Fintech company RapiPay announced on Tuesday its plans to install 5 lakh micro ATMs over the next two years in the country.
RapiPay Fintech Pvt. Ltd. (Formaly known as Virgosoft IT Services Pvt. Ltd. ) is a start-up business, located in Delhi, engaged in the business of providing services in Digital Payment solutions through Pre-Paid Payment Instruments. RapiPay Wallet is a prepaid payment instrument platform, approved by RBI, which allows users to send and receive money through a smart phone. RapiPay Wallet services include Money Transfer, Mobile/DTH/Data Recharges, Post-paid and Utility bill payments, payment to registered merchants.
“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 ATMs 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,” Yogendra Kashyap, RapiPay MD & CEO said.
Availability of Micro ATMs, AePS (Aadhaar Enabled Payment System) and other services such as money transfer, bill and taxes payments etc with a neighbouring shopkeeper is a big saviour for consumers looking for banking and payment services in their neighbourhood, he stated.
RBI had reported that, of the 2.2 lakh ATMs in the country, only 19% have been deployed in rural areas, where 62% of the Indian population resides. The company firmly believes that Micro-ATMs are a game changer for the marginalized population living in Tier II, III towns.
