RapiPay Fintech Pvt. Ltd., owned by the listed Capital India Finance Ltd., has recently launched Micro-ATM services through collaboration with Maximus as the technology service provider (TSP).
RapiPay has a network of over one lakh agents (merchants/shopkeepers) to provide Banking and Financial Services across India, especially in the hinterland of the country. As a business correspondent of multiple banks, RapiPay aims to address the major issue of lack of ready access to banking services in smaller towns through a comprehensive, digitized banking service enablement program. The company holds a prepaid payment instrument license from RBI and offers remittances, Micro-ATM, AePS and bill payment services to millions of end consumers through its agents who are called RapiPay Saathis.
Maximus, as the technology partner, offers the entire digital rails to RapiPay to enable the latter to penetrate newer segments and offer essential financial services to customers near their doorstep. Maximus uses cutting-edge technology to engineer unique financial and payment products and offers these as hosted services. Maximus has the widest range of digital and card-based solutions among service providers and its customer footprint encompasses banks, payment companies and service providers across ten countries.
Yogendra Kashyap, CEO, RapiPay stated “We are delighted to partner with Maximus for technology services for the Micro-ATM. Micro-ATM service is an important leg of our fintech journey. While we already provide ATM cash withdrawals through AePS (Aadhaar-enabled Payment Systems), with launch of our Micro-ATM handheld devices, we are taking the Micro-ATM and fintech industry to the next level.”
Shankar. Founder & CEO of Maximus added “The RapiPay Micro-ATM project involved building customized interfaces between our Switch and RapiPay’s middleware. In addition to transaction processing, we are providing sophisticated, automation-driven reconciliation and dispute management support, with up-to-date information available on intuitive dashboards. There is a strong intersection of interests between RapiPay and Maximus and we will continuously evolve to fulfil the digital vision of RapiPay through our innovatively engineered solutions. We are delighted that RapiPay has chosen Maximus for its technology platforms.”