Hitachi Payment Services, a subsidiary of Japan’s Hitachi Limited, has unveiled India’s first UPI-ATM, called the Hitachi Money Spot UPI-ATM, in collaboration with the National Payments Corporation of India (NPCI). This ATM offers cardless cash withdrawals, eliminating the need for physical cards. Users can withdraw cash from various accounts using the United Payments Interface (UPI) app. White Label ATMs (WLAs) like this are operated by non-banking entities.
The introduction of this UPI-ATM aims to promote financial inclusion, especially in areas where traditional banking infrastructure and card usage are limited. NPCI expressed its satisfaction in providing this cutting-edge ATM transaction upgrade, combining UPI’s convenience and security with traditional ATMs. This innovation represents a significant milestone in the evolution of financial services, enabling rapid access to cash for all Indians, regardless of their location, without needing a physical card. Hitachi Payment Services is the sole White Label ATM provider offering a cash deposit option, available at 3,000 locations across India.
Sumil Vikamsey, Managing Director and CEO of Hitachi Payment Services, highlighted how this innovative solution empowers bank customers to enjoy the convenience of QR-based UPI cash withdrawals. UPI has become India’s fastest-growing payment method, accounting for over 50% of digital transaction volumes.
With the launch of the first UPI ATM in India on the Android platform for their WLA network, in collaboration with NPCI, Hitachi Payment Services aims to modernize transaction processing and ATM management. This move aligns with the evolving technological landscape. Hitachi currently manages 9,500 WLAs and over 65,500 ATMs, including 27,500 cash recyclers, supporting more than 7 million digital transactions daily and over 3 million merchant touchpoints.
