State Bank of India (SBI) and Hitachi Payment Services Pvt. Ltd
have partnered to launch a digital payment platform in India. SBI
and Hitachi have signed an agreement to enter a joint venture to launch an
Internet-of-Things (IoT) platform called “Lumada” in India. The platform is based on the blockchain technology.
Reports claim that the State Bank of India will have a majority stake in the proposed joint venture. The agreement between these two companies is subject to requisite regulatory approvals.
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