Hitachi Payment Services launches India's first-ever UPI-ATM with NPCI

Hitachi Payment Services, a subsidiary of Japan-based Hitachi Limited, announced the launch of India's first-ever UPI-ATM as a White Label ATM (WLA) named Hitachi Money Spot UPI-ATM with the National Payments Corporation of India (NPCI).

The company stated that the ATM will offer cardless cash withdrawals, eliminating the need for physical cards. A UPI-ATM allows users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app. WLAs are operated by non-banking entities.

It further stated that this will drive financial inclusion by facilitating easy access to banking services in areas where traditional banking infrastructure and card penetration are limited.

NCPI further stated that it is pleased to provide this cutting-edge and user-friendly ATM transaction upgrade to consumers. Through the seamless integration of UPI's convenience and security into conventional ATMs, the introduction of the UPI-ATM will represent a key turning point in financial services. With the help of this ground-breaking idea, everybody in India, regardless of location, would have rapid access to cash without the need for a physical card. Only one White Label ATM provider, Hitachi Payment Services, provides a cash deposit option. It provides the service at 3,000 places throughout India.

According to Mr. Sumil Vikamsey, Managing Director and Chief Executive Officer (CEO), Hitachi Payment Services, the offering through the company empowers any bank customer to benefit from the ease of QR-based UPI cash withdrawals thanks to this innovative solution. UPI has been the country's fastest-growing payment method and accounts for more than 50% of digital transaction volumes.

With the introduction of the first UPI ATM in the nation on the Android platform for our WLA network in collaboration with NPCI. The Android-based Hitachi Money Spot UPI ATM opens a lot of opportunities for moving away from the outdated architecture of transaction processing and ATM administration and towards the provision of solutions that keep pace with technological advancement, says Mr. Mahesh Patel, Director (Products and Digital Transformation), Hitachi Payment Services.

9,500 WLAs and over 65,500 ATMs (including 27,500 cash recyclers) are managed by Hitachi. More than 7 million digital transactions are processed daily, and it supports over 3 million merchant touchpoints.

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:

1. Choose the cash amount you wish to withdraw. 

2. The ATM displays the UPI QR code linked to the chosen amount. 

3. Scan this QR code using your UPI application. 

4. Enter the UPI PIN for transaction authentication.

5. 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.