Innovation

Hitachi intros UPI ATM for cardless withdraw

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September 8, 2023

Hitachi Payment Services, a subsidiary of Hitachi, recently unveiled its Money Spot UPI ATM, which allows customers to make cardless withdrawals using a United Payments Interface app, according to a report by Economic Times.

In order to use the ATM, the customer will enter the amount of money they want, then they will be prompted to scan a QR code with any UPI app. From there, they need to enter their PIN number on their mobile device and the ATM will dispense the cash.

Sumil Vikamsey, managing director and CEO of cash business at Hitachi Payment Services, said that this concept will offer access to cash in remote regions of India by eliminating the need for a physical card.

"The UPI-ATM is simple to use, secure and effortless," Vikamsey said in the report. "Cardless cash withdrawals are based on mobile and OTP while the UPI ATM is based in QR based UPI cash withdrawals."

This ATM also aims to eliminate the risk from card skimmers since it is cardless. Vikamsey said that Hitachi will start rolling out these ATMs in the coming months.