Hitachi Payment Services Introduces Upgradeable ATMs in India
Overview of Hitachi's Upgradeable ATMs
Hitachi Payment Services has launched a new range of upgradeable Automated Teller Machines (ATMs) in India, providing banks with the flexibility to transform their machines into Cash Recycling Machines (CRMs) as market needs evolve. This innovative approach offers banks a cost-effective and efficient solution to meet changing customer demands and market conditions.
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| Hitachi Payment Services launches upgradeable ATM in India |
Manufactured Under 'Make in India'
These ATMs are manufactured under India's 'Make in India' initiative, supporting local industry and reducing dependence on foreign imports. This approach aligns with India's goal of becoming self-reliant in technology and manufacturing while promoting economic growth and job creation.
Benefits of Upgradeable ATMs
Flexibility and Adaptability
The new upgradeable ATMs from Hitachi Payment Services offer banks the flexibility to convert their ATMs into CRMs without requiring costly replacements or lengthy installations. This adaptability allows banks to introduce new services, such as cash deposit facilities, without significant additional investment.
Protection of Investments
By providing an upgrade path, these ATMs help banks protect their initial investments. Instead of replacing entire machines, banks can upgrade existing ATMs to accommodate emerging business needs. This feature is particularly beneficial for banks operating in a rapidly changing financial landscape.
Support for UPI-Based Services
In response to the Reserve Bank of India's (RBI) announcement enabling Unified Payments Interface (UPI) for cash deposits, these ATMs are designed to support UPI-based cash withdrawal and deposit services. This innovation reflects the growing popularity of digital payment methods in India and ensures that banks are future-ready for evolving market requirements.
Promoting Financial Inclusion
Hitachi Payment Services aims to contribute to financial inclusion in underbanked areas by providing efficient and innovative solutions. With an estimated market capacity of approximately 100,000 units over the next eight years, these upgradeable ATMs have the potential to extend banking services to a broader segment of the population.
Hitachi's Other Innovations
In addition to the upgradeable ATMs, Hitachi Payment Services introduced a first-of-its-kind UPI ATM on the Android platform in September 2023, enabling card-less cash withdrawals. This advancement represents another step towards modernizing the Indian ATM industry and meeting the growing demand for digital and contactless banking solutions.
Conclusion
The introduction of upgradeable ATMs by Hitachi Payment Services marks a significant development in the Indian banking industry. By providing flexibility, cost efficiency, and support for UPI-based services, these ATMs offer banks a future-ready solution that can adapt to changing market needs. This innovation aligns with India's broader goals of financial inclusion and the 'Make in India' initiative, contributing to a more robust and dynamic financial ecosystem.
