Mumbai: Hitachi Payment Services has introduced India’s inaugural Upgradable ATM, a pioneering innovation that can seamlessly transition into a high-performance Cash Recycling Machine (CRM) whenever necessary. These Upgradable ATMs, part of the Make in India initiative, afford banks greater flexibility and efficiency. Currently overseeing 76,000 of India’s 264,000 ATMs/CRMs, Hitachi Payment Services anticipates a potential market for approximately 100,000 Upgradable ATMs over the next eight years.

Traditionally, banks offer round-the-clock cash withdrawal and deposit services via CRMs at their branches, while offsite locations typically provide only 24/7 cash withdrawal through ATMs. The introduction of the Upgradable ATM enables banks to protect their investments and, in due course, expand services to include cash deposit facilities at offsite locations, aligning with business needs and local market dynamics.

This innovative solution streamlines the process of upgrading ATMs to CRMs, obviating the need for costly replacements and protracted installation procedures, while positioning banks to meet evolving market demands. Moreover, Hitachi Payment Services is in sync with the Reserve Bank of India’s recent monetary policy announcement enabling UPI for cash deposit facilities. Their forward-thinking approach supports UPI-based cash withdrawal and deposits, ensuring readiness for the digital era.

Sumil Vikamsey, Managing Director & CEO – Cash Business, Hitachi Payment Services, said “At Hitachi Payment Services, we have always aimed to bring revolutionary banking services to the ecosystem, elevating the banking experience for customers and streamlining operations for banks. The Upgradable ATM is a revolutionary leap 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.”