Srinagar: Fintech firm RapiPay on Tuesday announced expansion of its presence in Kashmir with the launch of Aadhaar-enabled payment system (AEPS) and micro ATM here.
The company claimed that it has become the first Indian company to start assisted payments services like AEPS and micro ATM here.
“RapiPay becomes the first Indian company to start assisted payments services like Aadhaar Enabled Payment System (AEPS) and Micro ATM in Srinagar. RapiPay has also become the first Indian company to install Micro ATMs on Dal Lake’s shops,” the company said in a release.
The expansion is in line with Jammu & Kashmir’s high demand for banking services like ATM and domestic remittance for its underbanked population, the company said.
It said Jammu and Kashmir has around 25 lakh beneficiaries of Jan Dhan account which includes 15 lakh beneficiaries who possess a Debit / ATM Card.
“The potential market of Micro ATM and AEPS in the state is approximately Rs 1,800 crore. RapiPay is targeting 60 per cent share of this market by installing 10,000 Micro ATM machines this fiscal year through its Direct Business Outlets (DBOs),” it added.
The company said these DBOs will be it’s business correspondent or agents and they will earn commission on the banking and financial transactions they provide through RapiPay.
RapiPay plans to have over 15,000 new DBOs in the region over the next one year, said Yogendra Kashyap, Managing Director and Founder of RapiPay Fintech.
The company said the number of ATMs in Kashmir are far and few. Adjoining areas like Harwan, Khimber, Dara and inner areas of Dal Lake — Golden Lake and Nigeen Lake — are without an ATM for years.
“RapiPay entry into the valley will ensure that the local population gets cash withdrawal and other banking services near their house through its DBOs,” it added.