New Delhi: Hitachi Payment Services, a subsidiary of Japan-based Hitachi, has introduced UPI ATMs in Bharat, allowing users to withdraw cash using their UPI ID instead of a debit card. These UPI ATMs represent the first of their kind in Bharat and are currently being deployed in select locations nationwide. To utilize a UPI ATM, users must scan a QR code displayed on the ATM screen using their UPI-enabled mobile app. Subsequently, they are required to enter their UPI PIN to authenticate the transaction. The ATM will then dispense the requested amount of cash.
The launch of UPI ATMs is considered a significant stride towards enhancing the convenience and accessibility of cashless payments. Furthermore, it is anticipated to contribute to a reduction in the risk of fraud and theft, as users will no longer need to carry their debit cards. The UPI ATM provides cardless cash withdrawals, eliminating the necessity of carrying physical debit or credit cards. Users can access cash from multiple accounts using the UPI app. It’s important to note that WLAs (White Label ATMs) are operated by non-banking entities. This innovative ATM not only promotes inclusivity but also serves as a blessing in regions where traditional banking infrastructure and card usage are limited.
Bharat’s 1st UPI only ATM enables cash withdrawals without the use of debit or credit cards
National Payments Corporation of India in collaboration with Hitachi Payment Services(Subs-Japan's Hitachi) has introduced a White Label ATM-The Hitachi Money Spot UPI ATM#UPI #FinTech pic.twitter.com/qTAXxN7asc
— Chatterbox (@IshaRay8) September 7, 2023
The introduction of UPI ATMs has garnered praise from both users and industry experts. “This initiative by Hitachi Payment Services is commendable,” remarked Suresh Sethi, a financial expert. “It will greatly simplify cash withdrawals for individuals, eliminating the need to carry their debit cards, which is especially advantageous for frequent travelers and residents of areas with limited ATM access.”
The expansion of UPI ATMs is scheduled to extend across India in the coming months. This development marks a significant milestone in enhancing the convenience and security of cashless payments in the country. Bharat stands out as the global leader in UPI (Unified Payments Interface) transactions, processing a remarkable 25.5 billion transactions in 2022. This accounted for a substantial 46% of all real-time payments made worldwide that year. PM Modi led government has been actively promoting UPI as part of its strategy to reduce cash usage and enhance payment efficiency. To encourage adoption, incentives have been provided to banks and financial institutions.
https://twitter.com/iamuttamdave/status/1699658651911246291?s=20
UPI is favoured for its convenience, security, and efficiency in digital payments. It offers a user-friendly interface, making transactions easy and secure. As of March 2023, Bharat boasts over 530 million UPI IDs, indicating a steady growth in adoption. Monthly transactions consistently exceed 500 million, underscoring the popularity of UPI for everyday payments.
🚨 NPCI launches new UPI features to achieve 100 billion transactions a month.
These products include credit line on UPI, conversational payment mode ‘Hello UPI’, BillPay Connect, UPI Tap & Pay and UPI Lite X. pic.twitter.com/0JTkV4fNWj
— Indian Tech & Infra (@IndianTechGuide) September 6, 2023
While Bharat leads the UPI charge, other countries like Brazil, China, Thailand, and South Korea also record substantial UPI transaction volumes, reflecting the global shift towards digital payment systems. UPI’s success in Bharat can be attributed to its user-friendly design, government support, and the increasing acceptance of digital payments among the country’s population. The trajectory suggests that UPI will continue to expand and reshape India’s payment landscape in the years to come.
India's 1st white label UPI-ATM Launched by Hitachi Payment Services
In collaboration with NPCI, Hitachi Money Spot UPI ATM offer cardless cash withdrawals with UPI.. It also offers cash deposits at various locations.
This means that the true digital revolution is not far pic.twitter.com/774iUnp74h
— Nebula World (@nebula_world) September 6, 2023
What is Hitachi Payment Services?
Hitachi Payment Services is a 100% subsidiary of Hitachi Ltd., a Japanese multinational conglomerate. It is a premier payment solutions provider in India, offering a comprehensive range of cash and digital payment solutions. These include ATM services, cash recycling machines, white-label ATMs, and ATM software platforms. Hitachi Payment Services also offers innovative digital payment solutions such as POS solutions, internet payment gateway solutions, toll & transit solutions, and Bharat QR & UPI.
The company was founded in 2005 and is headquartered in Mumbai, India. It has a network of over 10,000 ATMs and serves over 100 million customers. Hitachi Payment Services is committed to providing secure, reliable, and convenient payment solutions to its customers.
