Hitachi Payment Services announces launch of upgradable ATM; check details

Hitachi Payment Services, one of the leading names in payments and commerce solutions, announced on Thursday, April 24, the launch of the "country’s first upgradable ATM."

The company said that the upgradable ATM can be transformed into a high-performance cash recycling machine (CRM) at any point in time. "Manufactured under the Make in India initiative, these new upgradable ATMs provide more flexibility and efficiency to banks," the press release said.

Hitachi Payment Services estimates a potential market of around 1,00,000 upgradable ATMs in the next eight years. Today banks offer 24 X 7 cash withdrawal and cash deposit services at their branches through CRMs, while at offsite (non-branch) locations, banks mostly offer only 24 X 7 cash withdrawal services through ATMs.

The upgradable ATM will allow banks to safeguard their investment and expand their services to include cash deposit facilities at offsite locations later, based on their business needs and local market conditions, the company added.

Commenting on it, Sumil Vikamsey, Managing Director & CEO of 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 optimise their ATM networks, the CEO added.