Hitachi Payment Services

Hitachi Payment Services stands as a comprehensive payment solutions provider in the Indian market, catering to financial institutions, merchant aggregators, and fintech companies. The company's origins trace back to 2008 when it was established as Prizm Payment Services by industry veterans, including Loney Antony. A pivotal moment in its history occurred in 2014 when Hitachi Ltd. acquired Prizm Payment Services to accelerate the global development of its IT services targeting financial institutions, particularly in the rapidly growing Asian market. This acquisition led to the renaming of the company to Hitachi Payment Services in April 2015, reflecting Hitachi's commitment to the Indian market.

The firm operates a dual-platform business model, offering an extensive array of both cash and digital payment solutions. On the cash side, its services encompass the deployment and management of ATMs, Cash Recycling Machines (CRMs), and White Label ATMs, particularly expanding financial inclusion in semi-urban and rural areas. The digital platform includes end-to-end POS processing, internet payment gateways, toll and transit solutions, and services leveraging the Digital India stack like UPI and Bharat QR. Revenue is generated through providing these end-to-end payment services to its diverse client base. The company has a significant footprint, managing tens of thousands of ATMs and CRMs and over a million POS devices.

Hitachi Payment Services' offerings are designed to be holistic and technology-driven. For its banking and financial institution clients, it provides ATM services, including site identification and implementation, driving and switching services, and maintenance. For merchants, it delivers a suite of services including POS solutions, merchant onboarding platforms, and value-added services like Dynamic Currency Conversion and EMI options. The company has also ventured into cash management services through the acquisition of Writer Corp's cash management business, offering ATM cash replenishment and retail cash management. A key strategic move includes a joint venture with the State Bank of India to establish a next-generation digital payment platform, broadening the payment options available to customers and merchants. The firm actively collaborates with startups through its Hitachi Payments Accelerator (HPX) program to foster development in the fintech sector.

Keywords: payment solutions, financial technology, ATM services, POS solutions, digital payments, cash management, merchant services, payment gateway, financial inclusion, payment infrastructure