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According to a press release, the largest bank in India — State Bank of India (SBI), has partnered with Hitachi Payment Services Pvt. Ltd., to develop a national digital payments system.

The press release states:

“It is planned that Hitachi Payments will invest [26%] to SBI Payment Services Pvt. Ltd., a wholly-owned subsidiary of SBI, and through this investment, SBI Payment will be a joint venture between both parties. Both parties will proceed to apply for regulatory approvals.”

It’s also stated that SBI has more than 420 million customers & more than 600,000 points of sales. Hitachi reportedly will “accelerate digitalization of financial services in India by linking up digital payments platform to state-of-the-art digital technologies."

Hitachi is the 10th largest company in Japan and one of the biggest electronics companies in the world and is set to becomefirst in utilizing a blockchain for in-store purchases.

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