How will the country's first UPI ATM protect against card skimming and fraudsters? - Newztezz Online


Wednesday, September 6, 2023

How will the country's first UPI ATM protect against card skimming and fraudsters?

The country's first UPI ATM has arrived. Which will work to protect the people of the country from card skimming and fraudsters. It has been prepared by Hitachi Payment Services in collaboration with National Payments Corporation of India. Let's know about its benefits.

India is making a lot of progress in the fintech sector in recent years. There are many reasons due to which India is considered to be at the forefront of this industry at the global level. Now the name of white-label UPI ATM has also been added to this list. Which has been designed for cardless cash withdrawal i.e. the facility to withdraw money without card. Let us also give you detailed information about this ATM and tell about its benefits.

Who is the brain behind this ATM?

Hitachi Payment Services, in collaboration with National Payments Corporation of India (NPCI), comes up with this new innovation to completely eliminate the risk of card skimming by fraudsters and enable safe and secure transactions Can go.

How does one eliminate the risk of card skimming?

Cardless cash withdrawal can help eliminate the risk of card skimming as it does not involve the physical use of a debit or credit card at an ATM. Card skimming is a type of fraud where criminals plant devices on an ATM or point-of-sale terminal to capture card information, including the card number and PIN, when customers insert their card.

How is the benefit?

1. The company emphasized that its state-of-the-art Money Spot UPI ATM is aimed at taking banking services to those with limited access to traditional banking infrastructure and cards, reports TOI.

2. UPI ATM is built on the Android operating system, which opens up advanced solutions with technology developed from legacy transaction processing and ATM management systems.

3. Hitachi Payment Services is the only white label ATM operator providing cardless cash at more than 3,000 ATM locations.

4. Sumil Vikamsi, MD and CEO of Hitachi Payment Services' cash business, highlighted the importance of UPI as the country's fastest growing payment mode, which accounts for more than 50 per cent of digital transaction volumes, reported TOI.

5. Hitachi Payment Services provides services like ATM services, cash recycling machines, white label ATMs, POS solutions, toll and transit solutions and payment gateway solutions.

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