The acquisition will help Hitachi Payments integrate its cash management business into its overall service offerings and enable it to provide comprehensive ATM services to financial institutions
Hitachi Payment Services, an integrated payment solutions provider, has entered into an agreement to acquire the cash management (CM) business of Writer Corporation, a multi-business enterprise.
Writer Safeguard, the CM 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. It 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 help Hitachi Payments integrate the CM business into its overall service offerings and enable it to provide comprehensive ATM services to financial institutions. On the merchant side, it would complement Hitachi Payments’ digital offerings.
Tatsuro Ueda, vice president and executive officer, CEO of the Financial Institutions Business Unit, Hitachi, Ltd., said, “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 and CEO of cash business, Hitachi Payment Services, said, “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 of Writer Business Services, added, “As one of the founding members of the Cash Logistics Association, the company has played a pivotal role in bringing global standards to the CM 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.”
A 100 per cent subsidiary of Hitachi Ltd, Hitachi Payments offers a comprehensive range of payment solutions, including ATM Services, cash recycling machines, white label ATMs, PoS solutions, toll and transit solutions and payment gateway solutions.
It also provides SoftPOS value-added services and a mobile-based merchant platform enabling end-to-end services. Additionally, it caters to over three million merchant touchpoints and processes over seven million digital transactions daily.