Introduction
In a move to foster innovation in the digital payments space, Hitachi Payment Services, an integrated payment solutions provider in India, has launched a digital payments innovation hub in collaboration with Plug and Play.
This partnership expands Hitachi Group’s existing association with Plug and Play, encompassing the Asia-Pacific region beyond Japan and the United States. The aim of the collaboration is to bring new and innovative products and platforms into the Hitachi Payments ecosystem, providing startups with access to capital, integration with Hitachi’s payment stack, and an extensive customer network to facilitate growth and scalability.
By launching this innovation hub, Hitachi is actively embracing the transformative potential of fintech solutions and seeking to cater to the evolving needs of businesses and consumers in the digital payments arena.
The Objectives of the Digital Payments Innovation Hub
Hitachi Payment Services’ digital payments innovation hub serves as a collaborative platform for fintech startups in India and the extended Asia-Pacific region. The primary objectives of this partnership with Plug and Play are threefold: to facilitate the introduction of innovative products and platforms into the Hitachi Payments ecosystem, to offer startups access to capital and resources for integration with Hitachi’s payment stack, and to expand the reach of these solutions beyond India.
By leveraging the expertise and market presence of Plug and Play, a global innovation platform, the collaboration aims to identify and nurture promising fintech startups with groundbreaking ideas. The selected startups will gain valuable support, including access to Hitachi’s vast customer network and platform, to accelerate their growth and development.
The digital payments innovation hub will play a crucial role in building future-ready offerings in the digital payments space. By encouraging collaboration between Hitachi Payment Services and fintech startups, the initiative aims to co-create and deploy cutting-edge digital payment and fintech solutions that cater to the evolving needs of businesses and consumers.
Hitachi Payment Services: Empowering the Digital Payments Landscape
Hitachi Payment Services, a wholly-owned subsidiary of Hitachi Ltd, is a leading integrated payment solutions provider in India. With a strong presence in the financial industry, Hitachi Payment Services empowers financial institutions, payment aggregators, and fintech companies to enhance their payment capabilities.
With over three million merchant touchpoints and processing over seven million POS and payment gateway transactions daily, Hitachi Payment Services has established itself as a key player in the digital payments ecosystem. The company’s expertise lies in providing secure and efficient payment solutions that drive seamless transactions for businesses and consumers alike.
Earlier this year, Hitachi Payment Services received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA), further solidifying its position as a trusted player in the Indian payments landscape. This authorization allows Hitachi Payment Services to facilitate digital payments and create a conducive environment for fintech innovation.
By launching the digital payments innovation hub, Hitachi Payment Services demonstrates its commitment to staying at the forefront of digital payment technology. The collaboration with Plug and Play will enable Hitachi to tap into the immense potential of the startup ecosystem, leveraging their disruptive ideas and solutions to create a more dynamic and customer-centric payment landscape.
Plug and Play: Facilitating Innovation in Fintech
Plug and Play is a global innovation platform that connects startups with leading corporations across various industries, fostering collaboration and driving innovation. With a significant presence in the Asia-Pacific region, Plug and Play has been instrumental in bridging the gap between startups and corporate giants, providing access to capital, mentorship, and market opportunities.
Conclusion
The launch of Hitachi Payment Services’ digital payments innovation hub in partnership with Plug and Play signifies a significant step towards fostering innovation and collaboration in the fintech space. By leveraging the expertise and resources of both organizations, this initiative aims to bring cutting-edge digital payment and fintech solutions to the forefront, catering to the evolving needs of businesses and consumers in India and the wider Asia-Pacific region.
Through this collaboration, Hitachi Payment Services seeks to strengthen its position as a leading integrated payment solutions provider by integrating innovative products and platforms into its ecosystem. Startups participating in the program will benefit from access to Hitachi’s extensive customer network and platform, which will enable them to scale up and accelerate their growth.
The partnership between Hitachi Payment Services and Plug and Play demonstrates the growing recognition of the vital role played by fintech startups in driving digital transformation in the financial services industry. By providing startups with capital, resources, and market access, this collaboration will not only benefit the participating startups but also contribute to the overall advancement and evolution of the digital payments landscape.
With the digital payments industry experiencing rapid growth and innovation, initiatives like the digital payments innovation hub are essential for nurturing and supporting the next generation of fintech disruptors. As Hitachi Payment Services continues to embrace fintech innovation, it is well-positioned to meet the evolving needs of businesses and consumers, contributing to a more seamless, secure, and customer-centric digital payments ecosystem.
Overall, the launch of the digital payments innovation hub underscores the commitment of Hitachi Payment Services and Plug and Play to driving collaboration, fostering innovation, and propelling the digital payments industry forward in the Asia-Pacific region.
