Hitachi to buy India payment service

JIJI

Hitachi Ltd. has agreed to buy all shares in Prizm Payment Services, a leading provider of payment services using automated teller machines and point-of-sale systems in India.

The value of the acquisition was not disclosed when Hitachi announced the deal Tuesday.

It hopes to complete the share transfer by the end of February.

The acquisition of Prizm Payment is part of Hitachi’s plan to quadruple its sales in India to ¥300 billion in the three years through fiscal 2015.

Hitachi decided to buy up the Indian firm as the information technology market there is expected to grow rapidly, with some analysts estimating annual increases of more than 10 percent in IT investment over the next five years.

In particular, ATMs and POS systems have strong growth potential because their current penetration rates are low, Hitachi said.