Correct Answer :   Hitachi

Hitachi Payment Services, a subsidiary of Japan-based Hitachi Ltd, on Tuesday (5th Sep 2023) 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).

In the announcement, the company said the ATM will offer cardless cash withdrawals, eliminating the need for physical cards. A UPI-ATM allows users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app. WLAs are operated by non-banking entities.

 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.

In the announcement, 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."

Notably, Hitachi Payment Services is the only White Label ATM operator to offer a cash deposit facility. It offers the facility across 3,000 locations in India.

"This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals. UPI has been the fastest growing payment mode in the country and accounts for more than 50 per cent of digital transaction volumes," said Sumil Vikamsey, managing director and chief executive officer (Cash Business) at Hitachi Payment Services.

Hitachi has over 65,500 ATMs (including 27,500 cash recycling machines) and 9,500 WLAs under management. In addition, it caters to over 3 million merchant touchpoints and processes over 7 million digital transactions daily..

Source : Business Standard