The Hitachi Money Spot UPI ATM promises customers a unified and secure user experience while providing the convenience of card-less cash withdrawals. Furthermore, it aims to drive financial inclusion by facilitating easy access to banking services, particularly in regions where traditional banking infrastructure and card usage are limited.

Leveraging cutting-edge technology, the Hitachi Money Spot UPI ATM offers a seamless digital experience for customers. Hitachi Payment Services has consistently been at the forefront of introducing innovative payment solutions and currently stands as the sole White Label ATM operator to offer Cash Deposit facilities, available at over 3,000 ATM locations.

Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business, Hitachi Payment Services, said, “As India’s leading end-to-end payments and commerce solutions provider, we are happy to launch an industry-first offering in the White Label ATM space with Hitachi Money Spot UPI ATM. This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals. UPI has been the fastest growing payment mode in the country and accounts for more than 50% of digital transaction volumes. The Hitachi Money Spot UPI ATM is a testament to Hitachi Payment Services’ technological capabilities and commitment towards making innovative banking services accessible to citizens across the country.”

Mahesh Patel, Director – Products and Digital Transformation, Hitachi Payment Services, said “We are excited to launch the country’s first-ever UPI ATM on Android platform for our White Label ATM network in association with NPCI. The Hitachi Money Spot UPI ATM is built on Android OS and brings in significant possibilities of transitioning from legacy architecture of transaction processing and ATM management to offering solutions in line with evolving technology. We believe the UPI ATM is a major milestone in the banking landscape.”

National Payments Corporation of India (NPCI), said, “We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the ‘UPI ATM,’ will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in the remote areas of India without the need for a physical card. “

Hitachi Payment Services has been a pioneer in the Indian payment industry, offering a comprehensive range of payment solutions, including ATM Services, Cash Recycling Machines, White Label ATMs, POS Solutions, Toll & Transit Solutions, Payment Gateway Solutions, and innovative offerings like SoftPOS, POS Value Added Services, and next-gen mobile-based merchant platforms that enable end-to-end services. The company remains dedicated to delivering exceptional customer experiences and promoting financial inclusion throughout India.

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An indispensable tool for 1.2 Million users in the European Union, Stockholm-based, Gimi (www.gimitheapp.com) – the free-to-use Neobank that helps kids learn how to earn, save, and manage money – is now available in India. Launched in Scandinavia in 2015, the app has been developed using scientific methods in order to prepare young people (aged seven and over) for life’s financial challenges.

“The Indian education system is known to be among the most competitive and high pressure academic setups in the world. For a country that seems to place a lot of emphasis on education, the concept of financial education and financial literacy is surprisingly still an alien concept. As the country rides a digital wave that has seen India become the second largest online market in the world (560 million internet users), home to one of the fastest growing digital payment ecosystems in the world and has 37% of its population below the age of 24, awareness around financial literacy is the need of the hour.” Said, Rohit Ramachandran, Co-Founder & CEO, Gimi India.

Siddarth Padmanabhan, Co-Founder & CRO, Gimi India, further adds, “We aspire for Gimi, as a digital banking application, to act as every Indian child’s first bank account. Through the medium of a teenager friendly smartphone application, kids will be introduced to the concept of digital payments, saving, and investing. We are confident of achieving this by rolling out two versions of the application – a parent’s version (used to configure the kid’s version and maintain oversight over the kid’s financial transactions) and a kid’s version (which will act as a full-fledged payments application). The kid’s payment experience will be backed with a prepaid card and the application will support India specific payment channels like UPI.”

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The panel out forth varied views including how the global Real-Time Payments market size is projected to grow at a CAGR of 16.6% during 2021-2026 with over half a trillion real-time payments transactions to be processed over the next five years. Faster Payments Service in the UK, UPI in India, NPP in Australia, and TCH-RTP in the U.S. are live examples of Real Time Payments globally and some of these regions have witnessed a meteoric growth. In the last six months, financial institutions have turned to digital technology to deliver the value of Real-Time Payments.

Industry experts comprised Reed Luhtanen (Executive Director-US Faster Payments Council); Sony Aravind (Head-Digital Banking-South Indian Bank); Mitesh Agarwal (Customer Engineering Director- Google Cloud) and Mr. Sanjay Desai (Executive Vice President IT- HDFC Bank). Strategic inputs from leaders included in-depth granular understanding of The Growth Levers of the Digital Ecosystem : Banks, Fintechs & Social Payments.

Mindgate has been working with clients globally to keep pace and grow in the Real Time Payments segment. Our panel attempts to bring all the relevant players together to share their thoughts on this topic of relevance. According to George Sam, Co-Founder and Business Head at Mindgate Solutions, “Mindgate’s passion is to build new generation Digital & Real-Time payments platforms, through SIBOS 2020 we were able to showcase our solutions to various global industry players.”

Link to the conference: https://www.mindgate.in/sibos-2020/

About Mindgate:

Mindgate Solutions has been in the forefront of the payments revolution from its inception, an outlook which has made it a key global player in payments technology and transaction processing. From building new generation payment gateways to mobile-based collections and payments platforms like RTP & UPI, Mindgate has been the true leader in the space. At Mindgate we help our clients redraw the payment landscape through a value proposition of large scale, social payments, responsive to market demand and reduced cost of ownership. The outcome is a well-defined approach that propels their organization to acquire a significant market share of the digital transaction ecosystem.

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