Hitachi Payment Services has partnered with National Payments Corporation of India (NPCI) to launch the country’s first UPI-ATM eliminating the need to use physical cards for cash withdrawals, the company has announced.
The UPI-only White Label ATM (WLA) is being introduced to provide a more secure means of accessing cash, the company said. It is also aiming to drive financial inclusion by improving access to banking services in areas where traditional banking infrastructure and card penetration is limited.
Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business at 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.”
National Payments Corporation of India (NPCI), added “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.”
The Hitachi Money Spot UPI ATM, which is built on Android OS, is the only White Label ATM operator to offer Cash Deposit facility, a service that can be accessed at more than 3,000 ATM locations. The UPI-ATM comes on the back of another launch in June when Hitachi Payment Services unveiled its Digital Payments Innovation Hub with the aim of increasing collaboration with fintech start-ups across India and the wider Asia-Pacific region.