To facilitate the government’s agenda of financial inclusion growth in India, especially rural areas, RapiPay, an assisted payments fintech company announces free AEPS (Aadhaar Payment Enabled System) services for merchants and retailers. This initiative will benefit millions of Indian consumers who will be able to withdraw cash from their neighborhood RapiPay agent outlet. The free AEPS activation will encourage more and more retailers to start providing AEPS services to serve customers and grow their business. RapiPay targets to activate over a lakh new AEPS ids to its agents with this move which means one Lakh more ATM machines for the people.
Commenting on this announcement, Yogendra Kashyap, CEO, RapiPay said, “At a time when small businesses and people are facing challenges like partial lockdown, social distancing, curfew etc, the need of easy access of basic financial services to the under banked population is paramount. This initiative will help lakhs of retailers to use AEPS and offer cash withdrawal facility to consumers. RapiPay Saathis are also benefited with one of the best commissions in the industry. We have already seen with the second wave of the lockdown our cash out business has grown by 30 per cent for AEPS and 27 per cent for Micro ATM transaction value for April 2021 over March 2021.”
In the past one year of pandemic, RapiPay has witnessed a robust growth by over 250 per cent. The number of agents has quadrupled from 50,000 in Feb 2020 to two lakhs in Apr 2021. With RapiPay’s presence in the hinterlands of India, the government’s cashless incentives and DBT transfers are reaching the unbanked areas successfully.