It gives me great pleasure to announce that we have successfully completed the first year of the Joint Venture (JV) of State Bank of India (SBI) and Hitachi Payment Services Private Limited (HPY),injecting a newfound spirit into a maturing business. I am also glad to advice that the Company has branded itself as ‘SBI Payments’ in order to connect with the clients/merchants. The Company has taken steps in right direction during last one year to provide technologically superior and seamless services to our merchants. The Company is one of the top acquirers of the country with more than 2 mio Merchant Acceptance Touch points.
Company has chalked out a technology roadmap to build in house technology platform to enhance its digital capabilities and generate new revenue streams. The Company has also adopted various initiatives to expand its digital payment acceptance infrastructure in all parts of the country so as to contribute to the Digital India Objective of Government of India. Building a business Analytics platform is at an advanced stage which will help to penetrate hitherto untouched markets and cities through various merchant centric digital payments solutions.
Over the last one year, the Company has taken significant steps to strengthen Corporate Governance structure and is committed to the best practices in the area of Corporate Governance, in letter and in spirit. All Board Committees have been constituted and they meet as per the required periodicity to guide the management. The pandemic has changed the business model of several of our customers/ merchants and the Company further scaled up its digital offerings and also plan to explore the Online acquiring models of business to serve them efficiently. Overall, despite the economic headwinds, the Company is well prepared to adjust to the challenges posed by the COVID-19 pandemic.