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Hitachi Payment Services launches ‘Upgradable ATM’ in India

By Gloria Mathias

April 25, 2024

  • Cash Recycling
  • Financial Inclusion
  • Financial Innovation
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Hitachi Payments, Payments services, Writers Corporation, Cash Management Business, One payments solutions, Merchants transactions, HPX, Fintech Startups, Financial Innovation, India, Hitachi Money Spot Plus, Fintech news, Fintech solutions, Hinterlands of India , Rural India, Financial Inclusion, YES Bank, White Label ATMs, Upgradeable ATMs, Cash Recycling, India Hitachi Payment Services, India’s payments and commerce solutions provider, has announced the launch of the country’s first upgradeable ATM.

The Upgradable ATM can be transformed into a high-performance cash recycling machine (CRM) at any point in time. Manufactured under the Make in India initiative, these new Upgradable ATMs provide more flexibility and efficiency to banks.

Hitachi Payment Services manages over 76,000 of the total 2,64,000 ATMs/CRMs currently operational in India. The company estimates a potential market of around 1,00,000 Upgradable ATMs in the next 8 years.  In today’s scenario, banks offer 24/7 cash withdrawal and cash deposit services at their branches through CRMs. In contrast, at offsite (non-branch) locations, banks mostly offer only 24/7 cash withdrawal services through ATMs.

The Upgradable ATM will allow banks to safeguard their investment and expand their services to include a cash deposit facility at offsite locations, at a later stage, based on their business needs and local market conditions.

Providing an efficient way to upgrade ATMs to CRM, this innovative offering eliminates the need for expensive replacements and lengthy installation processes while enabling banks to be future-ready for evolving market requirements. The company is also aligned with the recent monetary policy announcement by the Reserve Bank of India (RBI) to enable UPI for cash deposit facility, as its new-age solution is designed to support UPI-based cash withdrawal and cash deposit.

Sumil Vikamsey, Managing Director & CEO – Cash Business, Hitachi Payment Services, said “At Hitachi Payment Services, we have always aimed to bring revolutionary banking services to the ecosystem, elevating the banking experience for customers and streamlining operations for banks. The Upgradable ATM is a revolutionary leap forward for the Indian ATM industry, setting new standards in banking automation as it will offer an efficient upgrade path to Cash Recycling Machines while empowering banks to optimize their ATM networks.”

With this launch, Hitachi Payment Services aims to enhance access to a wide range of banking services, promoting financial inclusion, especially in areas with low banking penetration. In September 2023, the company also introduced the UPI ATM on the Android platform for card-less cash withdrawals.

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