Hitachi Payment Services yesterday launched its financial inclusion business to redefine access to financial services for the under-banked and unbanked sections. Through this, the company will further drive inclusive growth. The services include Aadhaar-enabled payment services, micro ATM services, domestic money transfers, mobile and DTH recharges and bill payments, a statement from Hitachi Payment Services notified.
It said that for the initial launch, Hitachi Payment Services has partnered with Yes Bank, demonstrating its commitment to collaborative efforts for financial inclusion. The partnership leverages Yes Bank’s strong banking expertise and Hitachi Payment Services’s network and technology infrastructure to provide reliable and secure financial services to the underserved.
Anuj Khosla, CEO–Digital Business, Hitachi Payment Services, said, “The remarkable growth of internet penetration and financial literacy in India, especially in our rural communities, presents an urgent call for a resilient payment infrastructure that can keep pace with this rapid expansion. Retailers and merchants are the last-mile touchpoints, enabling easy access to finance for customers. Recognising this, we are extending our services to include financial inclusion initiatives. In essence, we are not just building a payment infrastructure; we are building bridges to financial empowerment and contributing to the nation’s progress.”
The financial inclusion business will be operated under the brand ‘Hitachi Money Spot Plus’ through a network of retailers called Hitachi Partners and will have a strong focus in tier-III to tier-VI towns across the country. Driving financial empowerment and innovation, the array of services under financial inclusion business has been made available through its comprehensive app ‘Hitachi Money Spot Plus’ on Google Playstore.
Naveen Chaluvadi, Chief Digital Officer (CDO), Yes Bank, also said in the statement, “Yes Bank has partnered with Hitachi Payment Services to launch Hitachi Money Spot Plus as part of our commitment to promote financial inclusion. This initiative is aimed at enabling financial transactions at hinterlands, focus on taking digital benefits to the last mile in an assisted digital mode.”
The app provides a convenient one-stop platform for financial services and this digital approach complements the Hitachi Partners network, ensuring accessibility and seamless service delivery across the country, the statement added.
Anuj Saraswat, Business Head, Financial Services and Inclusion, Hitachi Payment Services, further stated, “At Hitachi Payment Services, innovation and financial empowerment are the guiding principles that drive everything we do. We believe that everyone should have access to the financial tools and resources that they require to progress, and we are committed to using technology to make that a reality. Our mission is to bridge the financial divide to empower individuals and communities to thrive. With ‘Hitachi Money Spot Plus,’ we have embarked on a transformative journey to build a more inclusive financial ecosystem in India.”
