Introduction:
RapiPay presents comprehensive, stable, assisted charge answers to the kingdom through pan-India retail agent community of RapiPay ‘Saathis’. Some of the answers of RapiPay are RapiPay, RapiCash, RapiInsurance, and RapiBooking. RapiPay’s charge answers are enabled through coins, financial institution account or RapiPay cell wallet. Some of the advantages of turning into a RapiPay Saathi are it may assist flip stores right into a one forestall bills answer outlet, get the clean to apply RapiPay Saathi App, it additionally gives a stable charge answer.
Rapipay Fintech Private Limited is a 13 years 1 month vintage Private Company included on 06 Apr 2009. Its registered workplace is in New Delhi, Delhi, India.
The Company’s reputation is Active, and it has filed its Annual Returns and Financial Statements as much as 31 Mar 2021 (FY 2020-2021). It’s a employer constrained via way of means of stocks having a licensed capital of Rs 65.00 cr and a paid-up capital of Rs 37.50 cr as according to MCA.
five Directors and a pair of Signatories are related to the organization. The Key Managerial Personnel (KMP) at Rapipay Fintech Private Limited India are Nipun Jain as Ceo(Kmp) and Sumit Choudhary as Cfo(Kmp). Deepak Vaswan, Vinod Somani, Yogendra Pal Singh and a pair of different contributors are currently related as administrators.
About:
The RapiPay Aadhaar-enabled charge machine empowers all segments of the society via way of means of making coins withdrawal offerings available with an Aadhaar card. This notably secured and user-pleasant machine guarantees that you could withdraw money, make bills, and down load account announcement thru RapiPay Saathis everywhere anytime.
The RapiPay AePS now no longer handiest permits clients with the convenience of banking offerings however additionally gives dealers the pleasant fee withinside the industry. The employer may be giving an incremental fee of Rs three according to transaction that’s the very best ever withinside the Aadhaar ATM industry.
Commenting in this thrilling imparting, Mr. Yogendra Kashyap, CEO, RapiPay said, “The incremental incentive we’re imparting on AePS offerings is a golden possibility so that it will create a big impact, now no longer only for our dealers however additionally for the quit consumers. In those unheard of instances, RapiPay would love to help its Saathis via way of means of imparting them the very best ever fee so that it will earn as much as 12 instances greater than they commonly do. Over 1 crore AePS transactions are predicted to be facilitated below this scheme, which means over 1 crore clients will withdraw coins without problems with out dependency on a traditional ATM or a financial institution branch.
Under the management of the Prime Minister, the authorities of India’s imaginative and prescient of virtual India has witnessed the rollout of numerous schemes. We, as a accountable India Fintech employer have taken this step as our contribution to supplement governments efforts and shall preserve to do so” introduced Mr. Kashyap
Founder & Team:
Rapipay Fintech Private Limited is majorly in Business Services enterprise from closing thirteen years and currently, employer operations are active. Current board contributors & administrators are Yogendra Singh Kashyap, Brijesh Awasthi, Manoj Sharma, Ankur and Deepak Mohanlal Panpaliya .
It changed into based on 2009 via way of means of Yogendra Kashyap at Noida, Uttar Pradesh, India in call of RapiPay Fintech Pvt. Ltd. And now 150 – 250 personnel paintings here.
Company is registered in Delhi (Delhi) Registrar Office. Rapipay Fintech Private Limited registered cope with is B-1, D-1, Ground Floor Mohan Co-Operative Industrial Estate New Delhi New Delhi DL 110044 IN.
History:
Founding on 2009 it won a number of sales of $15 million. RapiPay has 6 executives. RapiPay’s founder is Sumit Kumar Narvar. RapiPay’s cutting-edge Founder, Managing Director is Yogendra Kashyap. RapiPay’s contemporary investment spherical changed into a Series B for $15M on February 15, 2022.
Name & Logo:
Revenue:
Rapipay Fintech Private Limited is a Private included on 06 April 2009. It is classed as Non-government agency and is registered at Registrar of Companies, Delhi. Its legal proportion capital is Rs. 650,000,000 and its paid up capital is Rs. 397,071,392. It is inolved in Software publishing, consultancy and supply Software publishing includes production, supply and documentation of ready-made (non-customized) software, operating systems software, business & other applications software, computer games software for all platforms.
Consultancy includes providing the best solution in the form of custom software after analyzing the user?s needs and problems. Custom software also includes made-to-order software based on orders from specific users. Also, included are writing of software of any kind following directives of the users; software maintenance, web-page design].
Rapipay Fintech Private Limited’s Annual General Meeting (AGM) turned into closing hung on 22 June 2021 and as in line with facts from Ministry of Corporate Affairs (MCA), its stability sheet turned into closing filed on 31 March 2021.
Fintech startup RapiPay has raised $15 million in investment to release a new-age virtual banking extremely good app – NYE. The contemporary spherical is led via way of means of Varun Jaipuria of RJ Corp, DLF Family Office, Rahul Gautam of Sheela Foam and Rohan Kumar of DS Group. The sparkling capital may be used for constructing a strong virtual economic surroundings withinside the usa for each purchasers and businesses, stated RapiPay in a press release.
Founded in 2019 via way of means of SK Narvar and Yogendra Kashyap, RapiPay does approximately 10 lakh day by day transactions and has served over 10 crore clients. It is now concentrated on to open 20 lakh number one contemporary and profits financial institution debts, deployation 10 lakh POS machines, a GTV of $ 30 billion, 15 crore specific clients, 35 lakh day by day transactions and feature a phygital infra of 20 lakh hybrid direct enterprise stores via way of means of 2025.
The startup plans to apply NYE to leverage generation to offer banking and economic offerings in a unbroken and steady manner. NYE is the primary of its type banking extremely good app to control a couple of financial institution debts, transactions and all forms of economic necessities via a unmarried login and one view of all transactions summary.
Funding & Investors:
Rapipay has overall of $15 million investment with four buyers consisting of Rahul Gautam, Rohan Kumar, Varun Jaipuria and DLF Family Office. The investment passed off on fifteenth february 2022 for spherical 1.
Revenue Model:
During the early COVID-19 period, ATM withdrawals halved and AePS transactions surged via way of means of 153%. With fewer and a ways ATM penetration in indoors elements of the usa, call for for AEPS & micro-ATMs surged because of doorstep offerings supplied via way of means of Banking Business Correspondents. AePS and Micro ATM offerings facilitated tens of thousands and thousands of clients for coins withdrawals of the blessings they avail beneathneath Jan Dhan Yojana, PM-Kissan Samman Nidhi, Pradhan Mantri Garib Kalyan Scheme and lots of extra.
In its quest to make a contribution closer to the country wide aim of attaining Financial Inclusion, RapiPay ambitions to make banking and economic transactions (Domestic Money Transfer, AePS, Micro ATM, and many others) seamless and approachable for quit purchasers, in particular the marginalised populace in Tier 2 & Tier three cities.
Other Services Offered via Rapipay:
- Digital Bank Account: Banking & Financial Services Served in a Single App.
- Loans: Personal or Business – Get any motive loans.
- Investments: Invest Smarter together along with your NYE account.
- International Transfers: Transfer budget foreign places with ease.
- Insurance: All coverage desires in a single app and Protect your property and cherished ones.
Competitors:
It has one predominant competitor this is PayNearby. Nearby Technologies Pvt. Ltd. is a DIPP Certified Fintech Company registered beneathneath The Startup India software of Government of India, installation in April 2016 via way of means of a group of experts with revel in in Digital Banking & Payments industry. The group works on deep insights and know-how of fee and transaction generation space.
They function on a B2B2C model, wherein we associate with neighbourhood retail shops and permit them with the gear to offer assisted economic and virtual trade offerings to their nearby groups. Our progressive answers are modelled to make transactions seamless, brief and smooth and strives to empower our retail companions and their clients. Local groups throughout 17,six hundred plus PIN codes get admission to PayNearby Partner shops to avail more than a few offerings consisting of coins withdrawal, coins deposits, cash transfer, savings, coverage, travel, Digital Payments, get admission to to authorities blessings and lots of extra.
Latest News:
- 21 Oct, 2021: RapiPay Fintech CEO says analyzing enables broaden empathy, an essential excellent he feels leaders should possess – Nipun Jain stocks the books he has been analyzing withinside the pandemic in addition to the training he has won from them.
- 24 Aug, 2021: RapiPay appoints Nipun Jain as leader government officer – Jain has over 3 a long time of revel in as a retail banking expert with know-how in placing and scaling up of businesses, gifted in handling big retail assets, enterprise banking, and department banking franchise. Prior to becoming a member of RapiPay, he has formerly labored with Yes Bank and ICICI Bank.
- 26 Dec, 2020: Fintech company RapiPay catches buyers’ eye, receives Rs sixty five crore – The startup, sponsored via way of means of MSME lender Capital India Finance, has attracted maximum of the budget in its modern spherical from buyers with a non-finance background.
Future Plans:
For RapiPay, 12 months 2021 has been a completely a hit 12 months. Despite the demanding situations thrown via way of means of Covid 2d wave, we grew extra than a hundred% over closing 12 months. Other than attaining enterprise numbers, we additionally grew our presence in deeper geographies and a ways-flung areas. We noticed Micro ATMs benefit traction from each shops in addition to quit purchasers. With over 1 lakh RapiPay Micro ATMs installed, we represent round 25% of the Micro ATM market.
Capital India Finance’s fintech subsidiary RapiPay stated it ambitions to install five lakh micro ATMs over the subsequent years withinside the usa. RapiPay, which makes use of a franchised retail community to offer banking enterprise correspondents (BCs) offerings, has these days released micro ATMs (mATMs) throughout the usa. The agency stated it believes that for ATM coins withdrawals, Micro ATMs are a game-changer for Indian purchasers, in particular the marginalised populace placed in tier I, II cities and rural India.
The fintech participant stated micro ATMs had been instrumental in facilitating coins withdrawals in the course of the contemporary pandemic, in particular for withdrawal of the authorities’s disbursement of Rs 1.seventy five lakh crore into Jan Dhan debts of workers, labourers, and farmers, amongst others, who had been out of labor and wished coins
Citing modern the Reserve Bank of India data, it stated of the 2.2 lakh ATMs withinside the usa, simplest 19 in line with cent had been deployed in rural areas, wherein sixty two in line with cent of the Indian populace resides. Besides the low penetration in rural areas, the full range of ATMs is likewise declining 12 months on 12 months.
Thus, there may be developing call for and better penetration for micro ATMs to attain the closing-mile of the usa and deal with the issues confronted via way of means of the agricultural populace in satisfying their coins withdrawal requirement, it added.
Some FAQs About RapiPay:
What does RapiPay do?
RapiPay is the quickest developing fintech agency withinside the assisted bills category. Lakhs of RapiPay Direct Business Outlets (DBOs) PAN India offer offerings like AEPS (Aadhaar Enabled Payment System), Micro ATM, Domestic Money Transfer, CMS and many others to extra than 2 crore clients each month.
How do I spark off RapiPay?
Open https://agent.rapipay.com for your Chrome browser or you could login through cellular app additionally. Just open this app and input the User identityentification and password and fill the captcha information then click on at the Login Now.
Is Rapi pay safe?
RapiPay holds a PPI (Pre-Paid Instrument) License from RBI and it is absolutely steady and dependable for each retailers and quit clients.
Is RapiPay RBI approved?
An RBI (PPI) license holder, RapiPay presents offerings like Aadhaar Enabled Payment System, Micro ATM, Domestic Money Transfer, POS and many others to tens of thousands and thousands of Indian clients via its community of Lakhs of Direct Business Outlets (DBOs).
What is neo banking?
A neobank is a hundred in line with cent virtual and makes use of apps and on-line structures to assist their clients, in preference to conventional bodily branches.
What is mATM?
Micro ATM or mATM is a card swiping tool wherein all banks are linked with their middle banking systems. This mATM tool has the centers to swipe debit playing cards or insert chip-enabled debit playing cards.
Conclusion:
Today, RapiPay has a sturdy retail community of four Lakh Direct Business Outlets and developing with transactions over 1 million day by day. In 2022 additionally, we are able to preserve to make bigger our suite of banking and bills offerings for our DBOs/shops. We accept as true with in 2022 we are able to witness extra partnership among Fintech groups and Banks to offer numerous banking and economic offerings and widen their attain.
RapiPay will preserve its efforts of taking banking offerings to the closing mile, in order that Indian populace can use safe, steady, and handy banking offerings. With extra investment and multiplied collaboration among mounted and new gamers withinside the bills and neo banking space, the outlook for the Fintech zone appears promising and really high quality this 12 months additionally.
Twinkle Jain is an experienced content writer with a strong focus on creating daily trending articles related to business, startups, trending news, and viral internet topics. With a sharp eye for current events and market shifts, Twinkle excels at producing timely, engaging content that captures the essence of what’s hot and relevant in today’s fast-paced digital world.
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