At any time, the Upgradable ATM can be converted into a highly effective Cash Recycling Machine (CRM). These new Upgradable ATMs, which are produced as part of the Made in India campaign, allow banks greater flexibility and efficiency.

In India, Hitachi Payment Services is in charge of more than 76,000 of the 2,64,000 ATMs and CRMs that are presently in use. In the next eight years, the business projects that there could be a market for about one million upgradeable ATMs. Banks now use CRMs to provide 24 hour cash withdrawal and cash deposit services at their branches; at off-site (non-branch) locations, however, they mostly use ATMs to provide 24 hour cash withdrawal services.With the help of the upgradeable ATM, banks will be able to protect their investment and, at a later time, expand their offerings to include cash deposit facilities at off-site locations, contingent upon their business requirements and regional market conditions.

This new service offers an effective approach to upgrade ATMs to CRM, removing the need for costly replacements and time-consuming installation procedures while helping banks to be prepared for changing market demands in the future. The company supports the Reserve Bank of India's (RBI) recent pronouncement of monetary policy, which allows UPI for cash deposit facilities. This is because its state-of-the-art system is built to facilitate UPI-based cash withdrawal and deposit.

"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," stated Mr. Sumil Vikamsey, Managing Director & CEO - Cash Business. The Upgradable ATM represents a significant advancement for the ATM sector in India, establishing new benchmarks for banking automation by providing an effective upgrade path for Cash Recycling Machines and enabling banks to enhance their ATM networks.

Hitachi Payment Services hopes to provide accessibility to a variety of banking services with this launch, encouraging financial inclusion particularly in places where banking penetration is low.The company also unveiled the world's first UPI ATM for cardless cash withdrawals on the Android platform in September 2023.

Offering a wide range of payment solutions, including ATM services, cash recycling machines, white label ATMs, POS solutions, payment gateway solutions, toll and transit solutions, as well as cutting-edge options like UPI solutions, SoftPOS, value-added services, AI & ML-based solutions, next-generation mobile based merchant platforms, and UPI ATM on Android platform, Hitachi Payment Services is a pioneer in the Indian payment industry. The organization is dedicated to providing outstanding client experiences and promoting financial inclusion in India.