The Business Bytes
TBB BUREAU
NEW DELHI, OCT 21, 2021
RapiPay, one of the leading assisted payments Fintech companies, today announced that it has sold over one lakh Micro ATMs since it began operations last year, and the company is well on track of its expansion plan to install 5 lakh micro-ATMs in the coming years.
As technology-led developments are taking place at a faster pace, RapiPay is all set to make micro-ATMs as hybrid devices that will work as mPOS i.e. Mobile Point of Sale machines. This will enable the consumers to swipe not just their debit card but also credit card for any purchase/transaction at a RapiPay outlet.
“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 Direct Business Outlet. We have also seen a rise in the daily average transaction value for micro-ATMs from Rs. 3200 in Sep 2020 to Rs. 3800 in September 2021,” RapiPay CEO Nipun Jain said.
“India has on an average 20 ATMs for every 1 lakh people. The way Micro ATMs are growing and being accepted, we will take this average to 50 ATMs for 1 lakh people,” he added.
According to the Reserve Bank of India data, of the 2.4 lakh ATMs in the country, only 19 per cent have been deployed in rural areas, where 62 per cent of the Indian population resides. With the low penetration of ATMs in rural areas, Micro ATMs are bridging the demand supply gap. As a result, there is a 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.
