State Bank of India (SBI) has collaborated with Hitachi Payment Services, a unit of Japanese conglomerate Hitachi, to introduce a merchant-acquiring joint venture (JV) about digital payments.

Dubbed SBI Payment Services Pvt Ltd (SBIPSPL), the new JV will pave way for the creation of a digital payments platform.

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SBI chairman Rajnish Kumar said: “Through this Joint Venture, we aim to maintain our position as the top acquirer in the merchant digital payments space by providing technologically superior and seamless services to our customers.

“We will also utilise business analytics to develop strategies to penetrate into hitherto untouched Indian towns and cities through merchant centric digital payments solutions.”

The partnership will utilise Hitachi’s artificial intelligence and other technological capabilities and SBI’s distribution network.

The combination is said to offer “innovative products” for merchants across various segments.

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The digital payments team up builds on the SBI and Hitachi having an existing relationship, which dates back to 2011.

Under the previous agreement, Hitachi Payment Services has been providing deployment, technology and management services for SBI’s card and digital acceptance payment network.

SBI has 22,000 branches across India, an ATM / CDM network of over 58,000, and nearly 6,00,000 POS terminals.

At present, the bank has a user base of over 425 million.

On the other hand, Hitachi Payment Services has more than 45,000 ATMs, 13,000 CRMs and 900,000 POS devices.