Hitachi Payment Services has announced the launch of an upgradable ATM machine in India. These ATMs can be upgraded to a Cash Recycling Machine (CRM) at any time. Manufactured under the ‘Make in India’ initiative, these ATMs offer flexibility and efficiency to banks. Hitachi Payment Services claims that this is the first upgradable ATM in India.
Out of the current 2,64,000 ATMs/CRMs currently operational in India, Hitachi manages over 76,000. The company estimates a potential market of around 1,00,000 upgradable ATMs in the next eight years.
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Cash recycling machines
Currently banks offer round-the-clock cash withdrawal and cash deposit services at their branches through these cash recycling machines (or CRMs), while at offsite locations, banks typically 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 facility at offsite locations, at a later stage, based on their business needs and local market conditions.
Offering an efficient way to upgrade ATM to CRM, this offering removes the need for expensive replacements and lengthy installation processes while enabling banks to be future-ready for evolving market requirements.
In view of the recent announcement by Reserve Bank of India (RBI) to enable UPI for cash deposit facility, this new-age solution is designed to support UPI based cash withdrawal and cash deposit as well.
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Sumil Vikamsey, managing director and CEO, Cash Business, Hitachi Payment Services, said, “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 optimise their ATM networks.”
With this launch, Hitachi Payment Services aims to increase access to a wide range of banking service and promote financial inclusion in the areas which have low banking penetration.
In September 2023, the company also rolled out the first-of-its-kind UPI ATM on Android platform for card-less cash withdrawals.
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Published: 28 Apr 2024, 09:28 AM IST