India’s First UPI ATM: A Game-Changer for Cardless Cash Withdrawals

Kishan06/09/2023

posted on Sep. 06, 2023 at 6:27 pm

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Mumbai: Hitachi Payment Services, India’s leading payments and commerce solutions provider, on Tuesday announced the launch of the country’s first-ever UPI- ATM as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI), offering secure card-less cash withdrawals, said Hitachi Payment Service in a press release.

UPI ATM: How it differs from cardless cash withdrawals

The UPI-only White Label ATM significantly enhances customer security by eliminating the need for physical cards. The Hitachi Money Spot UPI ATM would provide customers a unified and secure user experience while offering them the convenience of card-less cash withdrawals.

Furthermore, it will drive financial inclusion by facilitating easy access to banking services in areas where traditional banking infrastructure and card penetration is limited. Leveraging advanced and innovative technology, the Hitachi Money Spot UPI ATM delivers a seamless digital experience for customers.

Hitachi Payment Services has been at the forefront of bringing innovative offerings in the payments domain and presently is the only White Label ATM operator to offer Cash Deposit facility. This service can be accessed at more than 3,000 ATM locations.

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Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business, Hitachi Payment Services, said, “As India’s leading end-to-end payments and commerce solutions provider, we are happy to launch an industry-first offering in the White Label ATM space with Hitachi Money Spot UPI ATM. 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% of digital transaction volumes. The Hitachi Money Spot UPI ATM is a testament to Hitachi Payment Services’ technological capabilities and commitment towards making innovative banking services accessible to citizens across the country.”

Commenting on the announcement, Mahesh Patel, Director – Products and Digital Transformation, Hitachi Payment Services, said “We are excited to launch the country’s first- ever UPI ATM on Android platform for our White Label ATM network in association with NPCI.

The Hitachi Money Spot UPI ATM is built on Android OS and brings in significant possibilities of transitioning from 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.”

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