Hitachi Payment Services Collaborates with NPCI To Unveil India's First ever UPI ATM By CIOTechOutlook Team

Hitachi Payment Services Collaborates with NPCI To Unveil India's First ever UPI ATM

CIOTechOutlook Team | Wednesday, 06 September 2023, 11:43 IST

Hitachi Payment Services, a subsidiary of Japan-based Hitachi Ltd, announced the debut of India's first-ever UPI-ATM, the Hitachi Money Spot UPI ATM, as a White Label ATM (WLA) in collaboration with the National Payments Corporation of India (NPCI). According to the statement, the ATM would provide cardless cash withdrawals, removing the requirement for actual cards. Using the United Payments Interface (UPI) app, customers may withdraw cash from several accounts at a UPI-ATM. WLAs are run by non-banking organizations.

According to the company, it would promote financial inclusion by providing simple access to banking services in locations with inadequate traditional banking infrastructure and card usage.

In the announcement, NPCI, said, "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."

Notably, Hitachi Payment Services is the only White Label ATM operator that allows for cash deposits. It provides the service at 3,000 places across India.