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According to news, Hitachi Payments, a subsidiary of Japanese multinational Hitachi, has reached a cooperation with India's largest bank, the State Bank of India. The two parties will establish a joint venture to jointly develop a digital payment platform to provide terminal payment and Public road transportation payment solution.，According to disclosed information。New joint venture named SBI Payment Services

A few days ago, Hitachi Payment has completed its investment in SBI Payment Services and acquired 26% of the company's equity.

Since 2015, India has launched the "Digital India" campaign under the operation of its Prime Minister Narendra Modi. With the support of this campaign, Hitachi Payment is using its technological advantages such as big data analysis, blockchain, and artificial intelligence. , Introduced its IoT platform "Lumada" into the Indian payment system."Lumada" is

Hitachi Payment cooperated with Japan’s Mizuho Financial Group last year to provide a basic platform for blockchain proof-of-concept (PoC) for supply chain management. This time, through the establishment of a joint venture with the State Bank of India, the Internet of Things platform and digital payment platform will be integrated to accelerate the digitization of the Indian financial services industry.

In fact, Hitachi Payment and the State Bank of India have started a cooperative relationship as early as 2011. It has been a card and digital payment technology provider for the State Bank of India. At this stage, Hitachi Payment manages more than 55,000 ATMs and 850,000 POS terminal devices in the Indian financial market. On the other hand, State Bank of India has more than 420 million customers and over 6 million POS terminals in India. At present, 70% of the bank's payment network is managed by Hitachi.Hitachi is a company with a century-old history, and it has long tried to use blockchain technology for payment innovation. As early as 2016, Hitachi had established a blockchain-focused blockchain technology center in California, USA.。

innovation lab

At the same time, Hitachi also chose to join forces to continuously try to launch blockchain payment products.“PointInfinity”In 2016, Hitachi partnered with Bank of Tokyo-Mitsubishi UFJ (BTMU) to develop a blockchain-based check payment processing and verification system. Last February, Hitachi implemented the Mijin blockchain platform to its points management platform, and then realize the automatic processing of points and management of electronic currency settlement platforms in a more secure, transparent and unalterable ecology. In July this year, Hitachi andTelecommunications company KDDI

Testing a blockchain-based payment system that addresses retail payments with consumer fingerprint verification.The State Bank of India is also actively exploring the application of blockchain technology in the financial system. In 2017, it promoted the establishment of a new project——Bank-Chain

, which is India's first banking blockchain exploration alliance. To improve transaction efficiency, SBI uses blockchain smart contracts to manage KYC protocols.

Although the Indian government's attitude towards cryptocurrencies has become stricter at the moment, it maintains a positive attitude towards blockchain technology. Indian Prime Minister Narendra Modi has publicly expressed his support for blockchain technology.

Toshiaki Higashihara, President and CEO of Hitachi, once said, "Through the establishment of a joint venture with the State Bank of India, Hitachi will build the most advanced digital payment platform, and at the same time leverage the strong customer network of the State Bank of India to further promote the development of the Indian digital payment industry. .”