MAB for sophisticated customers

Hitachi Payment Services Private Limited has entered into a definitive agreement to form a joint venture (JV) for the Merchant Acquiring Business (MAB) with State Bank of India (SBI).

The transaction is subject to regulatory approvals, said PwC India, the exclusive financial advisor to Hitachi India, a subsidiary of Japanese conglomerate.

Commenting on the joint venture, Loney Antony, Managing Director, Hitachi Payment Services Private Limited, said: “We believe that SBI, with the largest customer base in the country, will drive the need for more sophisticated customer interaction and the MAB JV will be well-positioned to service such demand by leveraging our capabilities.

“We are confident that our platform will be a leading player in the Indian payments ecosystem and will serve as a strong foundation for regional and global business for SBI and Hitachi alike.”

Rajesh Vig, Partner, Corporate Finance at PwC India added: “This is a rare opportunity for the company to partner with the largest bank in India to create a world-class merchant acquiring platform by leveraging the strengths and capabilities of both partners.”

Harshal Kamdar, Partner, Financial Services Tax at PwC India, commented “This joint-venture aims to be a game-changer in the Digital Bharat era which shall bring the benefits of technology to the last-mile consumer across India.” fiinews.com