Hitachi launches financial inclusion drive in India

Hitachi Payment Services has announced the launch of Hitachi Money Spot Plus, a new financial inclusion initiative aimed at broadening its financial services in India's lesser-served regions. The strategic move marks an extension to Hitachi's existing range of services, bolstering its drive towards inclusive growth.

Hitachi Money Spot Plus will provide an array of services, including Aadhaar Enabled Payment Services, Micro ATM Services, Domestic Money Transfers, Mobile & DTH Recharges and Bill Payments. Its financial inclusion operations will focus predominantly on India's Tier 3 to Tier 6 towns.

According to Hitachi, as part of their initial launch, the company has formed a collaboration with YES BANK, once again affirming its commitment to partnership-driven strategies for financial inclusion. Utilising YES BANK's robust banking knowledge, alongside Hitachi Payment Service's expansive network and technological infrastructure, this partnership seeks to ensure dependable and secure financial services for underserved regions.

The services under this initiative will be available via the Hitachi Money Spot Plus app on the Google Playstore. This provides a single, convenient platform from where users can access all of the services, aligning perfectly with the network of retailers known as Hitachi Partners. This alignment guarantees a seamless delivery of services across the country.

Chief Executive Officer - Digital Business at Hitachi Payment Services, Anuj Khosla, emphasised the importance of evolving payment infrastructure in response to the rise of internet penetration and financial literacy in India. He said, "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.

"We are not just building a payment infrastructure; we are building bridges to financial empowerment and contributing to the nation's progress," Khosla added.

Naveen Chaluvadi, Chief Digital Officer at YES BANK, spoke of this partnership as testament to YES BANK's dedication to promoting financial inclusion. He mentioned that the initiative will ensure "financial transactions at hinterlands, focus on taking digital benefits to the last mile in an assisted digital mode."

Emphasising Hitachi Payment Services' commitment to innovation and financial empowerment, Anuj Saraswat, Business Head, Financial Services & Inclusion at Hitachi Payment Services, said "We believe everyone should have access to the financial tools and resources they require to progress.

"With 'Hitachi Money Spot Plus' we have embarked on a transformative journey to build a more inclusive financial ecosystem in India," he said.

Hitachi Payment Services is an end-to-end payments and commerce solutions provider empowering financial institutions, payment aggregators and fintechs with a comprehensive array of solutions focused on security, reliability and innovation.