Hitachi Payment Services, a payment solutions provider, has launched a FinTech platform for India’s microbusinesses and small- to medium-sized businesses (SMBs), the company announced in a Monday (Jan. 24) press release.
The India-based company said in the release that the platform was built in cooperation with Indipaisa, an Indian company that helps SMBs grow their businesses by offering alternative selling channels. It is a member of the Nexxo Network, an international network of FinTech companies operating in the Middle East, Asia and Europe.
In partnership with Hitachi, Indipaisa said in the release it will offer payment solutions to match the needs of Indian SMB owners and operators to help them grow their businesses, comply with tax laws and build a better future for themselves and their families.
The new FinTech platform was designed to empower SMBs and promises to drive financial solutions to help India’s 63 million microbusinesses and SMBs take charge of their business finances, according to the release.
“Our technological know-how, centralized infrastructure and expansive network will further help in democratizing digital payments, thereby providing an impetus towards financial inclusion for the marginalized [SMBs],” said Hitachi Payment Services CEO of Digital Business Anuj Khosla in the release.
In other news, the National Payments Corp. of India is testing a solution to allow Unified Payments Interface (UPI)-based digital pay without an internet connection. Dubbed UPI Lite, it is expected to be used in rural areas to allow for small digital payments under 200 rupees (about $2.68).
Read more: India Tests Internet-Free Digital UPI Payments
It will also allow phone users to make digital payments from their bank accounts. Two solutions are being tested, including a SIM overlay and a software-provisioned solution that leverages over-the-air (OTA) updates.
SIM overlay consists of expanding the functions of a phone’s SIM card, letting payments and other services happen even without the data availability. Meanwhile, OTA lets the solution be delivered straight to the device’s firmware.