"Hitachi Payment Services Introduces India's Pioneering White Label UPI-ATM - Hitachi Money Spot UPI ATM - in Collaboration with NPCI"
Hitachi Payment Services, a subsidiary of Japan's Hitachi Ltd, made an announcement on Tuesday regarding the launch of India's first-ever White Label UPI-ATM, christened as the "Hitachi Money Spot UPI ATM," in partnership with the National Payments Corporation of India (NPCI).
The newly unveiled ATM is designed to provide cardless cash withdrawals, eliminating the necessity for physical cards. A UPI-ATM enables users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app. White Label ATMs (WLAs) are managed by the deployer rather than the banks.
The company also highlighted its commitment to driving financial inclusion by simplifying access to banking services, particularly in regions where traditional banking infrastructure and card usage are limited.
In their statement, NPCI expressed their enthusiasm about empowering customers with an innovative and user-friendly enhancement for ATM transactions. They emphasized that the introduction of the UPI ATM represents a significant advancement in banking services, seamlessly integrating the convenience and security of UPI into traditional ATM operations. This groundbreaking concept is specifically designed to offer swift access to cash, even in the remote corners of India, without the need for a physical card.
It's noteworthy that Hitachi Payment Services stands out as the sole White Label ATM operator to provide cash deposit capabilities, with its ATMs distributed across 3,000 locations throughout India.
Sumil Vikamsey, Managing Director and Chief Executive Officer (Cash Business) at Hitachi Payment Services, commented on the novel offering, highlighting how it empowers any bank customer to enjoy the convenience of QR-based UPI cash withdrawals. He also noted that UPI has emerged as the fastest-growing payment method in the country, accounting for more than 50 percent of digital transaction volumes.
Mahesh Patel, Director (Products and Digital Transformation) at Hitachi Payment Services, expressed excitement about launching India's inaugural UPI ATM on the Android platform for their White Label ATM network in collaboration with NPCI. He emphasized that the Hitachi Money Spot UPI ATM is built on the Android operating system, opening up significant possibilities for transitioning from the legacy architecture of transaction processing and ATM management to offering solutions aligned with evolving technology. He believes that the UPI ATM represents a major milestone in the banking landscape.
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Hitachi manages a vast network of over 65,500 ATMs (including 27,500 cash recycling machines) and 9,500 WLAs. Additionally, they serve more than 3 million merchant touchpoints and process over 7 million digital transactions on a daily basis.
