In India, Hitachi Payment Services has announced the introduction of an upgradeable ATM. Anytime now, these ATMs can be updated to become Cash Recycling Machines (CRMs). These ATMs, which are produced as part of the “Made in India” campaign, provide banks with efficiency and flexibility. According to Hitachi Payment Services, this is India’s first ATM that can be upgraded.
Over 76,000 of the 2,64,000 ATMs and CRMs that are presently in use in India are managed by Hitachi. In the next eight years, the business projects that there will be a potential market for about one million upgradeable ATMs.
Machines that recycle cash are upgradeable ATM
These currency recycling machines, also known as CRMs, allow banks to provide 24-hour cash withdrawal and deposit services at their branches. In contrast, banks usually only provide ATMs for cash withdrawal at off-site locations.
Depending on their business demands and the state of the local market, banks will be able to expand their services later on to add cash deposit facilities in offsite locations thanks to the upgradeable ATM, protecting their investment.
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This solution, which offers an effective means of upgrading ATMs to CRM, allows banks to be prepared for changing market demands in the future by eliminating the need for costly replacements and drawn-out installation procedures.
This modern solution is made to allow both UPI-based cash withdrawal and cash deposit, in light of the Reserve Bank of India’s (RBI) recent announcement to permit UPI for cash deposit facility.
“The upgradable ATM is a revolutionary jump forward for the Indian ATM industry, setting new standards in banking automation as it will offer an efficient upgrade path to Cash Recycling Machines while empowering banks to optimize their ATM networks,” said Sumil Vikamsey, managing director and CEO of Cash Business at Hitachi Payment Services.
Hitachi Payment Services hopes that this launch would provide accessibility to a variety of banking services and encourage financial inclusion in areas with low banking penetration.
The company also launched the first-ever UPI ATM for card-free cash withdrawals on the Android platform in September 2023.
