New upgradable ATMs to be introduced soon; details here

Out of the existent 2,64,000 ATMs/CRMs presently operational successful India, Hitachi manages implicit 76,000. The institution estimates a imaginable marketplace of astir 1,00,000 upgradable ATMs successful the adjacent 8 years. 

ALSO READ: PNB ATM fraud: Victim wins lawsuit against PNB aft 10 years. What to bash erstwhile you suffer wealth successful a teller machine?

Cash recycling machines

Currently banks connection round-the-clock currency withdrawal and currency deposit services astatine their branches done these currency recycling machines (or CRMs), portion astatine offsite locations, banks typically connection lone 24 X 7 currency withdrawal services done ATMs. 

The upgradable ATM volition let banks to safeguard their concern and grow their services to see currency deposit installation astatine offsite locations, astatine a aboriginal stage, based connected their concern needs and section marketplace conditions. 

Offering an businesslike mode to upgrade ATM to CRM, this offering removes the request for costly replacements and lengthy installation processes portion enabling banks to beryllium future-ready for evolving marketplace requirements. 

In presumption of the caller announcement by Reserve Bank of India (RBI) to enable UPI for currency deposit facility, this new-age solution is designed to enactment UPI based currency withdrawal and currency deposit arsenic well. 

ALSO READ: Cardless currency deposits via UPI apps: Everything you whitethorn privation to know

Sumil Vikamsey, managing manager and CEO, Cash Business, Hitachi Payment Services, said, “The upgradable ATM is simply a revolutionary leap guardant for the Indian ATM industry, mounting caller standards successful banking automation arsenic it volition connection an businesslike upgrade way to Cash Recycling Machines portion empowering banks to optimise their ATM networks."

With this launch, Hitachi Payment Services aims to summation entree to a wide scope of banking work and beforehand fiscal inclusion successful the areas which person debased banking penetration. 

In September 2023, the institution besides rolled retired the first-of-its-kind UPI ATM connected Android level for card-less currency withdrawals.

Unlock a satellite of Benefits! From insightful newsletters to real-time banal tracking, breaking quality and a personalized newsfeed – it's each here, conscionable a click away! Login Now!

Published: 28 Apr 2024, 09:28 AM IST