Hitachi Payments Services Pvt. Ltd

BCFI > Hitachi Payments Services Pvt. Ltd

Brief Note – Hitachi Money Spot Plus

About Hitachi Payments Services

Hitachi Payments Services Pvt. Ltd. (Corporate Website) is part of the global conglomerate, Hitachi Group. Founded in 2008 as Prizm Payments, the company was taken over by Hitachi Group in 2014 and renamed as Hitachi Payment Services Pvt Ltd. (HPY).

HPY aspires to become a Global Leader in the Payments and Commerce Solutions space by providing reliable, cost-effective and innovative solutions that are accessible to all.

The Company is into several key business related to financial services in both the digital and cash space, as described in brief below.

  1. Hitachi Cash Business – that provides managed services to over 55000 ATMs across a section of banks and also manages more than 11000 ATMs additionally under the WLA (White Label ATM) framework.

  2. Hitachi Digital Business – that provides cutting edge technology services to key banks and payment providers. Through this we help manage over 2.3 million POS terminals across providers delivering over 7 mn transactions daily with a daily throughput of Rs. 7 bn.

  3. Hitachi Cash Management Services – Hitachi acquired Writer Corporation’s cash management business in 2024 and a new brand Hitachi Cash Management Services (Hitachi CMS) was unveiled.

  4. Hitachi Money Spot Plus (HPYMSP) – is the Financial Inclusion business which was pilot launched in Jan 2024.

Hitachi Money Spot Plus (HPYMSP) (Money Spot Plus website)

  1. The intent of launching HPYMSP was to

    1. Drive the objectives of Financial Inclusion in the rural geography of India

    2. Bring a larger population of the country under the umbrella of financial inclusion by providing basic banking and payment services under a Corporate BC framework.

    3. Reach out to the unbanked villages and underserved population.

    4. With this, we aim to create additional earning opportunities for small and medium entrepreneurs.

  2. HPYMSP works through a traditional distributor-agent module and as Corporate Business Correspondents for banks.

  3. Using the Money Spot Plus app and web interface provided by HPY, the agents serve their neighbourhood customers on key banking services like cash withdrawals, money remittances while also facilitating a variety of utility and loan bill payments and recharges through the BBPS framework.

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