wordpress blog stats
Connect with us

Hi, what are you looking for?

Hitachi Payment acquires a 26% stake in SBI Payments for Rs 1,500 crore

Hitachi Payment Services Pvt Ltd (HPSPL) is investing Rs 1,250-1,500 crore in SBI Payment Services (SPS) for a 26% stake through subscription to new shares and a purchase of SBI’s stake, reports the Times of India. This values SPS for Rs 5,000-6,000 crore, according to the report. SPSPL will become a 74% stakeholder, as opposed to the previous 100%, after the HPSPL stake acquisition. In December, the CCI had approved HPSPL’s 26% acquisition in SBI Payment Services. Note that in October last year, HPSPL had entered (pdf) into a joint venture with SBI for a digital payment card acceptance platform for India. This JV would focus on card acceptance infrastructure, QR code payments, UPI, mass transit and ecommerce businesses. Hitachi's Prizm Payments acquisition HPSPL had already been providing ‘deployment, technology and management services’ for SBI’s card and digital payment services since 2011. In 2014, India’s Cabinet Committee on Economic Affairs approved Hitachi’s acquisition of ATM and POS company Prizm Payments Services, a deal which the CCEA said would bring Rs 1540 crore (around $250 million) into the country. Metrics SBI claims to have 22,500 branches and 59,000 ATMs, while YONO, its banking app claims to have over 1 crore downloads with over 300,000 logins per day. SBI also claims that over 1.6 million SBI accounts were opened on YONO, and peaked at 27,000 accounts per day. HPSPL, meanwhile, claims to have 55,000 ATMs, 12,000 CRMs and 850,000 POS devices (mobile POS included) under its management. SBI's alternate channels numbers For the quarter…

Please subscribe/login to read the full story.
Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

Free Reads

News

As per a report, Apple has been testing its own large language model (LLM) since last year but its technology remains behind the AI...

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ