Hitachi Payment Services has created the country’s first Android-Based Cash Recycling Machine (CRM) ATM in collaboration with the National Payments Corporation of India (NPCI). The Android-based CRM was launched during the Global Fintech Festival 2024. It is capable of functioning not just like an ordinary ATM but like an entire bank branch. The Android-based cash recycling machine is equipped with facilities like applications for Home Loans, credit cards and investments in FD. It is set to be available soon.
According to RBI, Android-based CRM will be able to work as a digital banking unit. A digital banking unit is a specialised fixed point business unit/hub that delivers digital banking products and services coupled with existing financial products and services. It is in a self-service mode. Banking customers can avail a wide range of banking and non-banking services through this ATM. Some of the key features include QR-based UPI cash withdrawal and deposit, account opening, credit card issuance, personal loans, insurance services, MSME loans and FASTag application and recharge.
The Android-based CRM introduces a QR-based UPI cash deposit feature in India. It will allow the customers to make cashless deposits into their own or other bank accounts around the clock. The Android-based CRM will help in providing easy access to bank services in remote areas. Various banking facilities will be available through a single touchpoint. It will also increase the security of the customers as they won’t need a physical card to withdraw cash. It will be available 24/7.
Sumil Vikamsey, Managing Director & Chief Executive Officer- Cash Business, Hitachi Payment Services, emphasised the transformative impact of this new technology, stating, “This innovation will play a pivotal role in digitalising banking services and expanding access across India, transforming self-service banking touchpoints into essential hubs for financial engagement.”
The spokesperson from NPCI highlighted the significance of integrating comprehensive banking services onto a single platform. The UPI-based withdrawal and deposit through Android-based CRM will enhance the adoption of digital banking services, especially in remote areas. It will also contribute to the growth of ATM channels across the country.
As per the report of Mint, Hitachi manages over 76,000 out of 2,64,000 ATMs/CRMs currently operational in India.
Comments
0 comment