Hitachi Payment Services
Hitachi Payment Services to acquire Writer Corporation's Cash Management Business
New Delhi: Hitachi Payment Services, an integrated payment solutions provider, on Wednesday said it entered into an agreement to acquire the Cash Management Business of Writer Corporation, a multi-business enterprise.
In the Cash Management industry, Writer Safeguard - the Cash Management Business of Writer Corporation, has been providing comprehensive cash services including ATM cash replenishment and retail cash pick-up services to corporate clients in India since 2001.
Writer Safeguard has a network of close to 40,000 touchpoints including ATMs and Retail spanning 25 states across 1,500 locations serviced by a workforce of over 10,000 people.
The acquisition will transform Hitachi Payments’ market standing by integrating the cash management business into its overall service offerings, positioning it as a one-stop payments and commerce solutions provider.
It will enable Hitachi Payments to provide comprehensive ATM services to financial institutions, while on the merchant side, it would complement Hitachi Payments’ digital offerings.
By offering a unified and single platform for all merchant related payment and commerce needs, the acquisition will further strengthen Hitachi Payments’ value proposition to merchants and serve as a catalyst in accelerating digital adoption.
Tatsuro Ueda, Vice President and Executive Officer, CEO of Financial Institutions Business Unit, Hitachi, Ltd. said “As the movement of digitalization accelerates globally, Hitachi is committed to provide future-ready solutions that effectively meet the varied needs of our customers especially in India, where digitalization is progressing rapidly in rural areas. This acquisition will enable us to expand our service offerings and further strengthen our position in the Indian market. Specifically for the merchant ecosystem, we will be able to provide a distinctive value proposition and further drive digital acceptance by becoming a one-stop solution provider, catering to the diverse needs of merchants.”
Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business, Hitachi Payment Services, said “The acquisition of the Cash Management Business of Writer Corporation will complement Hitachi Payments’ vision of becoming a leading payments and commerce solutions provider, offering holistic, reliable and cost-effective solutions across the payments value chain. In line with our overall strategy, the deal creates opportunities for us to broaden our service offerings and provides us a unique position to drive growth and innovation in the Indian payments landscape.”
Dayle de Souza, Managing Director, Writer Business Services, said “Over the last two decades, Writer Corporation has created a rich legacy in the Cash Management Business through pioneering technologies, operational efficiencies and superior risk management practices. As one of the founding members of the Cash Logistics Association, the company has played a pivotal role in bringing global standards to the Cash Management industry in India. We are confident that the transfer to Hitachi Payments will bring new possibilities for this business. We will continue to retain and grow the ATM Managed Services business as a part of the overall service portfolio to our corporate clients.”
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