CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Hitachi Payment Services has introduced new upgradable ATMs in India, allowing banks to convert existing machines into Cash Recycling Machines (CRMs) based on changing requirements. These ATMs, manufactured under the 'Make in India' initiative, provide banks with flexibility and efficiency, with the potential to revolutionize the Indian ATM market.
ATMs With Upgradeable Features
These upgradeable ATMs enable banks to protect their investments while expanding services, such as cash deposit capabilities, in response to business needs and market conditions. They eliminate the need for costly replacements and long installs, ensuring banks are future-ready to meet shifting market demands.
Support For UPI Integration
These ATMs are meant to support UPI-based cash withdrawal and deposit services, in response to recent Reserve Bank of India (RBI) announcements allowing UPI for cash deposits. This invention is consistent with Hitachi Payment Services' mission to advance banking automation and promote financial inclusion.
Future Prospects
Hitachi Payment Services expects strong growth in the upgradable ATM sector, with a potential of 100,000 machines over the next eight years. By offering easy upgrade pathways and innovative solutions such as UPI-enabled ATMs, the company hopes to improve banking accessibility and boost financial inclusion in low-banking-penetration regions.
Previous Innovations
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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