Hitachi Payment Services, a leader in payment and commerce solutions in India, has launched the nation’s first Upgradable ATM, which can later be enhanced into a Cash Recycling Machine (CRM). These innovative ATMs, part of the Make in India initiative, offer banks more operational flexibility and efficiency. Currently managing over 76,000 of India’s 2,64,000 ATMs and CRMs, Hitachi anticipates a market potential of 1,00,000 upgradable machines over the next eight years.

The Upgradable ATM allows banks to initially provide cash withdrawal services and add cash deposit capabilities in non-branch locations as needed. This feature aligns with the recent RBI monetary policy that facilitates UPI for cash deposits. This solution not only protects banks’ investments but also enables them to cater to evolving market demands without the need for complete machine replacement.

Sumil Vikamsey, Managing Director & CEO – Cash Business at Hitachi Payment Services, emphasized the product’s revolutionary impact on the banking sector, improving customer experiences and operational efficiency. Additionally, in line with enhancing banking access, especially in under-served areas, Hitachi introduced a unique UPI ATM on the Android platform for cardless withdrawals in September 2023.

Also Read | Hitachi Payment Services announces India’s first ever UPI-ATM

Hitachi Payment Services continues to pioneer with a diverse range of payment solutions aimed at fostering financial inclusion across India.

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