Hitachi Payment Services launches its new financial inclusion initiative to expand to hinterland
FinTech BizNews Service
Mumbai, January 16, 2024: Hitachi Payment Services, India’s leading payments and commerce solutions provider today launched its financial inclusion business to redefine access to financial services for the underbanked and unbanked sections of society. Through this strategic launch, the company has added a critical extension to its existing bouquet of services and will further drive inclusive growth.
List of services include - Aadhaar Enabled Payment Services, Micro ATM Services, Domestic Money Transfers, Mobile & DTH Recharges and Bill Payments
For the initial launch, Hitachi Payment Services has partnered with YES BANK, demonstrating its commitment to collaborative efforts for financial inclusion. The partnership leverages YES BANK’s strong banking expertise and Hitachi Payment Services' extensive network and technology infrastructure to provide reliable and secure financial services to the underserved.
The financial inclusion business will be operated under the brand ‘Hitachi Money Spot Plus’ through a network of retailers called Hitachi Partners and will have a strong focus in Tier 3 to Tier 6 towns across the country. Driving financial empowerment and innovation, the array of services under financial inclusion business has been made available through its comprehensive app ‘Hitachi Money Spot Plus’ on Google Playstore. The app provides a convenient one-stop platform for financial services and this digital approach complements the Hitachi Partners network, ensuring accessibility and seamless service delivery across the country.
On the launch of the financial inclusion initiative, Anuj Khosla, Chief Executive Officer - Digital Business, Hitachi Payment Services, said, "The remarkable growth of internet penetration and financial literacy in India, especially in our rural communities, presents an urgent call for a resilient payment infrastructure that can keep pace with this rapid expansion. Retailers and merchants are the last mile touchpoints, enabling easy access to finance for customers. Recognizing this, we are extending our services to include financial inclusion initiatives. In essence, we are not just building a payment infrastructure; we are building bridges to financial empowerment and contributing to the nation’s progress.”
Mr. Naveen Chaluvadi, Chief Digital Officer at YES BANK, said "YES BANK has partnered with Hitachi Payment Services to launch Hitachi Money Spot Plus as part of our commitment to promote financial inclusion. This initiative is aimed at enabling financial transactions at hinterlands, focus on taking digital benefits to last mile in an assisted digital mode”.
Anuj Saraswat, Business Head, Financial Services & Inclusion, Hitachi Payment Services, stated “At Hitachi Payment Services, innovation and financial empowerment are the guiding principles that drive everything we do. We believe that everyone should have access to the financial tools and resources that they require to progress, and we are committed to using technology to make that a reality. Our mission is to bridge the financial divide to empower individuals and communities to thrive. With 'Hitachi Money Spot Plus' we have embarked on a transformative journey to build a more inclusive financial ecosystem in India."
About Hitachi Payment Services Pvt. Ltd.
Hitachi Payment Services is an end-to-end payments and commerce solutions provider empowering financial institutions, payment aggregators and fintechs with a comprehensive array of solutions focused on security, reliability and innovation. A pioneer in the Indian payments space, it has over 66,000 ATMs (including 27,500 Cash Recycling Machines) and 9,800 White Label ATMs under management. In addition, it caters to over 3 Mn merchant touch points and processes over 10 Mn transactions daily.
