Fintech startup RapiPay launches micro ATMs for marginalized communities in rural India. RapiPay aims to set up 5 lakh micro ATMs in the country. 25,000 ATM machines were installed within a month.
The target of 5 lakh ATMs will be achieved within the next two years. RapiPay is a subsidiary of NBFC Capital India Finance Limited (CIFL). RapiPay is a startup that has revolutionized innovative banking and payment solutions. RapiPay hopes that micro ATMs will benefit consumers, especially those living in rural villages and towns. Yogendra Kashyap, MD and CEO, RapiPay, said.
Those who can’t go to ATMs can also withdraw money at RapiPay’s Saathi stores. Moreover, all banking services will be provided by Satti. RapiPay ‘Saathis’ is a comprehensive and secure retail agent network spread across India. Not only micro ATMs but also Aadhaar centralized money transfer system, money transfer, bill and tax payment are possible. Jandhan accounts are mostly in rural and inland cities. Kashyap said micro-ATMs have helped ordinary farmers, workers and the unemployed to avail various benefits provided by the government during this Covid period.
RapiPay provides customers with a one-stop payments solution platform using the latest technologies. RapiPay is also licensed by the Reserve Bank of India as a Pre-Paid Instrument (PPI). Today, there are over 2 lakh ATMs in the country. Only 19% of them live in rural areas where 62% of the population lives. RapiPay believes that mainstream banks are reducing the number of ATMs in the sector every year.