Hitachi Payment Services has launched the country’s first Upgradable ATM, the payments and commerce solutions provider company said in a press release on April 24. An upgradable ATM unit can be transformed to cash recycling machine (CRM) as and when a bank needs it, eliminating the need for a separate CRM. This can be done at a bank branch, and offsite as well.
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India’s first Upgradable ATM – Features and Benefits
The Upgradable ATM can be transformed into high-performance Cash Recycling Machine (CRM) at any point of time. Manufactured under the ‘Make in India’ initiative, these new Upgradable ATMs provide more flexibility and efficiency to banks, Hitachi Payment added.
Hitachi Payment Services manages over 76,000 of the total 2,64,000 ATMs/CRMs currently operational in India. The company estimates a potential market of around 1,00,000 upgradable ATMs in the next 8 years.
Today, banks offer 24 X 7 cash withdrawal and cash deposit services at their branches through CRMs, while at offsite (non-branch) locations, banks mostly offer only 24 X 7 cash withdrawal services through ATMs. The upgradable ATM will allow banks to safeguard their investment and expand their services to include cash deposit facilities at offsite locations at a later stage based on their business needs and local market conditions.
“Providing an efficient way to upgrade ATM to CRM, this innovative offering eliminates the need for expensive replacements and lengthy installation processes while enabling banks to be future-ready for evolving market requirements,” it said.
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“The company is also aligned with the recent monetary policy announcement by the Reserve Bank of India (RBI) to enable UPI for cash deposit facility, as its new-age solution is designed to support UPI-based cash withdrawal and cash deposit,” Hitachi Payments said.
Sumil Vikamsey, Managing Director and CEO – Cash Business, Hitachi Payment Services, said “At Hitachi Payment Services, we have always aimed to bring revolutionary banking services to the ecosystem, elevating the banking experience for customers and streamlining operations for banks. The Upgradable ATM is a revolutionary leap forward for the Indian ATM industry, setting new standards in banking automation as it will offer an efficient upgrade path to Cash Recycling Machines while empowering banks to optimize their ATM networks.”
With this launch, Hitachi Payment Services aims to enhance access to a wide range of banking services, promoting financial inclusion especially in areas with low banking penetration.
In September 2023, the company also introduced the first-of-its-kind UPI ATM on Android platform for card-less cash withdrawals.
