According to Bank of Baroda's statement, they are the first public sector bank in the country to launch the UPI ATM service in coordination with the National Payments Corporation of India (NPCI).
Cardless Cash" is now a reality with the launch of UPI ATMs by Hitachi in India, allowing users to withdraw money using their UPI ID instead of a debit card.
White label ATMs are private machines that are owned and operated by non-bank entities but plugged into the banking network. (Representative image)
MUMBAI: Hitachi Payment Services has set up 1,000 white label ATMs in the last five months as the dash to cash during the pandemic is increasing demand for currency notes despite the rise in digital payments. White label ATMs are private machines that are owned and operated by non-bank entities but plugged into the banking network.
According to RBI data, currency in circulation had risen to Rs 27.4 lakh crore by February 12 this year from Rs 23.5 lakh crore as of March 2020. Monthly ATM withdrawals had gone up to more than Rs 3 lakh crore in December from Rs 2.7 lakh crore in March 2020. The average value of the transaction increased to nearly Rs 5,200 in December.
“Cash is king, but digital is divine.” This is how the Reserve Bank of India (RBI) describes India’s financial model in its latest assessment, thus acknowledging the growing power of both cash and digital payments in the nation.