RapiPay Fintech opens regional office in Mumbai, plans massive hiring

by Suman Gupta

• Will open 15 regional offices in India in next one year as part of expansion into Neo Banking.

• Targets 50% growth in the current Financial Year through all its expansion

Mumbai, June 2022 RapiPay Fintech Private Ltd, one of the leading fintech companies in India, today announced the opening of its regional office in Mumbai, Maharashtra. This will be the company’s first regional office in Western India, making RapiPay the only player in the assisted payment service category to have offices in all Metros.

Other than Mumbai, the Fintech leader will further expand its footprint with more offices in the west region such as Jaipur, Pune, Nagpur & Ahmedabad soon.

The high potential Western zone in the assisted payment services like AEPS (Aadhaar Enabled Payment Systems), Micro ATM and domestic remittance, is expected to increase RapiPay’s market share in the region by another 10 per cent going ahead. Witnessing the growth and the market’s potential, the company plans to increase its employee count by hiring 500 additional employees in the region.

The company is doing 1 million daily transactions and has served more than 120 million customers, witnessing a robust growth of 25% MOM in basic banking services like Cash withdrawal and deposit, AEPS, Micro ATMs, POS, Utility payments, Loans and Insurance.

On the occasion of the office opening in Mumbai, Nipun Jain, CEO, RapiPay Fintech Pvt Ltd, said, “The Western region is an important market for us as it contributes to about 25 percent of our total business. We look at further expanding our footprint in this region and with all our expansions we are expecting an overall growth of 50 per cent in Assisted payments services. Our growth story in the B2B segment is unmatched. With the launch of our neo banking super App NYE, we will be the only player in our category to enter the B2C space. These are exciting times for RapiPay and we are confident of our success.”

RapiPay has witnessed 250% growth in AePS and Micro ATM transactions from Apr 2021 to Mar 2022 and 90% growth for the same period for DMT transactions. The lockdown provided an impetus to the growth of AePS & Micro ATMs as mobility was restricted and RapiPay DBOs fulfilled cash withdrawal requirements of the people. Further, 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.