Rapipay Fintech Opens Regional Office in Mumbai, Plans Massive Hiring

Will open 15 regional offices in India in next one year as part of expansion into Neo Banking.

Targets 50% growth in the current Financial Year through all its expansion

RapiPay Fintech Private Ltd, one of the leading fintech companies in India, today announced the opening of its regional office in Mumbai, Maharashtra. This will be the company’s first regional office in Western India, making RapiPay the only player in the assisted payment service category to have offices in all Metros.

Other than Mumbai, the Fintech leader will further expand its footprint with more offices in the west region such as Jaipur, Pune, Nagpur & Ahmedabad soon.

 

The high potential Western zone in the assisted payment services like AEPS (Aadhaar Enabled Payment Systems), Micro ATM and domestic remittance, is expected to increase RapiPay’s market share in the region by another 10 per cent going ahead. Witnessing the growth and the market’s potential, the company plans to increase its employee count by hiring 500 additional employees in the region.

The company is doing 1 million daily transactions and has served more than 120 million customers, witnessing a robust growth of 25% MOM in basic banking services like Cash withdrawal and deposit, AEPS, Micro ATMs, POS, Utility payments, Loans and Insurance.

On the occasion of the office opening in Mumbai, Nipun Jain, CEO, RapiPay Fintech Pvt Ltd, said, “The Western region is an important market for us as it contributes to about 25 percent of our total business. We look at further expanding our footprint in this region and with all our expansions we are expecting an overall growth of 50 per cent in Assisted payments services. Our growth story in the B2B segment is unmatched. With the launch of our neo banking super App NYE, we will be the only player in our category to enter the B2C space. These are exciting times for RapiPay and we are confident of our success.”

RapiPay has witnessed 250% growth in AePS and Micro ATM transactions from Apr 2021 to Mar 2022 and 90% growth for the same period for DMT transactions. The lockdown provided an impetus to the growth of AePS & Micro ATMs as mobility was restricted and RapiPay DBOs fulfilled cash withdrawal requirements of the people. Further, AePS and Micro ATMs facilitated millions of customers for cash withdrawals of the benefits they availed under Jan Dhan Yojana, PM-Kissan Samman Nidhi etc. during the pandemic.

RapiPay Becomes First Assisted Payments Company to Start Micro ATM and AEPS Services in Srinagar, Kashmir

Installs India’s First Micro ATM on water (Dal Lake)

Srinagar, 03rd August 2021: RapiPay, one of the leading Indian Fintech companies, announced its expansion in Kashmir. It becomes the first Indian company to start assisted payments services like Aadhaar Enabled Payment System (AEPS) and Micro ATM in Srinagar. RapiPay has also become the first Indian company to install Micro ATMs on Dal Lake’s shops.

The expansion is in line with Jammu & Kashmir’s high demand for banking services like ATM and domestic remittance for its underbanked population. The state has around 25 lakh beneficiaries of Jan Dhan account which includes 15 lakh beneficiaries who possess a Debit / ATM Card. The potential market of Micro ATM and AEPS in the state is approximately INR 1800 crore. RapiPay is targeting 60% share of this market by installing 10000 Micro ATM machines this fiscal year through its Direct Business Outlets (DBOs).

“RapiPay’s quest for growing financial inclusion to the last mile has enabled crores of Indian underbanked customers to withdraw government’s cashless incentives and DBT transfers seamlessly. Now, J&K will be part of this journey and to tap the Kashmir market further, we plan to have over 15000 new DBOs in the region over the next one year” said Mr. Yogendra Kashyap, Managing Director and Founder of RapiPay Fintech Private Ltd.

The number of ATMs in Kashmir are far and few. Adjoining areas like Harwan, Khimber, Dara and inner area of Dal Lake (Golden Lake, Nageen Lake) are without an ATM from years. RapiPay entry into the valley will ensure that the local population gets cash withdrawal and other banking services near their house through its DBOs.

About RapiPay

S.K. Narvar promoted RapiPay Fintech Pvt. Ltd., is instrumental in growing financial inclusion services in the country with services like AEPS, Micro ATM, Bill Payments, Money Transfer and many more. With a nationwide network of over 2 lakhs retailers (RapiPay Saathis), RapiPay is providing Banking and Financial services to more than 1 crore underbanked consumers every month. RapiPay is a subsidiary of Capital India Finance Limited (CIFL).

RapiPay to Facilitate Covid-19 Vaccination Search and Registration Through its Website and App

To assist vaccination registration for crores of people through its 2 Lakhs + direct business outlets

Delhi, May 10th May 2021: RapiPay Fintech, one of the leading assisted payments Fintech companies has reiterated its commitment to the society by facilitating Covid 19 vaccination registration through its agent app and website. Currently, RapiPay’s B2B app has more than 5 Lakhs installs from retailers and merchants.

RapiPay has used a tool on its website and app that redirects users to Covid vaccination data available on CoWIN website on live basis. Lakhs of RapiPay agents access this app daily to serve crores of customers for payments, AEPS and remittance services. Using the same app, the agents will be able to seamlessly assist their customers to check vaccination availability in their area and accordingly register for the vaccination slot.

The second wave of COVID-19 has hit the country at a faster pace and to overcome this pandemic, the public at large needs to get vaccinated at the earliest. The government has now opened vaccination drive for 18+ age group population also and has made prior registration and appointment mandatory.

Commenting on this announcement, Mr. Yogendra Kashyap, CEO, RapiPay said, "In this hour of need, all of us must do our bit to combat this pandemic. Millions of non tech users, especially in the rural markets, might not be able to register on CoWIN or Aarogya setu app on their own. With this initiative, their vaccination registration can be facilitated through our direct business outlets (DBOs) who use RapiPay daily for their business. We are hopeful that with this facility a lot of people will not crowd the immunization center and help maintain social distance which is the need of the hour."

About RapiPay

S.K. Narvar promoted RapiPay Fintech Pvt. Ltd., is instrumental in growing financial inclusion services in the country with services like Money Transfer, Aadhaar Enabled Payment System (AEPS), Micro ATM, Payments and many more. With a nationwide network of over 2 lakhs retailers (RapiPay Saathis), RapiPay is providing Banking and Financial services to more than 2 crore underbanked consumers every month. RapiPay is a subsidiary of Capital India Finance Limited (CIFL)

RapiPay bridging the ATMs gap in the country with AePS and Micro ATM services

 

• Targets to reach over 1 crore customers with the new AePS offer
• Offers the highest ever commission on AePS services

Mumbai, 3rd Dec 2020: With an endeavour to drive financial inclusion deeper into the country, RapiPay Fintech Private Limited recently launched a nationwide offer that gives the highest ever commission on AePS services for its agents - RapiPay Saathis. The offer is applicable till Mid-January '21. 

The RapiPay Aadhaar-enabled payment system empowers all segments of the society by making cash withdrawal services accessible with an Aadhaar card. This highly secured and user-friendly system ensures that you can withdraw money, make payments, and download account statement through RapiPay Saathis anywhere anytime.

The RapiPay AePS not only enables customers with the ease of banking services but also offers agents the best commission in the industry. The company will be giving an incremental commission of Rs 3 per transaction which is the highest ever in the Aadhaar ATM industry.

Commenting on this exciting offering, Mr. Yogendra Kashyap, CEO, RapiPay said, "The incremental incentive we are offering on AePS services is a golden opportunity that will create a huge impact, not just for our agents but also for the end consumers. In these unprecedented times, RapiPay would like to support its Saathis by offering them the highest ever commission that will earn up to 12 times more than they usually do. Over 1 crore AePS transactions are expected to be facilitated under this scheme, that means over 1 crore customers will withdraw cash easily without dependency on a conventional ATM or a bank branch.

Under the leadership of the Prime Minister, the government of India's vision of digital India has witnessed the rollout of several schemes. We, as a responsible India Fintech company have taken this step as our contribution to complement governments efforts and shall continue to do so" added Mr. Kashyap

During the early COVID-19 period, ATM withdrawals halved and AePS transactions surged by 153%. With fewer and far ATM penetration in interior parts of the country, demand for AEPS & micro-ATMs surged due to doorstep services provided by Banking Business Correspondents. AePS and Micro ATM services facilitated millions of customers for cash withdrawals of the benefits they avail under Jan Dhan Yojana, PM-Kissan Samman Nidhi, Pradhan Mantri Garib Kalyan Scheme and many more.

In its quest to contribute towards the national goal of achieving Financial Inclusion, RapiPay aims to make banking and financial transactions (Domestic Money Transfer, AePS, Micro ATM, etc) seamless and approachable for end consumers, especially the marginalised population in Tier 2 & Tier 3 cities.

About CIFL (RapiPay's parent company)

RapiPay Fintech Pvt. Ltd. is a subsidiary of Capital India Finance Limited (CIFL), which is an India-focused, well capitalised and less leveraged NBFC. CIFL focusses on providing customised financial solutions to Mid-corporates and SMEs for their growth and working capital requirements. CIFL provides home loans in affordable segment through its HFC, Capital India Home Loans. Its fintech wing is RapiPay, which provides remittances and Micro ATM services. Recently, CIFL has forayed into Forex and International Remittance with its company RemitX.

RapiPay Collaborates with Maximus for Micro-ATM Services

RapiPay Fintech Pvt. Ltd., owned by the listed Capital India Finance Ltd., has recently launched Micro-ATM services through collaboration with Maximus as the technology service provider (TSP).

RapiPay has a network of over one lakh agents (merchants/shopkeepers) to provide Banking and Financial Services across India, especially in the hinterland of the country. As a business correspondent of multiple banks, RapiPay aims to address the major issue of lack of ready access to banking services in smaller towns through a comprehensive, digitized banking service enablement program. The company holds a prepaid payment instrument license from RBI and offers remittances, Micro-ATM, AePS and bill payment services to millions of end consumers through its agents who are called RapiPay Saathis.

Maximus, as the technology partner, offers the entire digital rails to RapiPay to enable the latter to penetrate newer segments and offer essential financial services to customers near their doorstep. Maximus uses cutting-edge technology to engineer unique financial and payment products and offers these as hosted services. Maximus has the widest range of digital and card-based solutions among service providers and its customer footprint encompasses banks, payment companies and service providers across ten countries.

Yogendra Kashyap, CEO, RapiPay stated “We are delighted to partner with Maximus for technology services for the Micro-ATM. Micro-ATM service is an important leg of our fintech journey. While we already provide ATM cash withdrawals through AePS (Aadhaar-enabled Payment Systems), with launch of our Micro-ATM handheld devices, we are taking the Micro-ATM and fintech industry to the next level.”

V. Shankar. Founder & CEO of Maximus added “The RapiPay Micro-ATM project involved building customized interfaces between our Switch and RapiPay’s middleware. In addition to transaction processing, we are providing sophisticated, automation-driven reconciliation and dispute management support, with up-to-date information available on intuitive dashboards. There is a strong intersection of interests between RapiPay and Maximus and we will continuously evolve to fulfil the digital vision of RapiPay through our innovatively engineered solutions. We are delighted that RapiPay has chosen Maximus for its technology platforms.”

About CIFL (RapiPay’s parent company)

RapiPay Fintech Pvt. Ltd. is a subsidiary of Capital India Finance Limited (CIFL), which is an India-focused, well capitalised and less leveraged NBFC. CIFL focusses on providing customised financial solutions to Mid-corporates and SMEs for their growth and working capital requirements. CIFL provides home loans in affordable segment through its HFC, Capital India Home Loans. Its fintech wing is RapiPay, which provides remittances and Micro= ATM services. Recently, CIFL has forayed into forex business by the name of RapiPay.


About Maximus Infoware (India) Pvt. Ltd.

Established in 2007, Maximus offers omni channel solutions for the BFSI, Transit, Smart Cities, Retail and Telecom sectors. Its EFT switching, digital payments, reconciliation, fraud & risk management and cash management solutions use innovative technologies and are state-of-the-art. The product portfolio of the company covers full digital payment, assisted payment and card-based payment rails for Rupay, VISA, MasterCard and other international schemes. Maximus delivers unparalleled service levels to its customers spread across ten countries under both hosted and on-premise deployment models. Its payment products are PA-DSS certified and the IT processing infrastructure is PCI-DSS and ISO/IEC 27001:13001 certified.