India’s first ‘UPI-ATM’ launched by Hitachi Payment Services

India’s first ‘UPI-ATM’ launched by Hitachi Payment Services

Recently Hitachi Payment Services has unveiled India’s first ‘United Payments Interface (UPI) ATM.

White Label ATM (WLA) has been launched by Hitachi Payment Services in collaboration with National Payments Corporation of India (NPCI). It has been named ‘Hitachi Money Spot UPI ATM’. WLAs are owned and operated by non-banking institutions.

UPI-ATM will provide cash withdrawal facility to customers without debit or credit card, which will provide the facility of card-less cash withdrawal. Users can withdraw cash from their different accounts using the ‘UPI’ app. UPI -ATM is accessible to UPI users who have the UPI application installed on their Android or iOS devices.

National Payments Corporation of India (NPCI)

  • This organization operates and manages payment systems in India.
  • It was established in 2008 as a not-for-profit company by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Indian Companies Act, 1956.

Unified Payment Interface (UPI):

  • It is an upgraded version of Instant Payment Service which is a 24/7 money transfer service to make cashless payments faster and easier.
  • In the year 2016, ‘National Payments Corporation of India’ launched UPI with 21 member banks.
  • UPI is the fastest growing payment system in the country and its share in digital transactions is more than 50%.

White Label ATM (WLA)

  • ATMs installed, owned and operated by non-banking institutions are called White Label ATMs (WLA).
  • Non-banking ATM operators are authorized by the Reserve Bank of India (RBI) under the Payment and Settlement Systems Act, 2007.
  • Apart from cash dispensing, these ATMs/WLAs can provide the following other services/facilities to the customers. Such as – account information, cash deposits, regular bill payments.

Source – The Hindu

Download Our App

More Current Affairs

Share with Your Friends

Join Our Whatsapp Group For Daily, Weekly, Monthly Current Affairs Compilations

Related Articles

Youth Destination Facilities