Android-based cash recycling machine: Everything you want to know
The Android-based cash recycling machine will also function as a digital banking unit. A digital banking unit is “a specialized fixed business unit/centre that houses certain minimum digital infrastructure to offer digital banking products and services as well as to service existing financial products and services digitally, both in self-service and assisted mode,” according to the Reserve Bank of India (RBI).
What are the services you can avail through an Android-based cash recycling machine?
Consumers can access 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, SME loans, FASTag application and recharge, to name a few, Hitachi Payment Services said. Built on the Android platform, it offers hardware and software flexibility, enabling a wide range of services and allowing banks to create a customized 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 designed to make banking easier for ordinary people in several ways:
1) Expand access to banking services: Android-based CRM extends banking services to remote areas, driving financial inclusion and enabling banks to serve customers more effectively regardless of their location.
2)Improve comfort and safety: By offering a wide range of services through a single point of contact and improving 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 24/7, giving customers the flexibility to transact whenever they want.
Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar said at the Global Fintech Festival 2024: “ATMs with open architecture can host banking applications that position them as digital business units offering cash deposits, withdrawals and other banking services like opening bank accounts, applying for credit cards, initiating fixed deposits, applying for safe deposit boxes, etc.”
Commenting on the Android-based cash recycling machines, NPCI spokesperson said, “By integrating end-to-end banking services on a single platform, the Android-based cash recycling machine, which functions as a digital banking unit, can facilitate banks in providing 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 and CEO, Cash Division, Hitachi Payment Services, said, “This machine, which marks the beginning of a new era in banking technology, will play a pivotal role in digitizing banking services and expanding access to such services across India. As we continue to bridge the gap between traditional and digital banking, we believe the Android-based cash recycling machine will transform self-service banking touchpoints into essential hubs for financial engagement, driving financial inclusion and enabling banks to expand their reach and serve customers more effectively, regardless of their location.”
Where can I find an Android based cash recycling machine?
Banks are yet to launch 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 underserved or unserved areas.”
It allows customers to carry out various transactions conveniently and securely, anytime and anywhere, improving the banking experience, he added.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.