India has been doing marvellously well in the field of fintech. Recently, Hitachi Payment Services, on Tuesday announced the launch of India’s first-ever UPI ATM as a White Label ATM (WLA) named Hitachi Money Spot UPI ATM, with the National Payments Corporation of India (NPCI).
According to a report, Sumil Vikamsey MD and CEO of Cash Business Hitachi Payment Services said, “ This novel offering empowers any bank customer to experience the convenience of OR-based UPI cash withdrawals.” The company said it will drive financial inclusion by facilitating easy access to banking services in areas where traditional banking infrastructure and card penetration is limited.
During the announcement, the National Corporation of India (NPCI) said, “We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the UPI ATM will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in the remote areas of India without the need for a physical card.”
The sole White Label ATM provider with a cash deposit option is Hitachi Payment Services, In India, it provides the services at 3,000 different sites.
How to withdraw cash from India’s First UPI ATM
- Choose the withdrawal amount you want to make.
- It will display the UPI QR code for the chosen amount.
- Scan the QR code using your UPI app.
- For the transaction to be authorized, enter your UPI PIN.
- Collect your cash.
TOI reported that Sumil Vikamsey, Managing Director and Chief Executive Officer of the cash business Hitachi Payment Services said, “ UPI has been growing payment mode in the country and accounts for more than 50% of digital transaction volumes.
The company stressed that its cutting-edge money spot UPI ATM intends to increase financial inclusion by offering simple banking services, especially in locations where traditional banking infrastructure and card usage are limited, according to a report in the Times of India.
This cardless cash withdrawal will also help eliminate the risk of card skimming because they do not involve the physical use of a debit or credit card at an ATM.