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

1.       Targets to reach over 1 crore customers with the new AePS offer

2.       Offers the highest ever commission on AePS services

Mumbai, 1st Dec 2020 (GNI): 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.