Hitachi Payment Services , a player in India's payments and commerce sector, has unveiled the country's first Upgradable ATM. This innovation allows for the transformation of conventional ATMs into high-performance Cash Recycling Machines (CRMs) whenever necessary.

Manufactured as part of the Make in India initiative, these Upgradable ATMs offer increased flexibility and efficiency to banks. Currently managing over 76,000 out of the total 264,000 ATMs/CRMs operational in India, Hitachi Payment Services anticipates a potential market for approximately 100,000 Upgradable ATMs over the next eight years. These Upgradable ATMs enable banks to extend their services beyond mere cash withdrawal to include cash deposit facilities at offsite locations, adapting to evolving market demands and business needs.

By providing a cost-effective pathway to upgrade ATMs to CRMs, this innovative solution eliminates the need for expensive replacements and protracted installation processes. It also aligns with the recent monetary policy directive by the Reserve Bank of India (RBI) to facilitate UPI-based cash deposit services. Representatives of Hitachi Payment Services emphasized the company's commitment to revolutionizing banking services in India.

He highlighted the Upgradable ATM as a significant advancement in banking automation, offering a seamless transition to Cash Recycling Machines while empowering banks to optimize their ATM networks. Hitachi Payment Services aims to enhance access to banking services, particularly in underbanked areas, with this launch. In September 2023, the company introduced the first-of-its-kind UPI ATM on the Android platform for card-less cash withdrawals.

Renowned for its comprehensive range of payment solutions, Hitachi Payment Services offers ATM services, Cash Recycling Machines, White Label ATMs, POS solutions, Payment Gateway Solutions, Toll & Transit Solutions, and innovative offerings such as UPI Solutions, SoftPOS, Value Added Services, AI & ML-based solutions, next-gen mobile-based merchant platforms, and UPI ATM on the Android platform. The company is dedicated to delivering exceptional customer experiences and fostering financial inclusion across India. .