Hitachi announces India's first upgradeable ATM: How it works

Hitachi announces India's first upgradeable ATM: How it works
28 Apr 2024

Hitachi Payment Services has announced a new line of upgradeable Automated Teller Machines (ATMs) in India.

These state-of-the-art machines can be transformed into Cash Recycling Machines (CRMs) at any given time, offering banks a flexible and efficient solution depending on their needs and local market conditions.

Manufactured under the 'Make in India' initiative, Hitachi claims this to be the country's first upgradeable ATM.

Currently, the company manages over 76,000 of the total 2,64,000 ATMs/CRMs operating across India.

One lakh upgradeable ATMs in next 8 years
Market forecast

Hitachi foresees a potential market of approximately 1,00,000 upgradeable ATMs in India over the next eight years.

These innovative machines will allow banks to safeguard their investments and expand their services, to include cash deposit facilities at offsite locations.

The upgradeable ATM is an effective solution for transitioning from an ATM to a CRM without the need for expensive replacements, or lengthy installation procedures while allowing banks to prepare for future market demands.

'Latest ATMs set new standards in banking automation'
Industry impact

Sumil Vikamsey, Managing Director and CEO of Cash Business at Hitachi Payment Services, hailed the launch as a "revolutionary leap forward for the Indian ATM industry."

He further stated that it, "sets 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."

The new machines are designed to accommodate UPI-based cash withdrawal and deposit, following a recent directive by the Reserve Bank of India (RBI).