India’s first UPI ATM as a White Label ATM (WLA) was launched on 5 September by Hitachi Payment Services in association with National Payments Corporation of India (NPCI).
- It has been named Hitachi Money Spot UPI ATM.
- The ATM will offer cardless cash withdrawals, eliminating the need for physical cards. A UPI-ATM allows users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app.
- UPI-ATM is accessible to UPI users who have a UPI application installed on their Android or iOS devices.
- Users must have a UPI application installed on either their Android or iOS smartphones to perform transactions.
- The Unified Payments Interface (UPI) has been the fastest-growing payment mode in the country and accounts for more than 50% of digital transaction volumes.
White Label ATMs (WLA)
- ATMs set up, owned and operated by non-banks are called White Label ATMs (WLA). Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).
- In addition to dispensing cash, ATMs / WLAs may offer many other services / facilities to customers.
- Some of such services include: Account Information Cash Deposit Regular Bill Payment Purchase of Re-load Vouchers for Mobiles (not permitted at WLAs) Mini / Short Statement Generation PIN Change.
