Hitachi Payment Services, in collaboration with the National Payments Corporation of India (NPCI), has developed a unique ATM. This is India’s first ATM that operates on an Android operating system. It’s not just an ATM; it’s capable of functioning as an entire bank branch. Until now, you’ve used ATMs mainly for withdrawing and depositing cash. But this new ATM will allow you to open a bank account, apply for a credit card, and even take out a loan. Let’s understand how this Android-based ATM is set to change your banking experience.
Launched at the Global Fintech Festival
Hitachi Payment Services launched this ATM during the Global Fintech Festival 2024 in partnership with NPCI. It will function as a Digital Banking Unit, according to the Reserve Bank of India (RBI). This machine will make financial products and services easily accessible to people, eliminating the need to visit a bank branch.
Banks Can Provide Services Without Opening Branches
Through this ATM, you’ll be able to access both banking and non-banking services. Hitachi Payment Services mentioned that you can perform QR-based UPI cash deposits and withdrawals. You can also open an account, apply for credit cards, personal loans, insurance, MSME loans, locker applications, FASTag recharge, and more. Since it operates on an Android platform, its hardware and software can be easily updated to introduce new services.
Benefits for the Common Man
This ATM will make your life easier. If installed in rural areas, people won’t need to visit a bank branch. It will also eliminate the need to carry cards. This machine can serve as a bank branch available 24/7. You can take care of your daily work during the day and use banking services in the evening. RBI Deputy Governor T. Rabi Sankar stated that this machine will also simplify the work of banks. In areas without bank branches, these machines can be installed to benefit the local population.
