RapiPay has launched Micro ATMs (mATMs) throughout India. The company, which is the fintech subsidiary of Capital India Finance Limited (CIFL), believes that for ATM cash withdrawals, Micro ATMs are a game changer for Indian consumers. It wants to reach out to the marginalized population located in Tier 2, 3 towns and rural India.
Yogendra Kashyap, MD and CEO RapiPay, said the Micro ATMs have received a tremendous response from the market. He said they have installed 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 similar banking activities at any RapiPay Saathi store without having to travel kilometers in search of an ATM,” he said. “Availability of Micro ATMs, AePS and other services such as money transfer, bill and taxes payments etc. with a neighboring shopkeeper is a big savior for consumers looking for banking and payment services in their neighborhood.”
RapiPay’s BC model plays a strong role in building an Atmanirbhar Bharat (self-reliant India) by providing self-employment opportunities to lakhs of Indian retailers. It must be pointed out that India, being in the high-cash economy regions, millions of transactions are already happening via Micro ATMs Moreover, Micro ATMs were instrumental in facilitating cash withdrawals during the current pandemic, most notedly for the withdrawal of Government’s disbursement of Rs 1.75 lakh crore into Jan Dhan accounts of workers, laborers, and farmers etc.
RBI has also revealed that of teh 2.2 lakhs ATMs in the country, only 19 per cent ATMs have been deployed in rural areas, where 62 per cent of the population resides. Besides the low penetration in rural areas, the total number of ATMs is also declining year on year. Thus, the 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.
Furthermore, RapiPay Micro ATMs are very much handy and can be easily connected with the RapiPay Agent App which is used by RapiPay Saathis across India. For the security of customers and agents, RapiPay holds pre-paid instrument (PPI) license from RBI. Its completely secure and reliable.
