Indian Economy News

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

  • IBEF
  • September 6, 2023

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 The Android-based Hitachi Money Spot UPI ATM opens a lot of opportunities for moving away from the outdated architecture of transaction processing and ATM administration and towards the provision of solutions that keep pace with technological advancement, says Mr.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.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.