Hitachi Payment Services has launched India’s first upgradable ATM that can be transformed into a high-performance Cash Recycling Machine (CRM) at any point of time. Manufactured under the Make in India initiative, the new upgradable ATM provides more flexibility and efficiency to banks, a statement from the company notified.
It said that 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.
The upgradable ATM eliminates the need for expensive replacements and lengthy installation processes while enabling banks to be future-ready for evolving market requirements. 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, the statement added.
Sumil Vikamsey, Managing Director (MD) and Chief Executive Officer (CEO) – Cash Business, Hitachi Payment Services, said in the statement, “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 optimise their ATM networks.”
Further, according to the statement, in September 2023, the company also introduced the first-of-its-kind UPI ATM on Android platform for card-less cash withdrawals.
