Hitachi Payment Services has introduced India’s first Upgradable ATM, allowing it to be converted into a Cash Recycling Machine (CRM) whenever required by a bank, thus eliminating the need for a separate CRM. This transformation can be carried out at a bank branch or offsite location.
The Upgradable ATM, manufactured as part of the ‘Make in India’ initiative, offers enhanced flexibility and efficiency to banks, enabling them to upgrade the machine to a high-performance CRM at any time. Hitachi Payment Services manages over 76,000 ATMs/CRMs out of the 2,64,000 currently operational in India and foresees a potential market of around 1,00,000 upgradable ATMs in the next eight years.
Currently, banks provide 24×7 cash withdrawal and deposit services at their branches using CRMs. However, at offsite locations, they typically offer only 24×7 cash withdrawal services through ATMs. The upgradable ATM allows banks to protect their investment and expand their services to include cash deposit facilities at offsite locations in the future, based on their business requirements and local market conditions.
This innovative offering eliminates the need for expensive replacements and lengthy installation processes, enabling banks to be prepared for evolving market requirements. Hitachi Payment Services is also aligned with the recent RBI announcement to enable UPI for cash deposit facility, ensuring that its solution supports UPI-based cash withdrawal and deposit.
Sumil Vikamsey, Managing Director and CEO – Cash Business, Hitachi Payment Services, stated, “The Upgradable ATM is a revolutionary leap forward for the Indian ATM industry, setting new standards in banking automation. It offers an efficient upgrade path to Cash Recycling Machines while empowering banks to optimize their ATM networks.”
This launch aims to enhance access to banking services and promote financial inclusion, especially in areas with low banking penetration. In September 2023, Hitachi Payment Services introduced the first UPI ATM on the Android platform for card-less cash withdrawals.