Hitachi Payment Services said they launched India’s first Android-based cash recycling machine in association with the National Payments Corporation of India (NPCI) in the Global Fintech Festival 2024. The cash recycling machine also functions as a digital banking unit that provides one-stop services for your various banking needs. What is the Android-based cash recycling machine? How will it ease your banking experience? Read here to find out.
Android-based cash recycling machine: All you want to know
The Android-based cash recycling machine will also work as a digital banking unit. A digital banking unit is “a specialised fixed point business unit/hub housing certain minimum digital infrastructure for delivering digital banking products and services as well as servicing existing financial products & services digitally, in both self-service and assisted mode,” according to the Reserve Bank of India (RBI).
What are the services that you can avail of through an Android-based cash recycling machine?
Consumers can avail of a wide range of banking and non-banking services through the Android-based cash recycling machine that functions as a digital banking unit, including QR-based UPI cash withdrawal and cash deposit, account opening, credit card issuance, personal loans, insurance, MSME loans, FASTag application and recharge to name a few, said Hitachi Payment Services. Built on the Android platform, it offers hardware and software flexibility, enabling a wide array of services and empowering banks to create a customised digital banking environment for their customers, the company added.
How will Android-based cash recycling machines help common people
The Android-based cash recycling machine is set to make banking easier for common people in several ways:
1) Expand access to banking services: The Android-based CRM extends banking services to remote areas, driving financial inclusion and allowing banks to serve customers more effectively regardless of location.
2)Enhances convenience and security: By offering a wide range of services through a single touchpoint and enhancing customer security by eliminating the need for physical cards, placing more control in the hands of the customer.
3)Provides 24/7 availability: The Android-based cash recycling machine is available 24X7, providing customers with the flexibility to conduct transactions at their convenience.
Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar said at Global Fintech Festival 2024, “ATM machines with open architecture can host bank apps positioning them as DBUs offering cash deposits, withdrawals and other banking services such as opening bank accounts, applying for credit cards, initiate fixed deposits, applying for safe deposit lockers, etc.”
Commenting on Android-based cash recycling machines, NPCI spokesperson said, “By integrating comprehensive banking services onto a single platform, the Android-based cash recycling machine, which functions as a digital banking unit, can make it easier for banks to deliver convenient and secure digital services to their customers, even in remote areas. We believe that UPI-based cash withdrawal and deposit functionality, and Android-based Cash Recycling Machines can further boost the adoption of banking services and contribute significantly to the growth of ATM channels in the country.”
Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business, Hitachi Payment Services says, “Ushering in a new era of banking technology, it will play a pivotal role in digitalising banking services and expanding access to such services across India. As we continue to bridge the gap between traditional and digital banking, we believe that the Android-Based Cash Recycling Machine will transform self-service banking touchpoints into essential hubs for financial engagement, driving financial inclusion and allowing banks to extend their reach and serve customers more effectively, regardless of their location.”
Where can you find an Android-based cash recycling machine?
Banks are yet to roll out this Android-based cash recycling machine.
Hitachi Payment Services said, “The Android-based cash recycling machine can be deployed at self-service banking touchpoints beyond traditional bank branches. By focusing on non-branch locations this advanced solution significantly expands access to banking services in unserved and underserved areas.”
It empowers customers to perform various transactions conveniently and securely, anytime and anywhere, enhancing the banking experience, it added.