Hitachi Payment Services launches UPI-ATM

Tuesday 5 September 2023 14:58 CET | News

India-based Hitachi Payment Services in association with NPCI has launched UPI-ATM as a White Label ATM (WLA) to offer secure cardless cash withdrawals. 

The UPI-only White Label ATM can enhance customer security by eliminating the need for physical cards. Moreover, it will enhance financial inclusion by facilitating access to banking services in regions where traditional banking infrastructure and card penetration is reduced. The service delivers a seamless digital experience for customers and can be accessed at approximately 3,000 ATM locations.

India-based Hitachi Payment Services in association with NPCI has launched UPI-ATM as a White Label ATM (WLA) to offer secure cardless cash withdrawals.

The UPI ATM provides bank customers with QR-based UPI cash withdrawals and, according to officials, UPI has been the fastest-growing payment method in the country, accounting for more than 50% of digital transaction volumes. The service is built on Android OS and enables transitioning from the legacy architecture of transaction processing and ATM management to solutions that follow the current technologies. 

Cardless cash withdrawals in India

A Unified Payments Interface (UPI) has been developed by the National Payments Corporation of India (NPCI), with the Reserve Bank of India (RBI) overseeing its operations. UPI connects all bank accounts to the user’s smartphone enabling easy transactions through a single window real-time payment system.

The RBI announced in April 2022 the introduction of cardless cash withdrawals at ATMs, bringing the country under a UPI. With this, users can transact and pay without the need to deal with cash, therefore making payments more accessible and customer-friendly. During the COVID-19 pandemic, UPI transactions have seen a surge, therefore enhancing the development of a cashless landscape and becoming the most popular payment method in India.

In the fiscal year of 2022, around 94.3% of the UPI transactions have been completed via PhonePe, Google Pay, and Paytm. PhonePe held 46% of the UPI usage in India, followed by Google Pay with 34%. By 2026, UPI transactions are expected to increase from 20% of all retail payments to 65%, and the total value will reach USD 10 trillion, compared to USD 3 million in 2022. 

About Hitachi Payment Services and NPCI

Hitachi Payment Services is an integrated payment solutions provider that offers financial institutions, payment aggregators, and fintechs a comprehensive variety of end-to-end payment services focused on security and reliability. The company has approximately 65,500 ATMs in India and 9,500 White Label ATMs under management.

NPCI has been operating since 2008 as an umbrella organisation for retail payments and settlement systems in India. Moreover, the company offers an array of retail payment products, including RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag), and Bharat BillPay.

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Keywords: UPI, cashless, payments , digital payments, product launch
Categories: Payments & Commerce
Companies: Hitachi, NPCI
Countries: India
This article is part of category

Payments & Commerce




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