Payment service provider Hitachi Payment Services on Tuesday said that it has received the in-principle authorisation from the Reserve Bank of India to act as a payment aggregator.
Payment Aggregators (PAs) are entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers for the completion of their payment obligations.
Hitachi Payments is a digital payment solutions provider and the payment aggregator licence will further augment its digital solutions stack with various online payment solutions such as UPI, netbanking, cards and wallets, the company said in a release.
The licence, the company said, "will enable its B2B customers to provide all digital payment products along with value-added services such as EMI, pay later, BBPS and loyalty solutions to their merchants. Thus, effectively allowing them to offer one-stop digital payment services."
India has been witnessing a significant rise in digital transactions in the last few years.
Hitachi Payments, which is a 100 per cent subsidiary of Hitachi Limited, currently powers over 1 billion digital transactions annually for some of the banks, payment aggregators and fintechs in the country.