State Bank of India is partnering with Hitachi Payments to launch a payments platform. Under the plan, Hitachi will supply State Bank of India with a wide range of payment solutions. Hitachi will also deliver its ‘Lumada’ platform to the bank. The platform is an Internet-of-Things (IoT) based supply chain management tool that was created in conjunction with Mizuho Financial Group in 2017. There are many banks working on how to best integrate blockchain and IoT with the supply chain. Blockchain-based systems have the ability to radically increase safety for many common logistical sectors, like food delivery and the medical supply chain. These capabilities could be integrated with a payments platform, to simplify the workflow for everyone involved. SBI has a network of more than 6 million PoS terminals and the 55,000 ATMs and 850,000 PoS systems that Hitachi Payments is already operating in India.
