Tag: RapiPay

Business

RapiPay appoints Nipun Jain as Chief Executive Officer

Aug 24, 2021 by Rekha Nair 0 Comments #Chief Executive Officer, #MD, #Mr. Yogendra Kashyap, #Nipun Jain, #Promoter, #RapiPay, #RapiPay Fintech Pvt. Ltd, #S.K. Narvar

Hyderabad: RapiPay, India’s leading assisted payments Fintech company today announced the appointment of Nipun Jain as the Chief Executive Officer (CEO) of the company.

Mr. Jain has a rich experience of three decades as a Retail Banking professional with expertise in setting and scaling up of businesses. He is proficient in managing large retail assets, business banking, and branch banking franchise. Prior to joining RapiPay, he has previously worked with Yes Bank and ICICI Bank.

“RapiPay intends to be one step ahead in the growing fintech space and is set to take the lead by getting into newer businesses to fulfill country’s ever-growing demand for banking, financial and payment services. Nipun Jain’s appointment as CEO is a crucial step on that path and I wish him continued success in his new role and look forward to greater achievements” said S.K. Narvar, Promoter, RapiPay Fintech Pvt. Ltd.

“I am also excited to see how RapiPay will continue to grow, evolve and be a one stop destination providing a digital financial ecosystem to Indian consumers” added Mr. Narvar.

The leadership rejig at RapiPay is with an objective to gain foothold in Neobanking domain and thus expand the company’s business further. RapiPay is working on expanding its footprint in the rural areas and Tier II cites to foray into newer businesses such as digital lending, POS, Digital Cards, Investments, Insurance and other financial services

Sharing this news, Mr. Yogendra Kashyap, MD, RapiPay Fintech Pvt. Ltd. said, “Nipun Jain has an impressive track record in various banking services, and I am happy to welcome him as the CEO of the company. His proven leadership, deep expertise in Banking and passion for client-driven innovation will make him the ideal fit to lead RapiPay into its next chapter.”

On his new role Nipun Jain said, “I am extremely excited to lead the team at RapiPay, joining an organization that is well-positioned to grow the financial inclusion to the last mile in the country by shaping the future of assisted payments and financial services through Neo banking”

Nipun Jain joined Yes Bank in 2013 as President of Retail Consumer Loan and was elevated as Group President, heading the SME business of Yes Bank. He has also held the position of Product Head at the ICICI Bank from 2006 – 2013. Jain brings with him a rich repertoire of experience in growing and managing retail business, developing process, products, and retail franchisee with focus on profitability.

RapiPay has witnessed a robust growth of 25% month on month since January 2021. The number of direct business outlets have also increased from 1.5 Lakhs in Jan 2021 to 3 Lakhs in August 2021 and plans to grow it to 1 million in the next 2 years.

Business World

RapiPay to provide free AEPS (Aadhaar Enabled Payment System) services to its merchants.

Apr 23, 2021 by Neel Achary 0 Comments #RapiPay

Hyderabad, 23rd April 2021: To facilitate the government’s agenda of financial inclusion growth in India, especially rural areas, RapiPay, one of the leading 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 1 lakh new AEPS ids to its agents with this move which means 1 Lakh more ATM machines for the people.

 

For the past one year, this pandemic has resulted in economic disruption affecting people from all walks of life, especially in rural areas. The major hit was taken by small local businesses. The businesses which sailed through this tough period are those who made optimum usage of digital mediums and had adopted multiple avenues to sustain their businesses. RapiPay is one such company that helps shopkeepers and retailers to provide assisted payments and banking services to the unbanked population. Considering the current scenario, RapiPay has taken this major step of waiving off its one-time fees to empower more merchant partners and customers to adopt digital transactions.

 

Commenting on this announcement, Mr. 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 benefitted 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% for AEPS and 27% 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% from pre-covid to March 2021. The number of agents has quadrupled from 50K in Feb 2020 to 2 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.

 

The lockdown has seen demand for AePS & Micro ATMs surging due to near doorstep services provided by Banking Business Correspondents. AePS and Micro ATMs facilitated millions of customers for cash withdrawals of the benefits they availed under Jan Dhan Yojana, PM-Kissan Samman Nidhi etc. during the pandemic.