Indian fintech firm RapiPay, a subsidiary of Capital India Finance, is planning to deploy 500,000 micro ATMs (mATMs) in the country, in the next two years.

The company, which provides banking business correspondents (BCs) services through a franchised retail network, said that it is not ready to give up cash and switch to digital payments.

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Instead, RapiPay believes that mATMs are fundament to Indian consumers, for cash withdrawals, especially, for those living in tier I, II towns and rural India.

RapiPay MD and CEO Yogendra Kashyap said: “We have been able to install over 25,000 devices within a month of its launch.

“RapiPay Micro ATMs are revolutionary in comparison to the conventional ATMs and offers utmost ease to the consumers enabling them to withdraw cash and do other similar banking activities at any RapiPay Saathi store without having to travel kilometres in search of an ATM.”

Kashyap added that the availability of mATMs, Aadhaar-enabled payment system (AePS), money transfer, bills and tax payments services with a neighbouring shopkeeper is a “big saviour” for consumers.

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The mATMs were especially useful in facilitating cash withdrawals during the ongoing Covid-19 pandemic, the company said.

It provided access to cash to workers, labourers, farmers, and others who were out of work during these unprecedented times.

RapiPay said that there is a growing demand of mATMs in rural areas, where only 19% of 2.2 lakh ATMs in the country are installed, and where 62% of India’s population live.

RapiPay already has a Pre-Paid Instrument (PPI) licence issued by the Reserve Bank of India (RBI), the country’s central bank.