In a groundbreaking move, Hitachi Payment Services, a subsidiary of the esteemed Japanese conglomerate Hitachi Ltd., has ushered in a new era of banking convenience in India. With its pioneering UPI ATM, aptly named the “Hitachi Money Spot UPI ATM,” this innovative partnership with the National Payments Corporation of India (NPCI) promises to redefine the way Indians access their funds and conduct transactions.
State-of-the-Art Features and Benefits
This state-of-the-art UPI ATM eliminates the need for physical cards, offering cardless cash withdrawals. Operated on the Android OS, it empowers users to access funds from multiple accounts through their United Payments Interface (UPI) app. This breakthrough is especially crucial in regions with limited traditional banking infrastructure, enhancing financial inclusion and providing easy banking access. The NPCI lauds this innovation, stating that it seamlessly blends the security of UPI with the convenience of traditional ATMs, ensuring swift cash access even in remote corners of India without the need for a physical card.
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Distinctive Capabilities
Hitachi Payment Services takes pride in being the exclusive white-label ATM operator offering cash deposit facilities at a staggering 3,000 locations nationwide. Mahesh Patel, Director (Products and Digital Transformation) at Hitachi Payment Services, highlights the significance of this launch, emphasizing its alignment with the ever-evolving technological landscape in banking.
The Growth and Reach of UPI
UPI has transformed India’s digital payment landscape, accounting for over half of the nation’s digital transaction volume. Sumil Vikamsey, Managing Director and CEO (Cash Business) at Hitachi Payment Services, emphasized the convenience the UPI-ATM brings, allowing QR-based UPI cash withdrawals for bank customers.
How to Operate India’s First UPI ATM
For those curious about the operation of this revolutionary UPI ATM, the process is simple:
- 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.
- Retrieve your cash.
Distinguishing UPI ATMs from Cardless Cash Withdrawals
It’s important to note that the UPI-ATM differs from current cardless cash withdrawals, which often rely on mobile numbers and OTPs. Instead, the UPI-ATM leverages QR-based UPI cash withdrawal mechanisms, requiring users to have a UPI app installed on their Android or iOS devices.
Hitachi Payment Services, as a 100% subsidiary of Hitachi Ltd., has consistently led the way in payment innovations in India. The introduction of the UPI-ATM, with its potential to revolutionize the ATM experience, solidifies its position as an industry leader. This pioneering step not only showcases technological advancement but also underscores Hitachi’s commitment to making banking more accessible and convenient for all Indians. With UPI’s rapid growth, the Hitachi Money Spot UPI ATM is set to play a pivotal role in shaping the future of banking in India.
