Hitachi recently unveiled its Money Spot UPI ATM, which allows customers to make cardless withdrawals using a United Payments Interface app.
Under the banner of Hitachi Payment Services, the solution is set to allow consumers to to withdraw cash without using a debit or credit card, according to a report from the 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, spoke enthusiastically about the innovative project. He said: “”The UPI-ATM is simple to use, secure and effortless.
“Cardless cash withdrawals are based on mobile and OTP while the UPI ATM is based in QR based UPI cash withdrawals.”
At present, several banks offer the facility of cardless cash withdrawals. UPI-ATM offers you the same convenience of cardless cash withdrawal. When probed regarding how UPI-ATM will be different from cardless cash withdrawal, Vikamsey, added, “Cardless cash withdrawals are based on mobile and OTP while the UPI ATM is based in QR based UPI cash withdrawals.”
The service is set to be rolled out in the coming months, according to the announcement, which took place at Global Fintech Fest 2023 in Mumbai.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
