Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Industry News

| More

Micro ATM is a game changer in India - Says RapiPay

Posted On: 2020-09-08 05:25:38 (Time Zone: Arizona, USA)


RapiPay, India's fastest-growing fintech company that uses a franchised retail network to provide Banking Business Correspondents (BCs) services to customers has recently 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.

On the launch of this new service, Mr. 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 offers 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 & taxes payments etc with a neighbouring shopkeeper is a big saviour for consumers looking for banking & payment services in their neighbourhood" added Mr. Kashyap.

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 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% 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.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Aluminium Industry reiterates urgency for 5% RoDTEP rate for economic sustainability

Cold chain logistics expected to grow by over 20% CAGR by 2025: JLL

Emerging trends in the consumer durables industry in the 'new normal' - Parag Kulkarni, MD, A. O. Smith India

Five Years of RERA have been transformational for the Realty Industry

Fino Payments Bank goes live with enhanced deposit limit of ₹2 lakh

Ageas Federal Life Insurance launches Saral Pension

Manipal Hosptials completes the acquisition of 100% stake in Columbia Asia Hospitals in India

Leading EV manufacturer Komaki Creates New Battery Technology that boasts of a blistering 220+ km range

Government of Odisha approves 9 new industrial projects worth INR 2570.54 Crore at the 100th SLSWCA meet

SIAM hosts 12th Lecture Series on Hybrid and Electric Vehicles in India: Development, Testing & Homologation

Top 5 Startups Fueling Innovative Financial Inclusion Solutions in India

Tech Trends that will Rule the Gaming Industry in 2021

LIC's Branding Rights of Andheri Metro Station, campaign executed by Times OOH

Bharat Biotech to expand COVAXIN® capacity to support vaccination campaigns in India and Worldwide

Lowering age to 18 yrs for vaccination, decisive step to restore confidence, says ASSOCHAM

Home Credit Partners with SEWA Bharat to restore livelihoods of nano entrepreneurs

Ascendas India Trust secures maiden S$100 million sustainability-linked loan from UOB

Noida International Airport begins the pre-qualification process for airport development and construction tender

Fractional ownership providing boost to Commercial Real Estate

Bharti AXA Life Insurance establishes bancassurance partnership with Fincare Small Finance Bank

NCR witness 111% jump in new launches

Pitstop raises USD 3.5 million in pre-series B funding led by Ventureast

CPAI urges Maharashtra govt to classify stock broking under essential services amid new COVID-19 curbs

BYJU'S to acquire Aakash Educational Services Limited through a strategic merger

Shriram Life Insurance introduces settlement of claims within 12 hours

Ascendas India Trust to invest in a forward purchase acquisition of 1.65 million square feet of an IT Park at Hebbal, Bangalore

JICA signs loan agreement for JPY 10 billion with TCCL for Climate Change Management Project in India

Arcil appoints Mr. Pallav Mohapatra as Chief Executive Officer & Managing Director

Home Credit strengthens its Insurance Portfolio

Yamuna International Airport's proposed term loans rated at 'Provisional IND A-'/Stable by India Ratings

MoU Signing for the Integrated Steel Complex by ArcelorMittal Nippon Steel India at Kendrapara held

SVC Bank bags 'Best Co-op Bank in India 2020' Award at World Leadership Awards

To cash in on retail rush, brokerages shower freebies on investors

SIDBI and NSE joins hands for co-operation in various MSME related initiatives

Honda posts robust 31% growth with 4 lac+ domestic sales in Feb'21

Hyundai Motor India registers cumulative sales of 61,800 Units in Feb'21

SIDBI joins hands with Government of Andhra Pradesh for the Development of MSME ecosystem in the State

Bauxite Average Sale Price (ASP) needs correction for Indian Aluminium to be competitive

Fino Payments Bank is now a scheduled bank

UST Acquires ServiceNow Business from abhra, Inc.

First batch of Sputnik V vaccine delivered to Mexico

Fino Payments Bank to on board 10000 women from SHGs as banking agents in Uttar Pradesh

Liberty General Insurance Rolls Out AI-based Automated Car Inspections

Ageas Federal Life Insurance launches its Life Advantage Plus Plan

Star Health Insurance partners with PhonePe to offer Digital Health Insurance

Universal Sompo General Insurance Company Limited ties up with Saptagiri Grameena Bank

SIDBI partners with Confederation of Women Entrepreneurs to give fillip to Stand-Up India Scheme

Tata Housing launches 'The Grand Indian Home Festival'

LANXESS increases prices for engineering plastics

AMP Capital establishes energy transmission platform in India with Sterlite Power


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020