Mitsui enters payment collection services in India

Mitsui & Co Ltd has invested $12 million in acquiring an equity stake in Suvidhaa Infoserve Pvt Ltd to establish a presence in the field of payment collection services, which are widely used in India to pay mobile telephone and public utility charges and other bills.

Suvidhaa Infoserve provides Internet-based payment collection services for various industries, including mobile telephone services, electric power, gas, insurance and e-commerce. Currently, the company has 45,000 retail outlets serving as cash collection points. Suvidhaa Infoserve plans to increase the number of collection points to 100,000 over the next two years and to expand its services throughout India.

Mitsui has decided to participate in the on-line payment collection business in India, both because of the social value of providing a new payment method for the general public in partnership with the World Bank Group, and also because of the opportunity to expand from payment collection services into related areas, such as domestic remittance, e-wallet and mobile payment services, through the introduction of advanced Internet technology.

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