In an unprecedented move, Hitachi Payment Services, a subsidiary of the Japanese conglomerate, Hitachi Ltd., launched India’s inaugural UPI-ATM called Hitachi Money Spot UPI ATM. The launch, executed in partnership with the National Payments Corporation of India (NPCI), is set to redefine the traditional ATM transaction experience for Indians.
Features and Benefits
The state-of-the-art UPI ATM offers cardless cash withdrawals, thereby eradicating the necessity for physical cards. The device, operated on Android OS, empowers users to access funds from multiple accounts using their United Payments Interface (UPI) app. This feature is particularly valuable in regions with limited traditional banking infrastructure and card reach, furthering financial inclusion and easy banking access.
Lauding the innovative move, NPCI stated, “The UPI ATM seamlessly blends the ease and security of UPI into traditional ATMs, ensuring swift cash access even in India’s most remote corners without a physical card.”
Distinctive Capabilities
Hitachi Payment Services stands apart as the sole White Label ATM operator to facilitate cash deposits. This is available across a whopping 3,000 locations nationwide.
Mahesh Patel, the Director (Products and Digital Transformation) at Hitachi Payment Services, elucidated the significance of the launch. He expressed enthusiasm about introducing India’s pioneering UPI ATM, emphasising its alignment with the evolving technological landscape in banking.
Growth and Reach of UPI
Having transformed India’s digital payment landscape, UPI has seen rapid growth, accounting for over half of the nation’s digital transaction volume. Sumil Vikamsey, the Managing Director and CEO (Cash Business) at Hitachi Payment Services, reinforced the convenience the UPI-ATM brings, allowing QR-based UPI cash withdrawals for bank customers.
Operation of India’s First UPI ATM
For those wondering about the operation of this revolutionary UPI ATM:
- Choose the cash amount you wish to withdraw.
- The ATM displays the UPI QR code linked to the chosen amount.
- Scan this QR code using your UPI application.
- Enter the UPI PIN for transaction authentication.
- Take your cash.
Distinguishing UPI ATM from Cardless Cash Withdrawals
Unlike current card-less cash withdrawals reliant on mobile numbers and OTPs, the UPI-ATM is anchored in QR-based UPI cash withdrawal mechanisms. To leverage this technology, users need a UPI app installed on their Android or iOS devices.
Hitachi Payment Services, as a 100% subsidiary of Hitachi Ltd., has consistently been at the forefront of payment innovations in India. The introduction of the UPI-ATM, with its potential to revolutionise the ATM experience, only solidifies its position as an industry leader.
