India's First UPI-ATM, "Hitachi Money Spot UPI ATM"

• 07 Sep 2023

Recently, Hitachi Payment Services, a subsidiary of Japan's Hitachi Ltd, unveiled India's inaugural UPI-ATM, called the Hitachi Money Spot UPI ATM, in collaboration with the National Payments Corporation of India (NPCI).

• UPI-ATM Functionality: The UPI-ATM enables cash withdrawals from multiple accounts using the United Payments Interface (UPI) app.
• Non-Banking Entity Operation: White Label ATMs (WLAs), like the Hitachi Money Spot UPI ATM, are operated by non-banking entities.
• Enhanced Access to Banking Services: The UPI-ATM aims to boost financial inclusion by offering convenient access to banking services in regions with limited traditional banking infrastructure and card usage.
• NPCI's Perspective: NPCI stated that the UPI ATM integration into traditional ATMs represents a significant advancement in banking services, providing quick cash access even in remote areas without physical cards.
• Unique Offering by Hitachi Payment Services: Hitachi Payment Services is the sole White Label ATM operator offering cash deposit services, available at 3,000 locations in India.