//SBI to sell 26% stake in payment services arm

SBI to sell 26% stake in payment services arm

After allotment of the shares, SBI shareholding in SPSPL will become 74 per cent from existing 100 per cent, the bank said in a statement.

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PTI        Last Updated: January 19, 2019  | 00:00 IST

State Bank of India (SBI) Saturday said Hitachi Payment Services (HPY) has agreed to pick up 26 per cent stake in SBI Payment Services Private Limited (SPSPL), a card acceptance and digital payment platform.

After allotment of the shares, SBI shareholding in SPSPL will become 74 per cent from existing 100 per cent, the bank said in a statement.

However, it did not disclose the financial details of the deal.

The JV will provide various payment options to customers and merchants focusing on areas such as rollout of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses.

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