital payments arena. The collaboration aims at investing in, co-creating, and deploying cutting-edge digital payment and fintech solutions that cater to the evolving needs of businesses and consumers,” stated Anuj Khosla, CEO—Digital Business, Hitachi Payment Services.

“It is an exciting time for the Indian fintech ecosystem, and we look forward to working closely with Plug and Play and startups to drive growth and innovation in the payments industry,” he added.

“We are delighted to be working with Hitachi Payments and to be able to deepen our relationship with the overall Hitachi group. Our goal is to provide Hitachi Payments with a line-of-sight into the most innovative start-ups that are shaping the financial services industry across India and the Asia-Pacific,” added Jupe Tan, Managing Partner of Plug and Play APAC.

Edited by Kanishk Singh