RapiPay aims to deploy 5 lakh Micro ATMs over next 2 years
RapiPay, India’s fastest-growing fintech company that uses a franchised retail network to provide Banking Business Correspondents (BCs) services to customers, has launched Micro ATMs (mATMs) pan India. The company, which is the Fintech subsidiary of Capital India Finance Limited (CIFL), firmly believes that for ATM cash withdrawals, Micro ATMs are a game-changer for Indian consumers, especially the marginalized population located in Tier 2, 3 towns and rural India.
Moreover, RapiPay’s BC model plays a strong role in building an ‘Atmanirbhar Bharat’ by providing self-employment opportunities to Lakhs of Indian retailers.
Yogendra Kashyap, MD & CEO, RapiPay, said, “We are delighted to share that our Micro ATMs have received a tremendous response from the market and we have been able to install over 25,000 devices within a month of its launch. RapiPay Micro ATMs are revolutionary in comparison to the conventional ATM machines and offer utmost ease to the consumers enabling them to withdraw cash and do other similar banking activities at any RapiPay Saathi store without having to travel kilometres in search of an ATM.”
“Availability of Micro ATMs, AePS and other services such as money transfer, bill & tax payments, etc with a neighbouring shopkeeper is a big saviour for consumers looking for banking & payment services in their neighbourhood,” he further stated.
India being in the high-cash economy regions, millions of transactions are already happening via Micro ATMs, whether it’s through Aadhar Enabled Payment System (AePS) or through Micro ATM devices. Micro ATMs were instrumental in facilitating cash withdrawals during the current pandemic, especially for withdrawal of the Government’s disbursement of Rs 1.75 lakh crore into Jan Dhan accounts of workers, labours, farmers, etc. who were out of work and needed cash.
A recent data by RBI reveals that of the 2.2 Lakhs ATMs in the country, only 19% of ATMs have been deployed in rural areas where 62% of the Indian population resides. Besides the low penetration in rural areas, the total number of ATMs is also declining year on year. Thus, there is growing demand and higher penetration for micro ATMs to reach the last-mile of the country and address the problems faced by the rural population in fulfilling their cash withdrawal requirement.
RapiPay Micro ATMs are extremely handy and can be easily connected with the RapiPay Agent App, used by all RapiPay Saathis across India. RapiPay holds a PPI (Pre-Paid Instrument) License from RBI and it’s completely secure and reliable for both agents and end customers.