Hitachi Payment Services, a subsidiary of Japan's Hitachi Ltd, has introduced India's inaugural White Label ATM (WLA) named Hitachi Money Spot UPI ATM, in collaboration with the National Payments Corporation of India (NPCI). This groundbreaking development in India's banking landscape enables cardless cash withdrawals through the United Payments Interface (UPI) app.
Cardless Cash Withdrawals: A Game-Changer
The newly launched UPI ATM by Hitachi Payment Services will revolutionize banking by eliminating the need for physical cards. Users can conveniently withdraw cash from multiple accounts using the UPI app, making it a secure and convenient alternative to traditional ATMs. This innovation holds tremendous potential to drive financial inclusion, particularly in areas where conventional banking infrastructure and card penetration are limited.
NPCI's Vision for Convenience and Security
NPCI, in its official statement, expressed enthusiasm for this innovation, stating, "We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the UPI ATM will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in the remote areas of India without the need for a physical card."
A Unique Offering by Hitachi Payment Services
Notably, Hitachi Payment Services stands out as the sole White Label ATM operator to offer a cash deposit facility, accessible at 3,000 locations across India. Sumil Vikamsey, Managing Director and Chief Executive Officer (Cash Business) at Hitachi Payment Services, highlighted the significance of this development, saying, "This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals. UPI has been the fastest growing payment mode in the country and accounts for more than 50 per cent of digital transaction volumes."
The Technological Leap
Mahesh Patel, Director (Products and Digital Transformation) at Hitachi Payment Services, expressed excitement about the UPI ATM launch, noting, "We are excited to launch the country's first-ever UPI ATM on Android platform for our WLA network in association with NPCI. The Hitachi Money Spot UPI ATM is built on Android operating systems and brings in significant possibilities of transitioning from the legacy architecture of transaction processing and ATM management to offering solutions in line with evolving technology. We believe the UPI ATM is a major milestone in the banking landscape."
Hitachi's Extensive Footprint
Hitachi, with over 65,500 ATMs (including 27,500 cash recycling machines) and 9,500 WLAs under management, serves more than 3 million merchant touchpoints and processes over 7 million digital transactions daily. This extensive network positions Hitachi Payment Services as a key player in India's rapidly evolving banking and digital payment ecosystem.
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