Hitachi Payment Services , a subsidiary company of Hitachi Limited of Japan has launched India’s first ever UPI-ATM in collaboration with National Payment Corporation of India (NPCI). The Hitachi ATM (Automated Teller Machine) named Hitachi Money Spot UPI ATM is a White Label ATM (WLA).
The ATM will offer cardless cash withdrawal and there will be no need to use ATM cards and PIN. Money can be withdrawn from such a type of ATM using the Unified Payment Interface (UPI) app.
The customer needs to have an Android smartphone with a UPI app installed. The UPI app needs to be linked with the customer's bank account. The customer has to select the ‘UPI cash withdrawal’ option in the ATM and scan the QR (Quick Response) code displayed on the screen of the ATM.After authentication by the bank in which the customer has a bank account the customer can withdraw the money .
White Label ATM is considered as another bank ATM for a bank customer and the daily cash withdrawal limit is Rs 10,000.
Automated Teller Machine (ATM) is a computerised machine which provides financial and non financial services to a bank customer. The bank account holder can withdraw or deposit cash in his account or perform non-financial transactions like requesting a cheque book, checking account balance ,payment of bills etc.
The ATM can be accessed through a ATM cum Debit card issued by the banks or through a linked UPI app .
Banks ATM
Banks which are licensed by the Reserve Bank of India can set up their own ATM. It carries the name of the concerned banks and its logo. The operation of the ATM is managed solely by the Bank concerned.
Brown Label ATM
Brown Label ATMs are those ATMs which is setup by a bank in partnership with a company . The partner company will install and own the ATM machines while the cash management and connectivity to the ATM is provided by the banks. The ATM will carry the name and logo of the bank .
Brown ATMs are set up by banks to reduce the cost of setting and operating an ATM machine . In Brown ATM the cost of setting and operating of ATM is shared by the Banks and the company.
White Label ATM (WLAs)
At present there are four White Label ATM operators in India ,licensed by RBI .
Unified Payment Interface (UPI)
The Unified Payment Interface (UPI) has been developed by NPCI and went live in 2016. It is a mobile based 24x7 fast payment system to send and receive funds instantly using a Virtual Payment Address (VPA) set by the user itself.
UPI facilitates immediate money transfer , QR code (scan and pay) based payments, merchant payments, utility bill payments, etc.
National Payments Corporation of India (NPCI)
NPCI Headquarters : Mumbai
Chief Executive Officer : Dilip Asbe