ATM Operators Push for Rs 2 Interchange Fee Hike Amid Viability Concerns
Hitachi Payment Services has unveiled new upgradable ATMs in India, allowing banks to adapt their machines into Cash Recycling Machines (CRMs) as per evolving needs. Manufactured under the ‘Make in India’ initiative, these ATMs offer flexibility and efficiency to banks, potentially revolutionizing the Indian ATM industry.
These upgradable ATMs enable banks to safeguard their investments and expand services, including cash deposit facilities, based on business needs and market conditions. They eliminate the need for expensive replacements and lengthy installations, ensuring banks are future-ready for changing market requirements.
In response to recent Reserve Bank of India (RBI) announcements enabling UPI for cash deposit, these ATMs are designed to support UPI-based cash withdrawal and deposit services. This innovation aligns with Hitachi Payment Services’ commitment to advancing banking automation and promoting financial inclusion.
Hitachi Payment Services anticipates significant growth in the upgradable ATM market, estimating a potential of around 100,000 units over the next eight years. By providing efficient upgrade paths and innovative solutions like UPI-enabled ATMs, the company aims to enhance banking accessibility and drive financial inclusion across regions with low banking penetration.
In addition to upgradable ATMs, Hitachi Payment Services previously introduced the first-of-its-kind UPI ATM on the Android platform for card-less cash withdrawals in September 2023.
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