Tag: RapiPay Fintech

Average ticket size of AePS transactions rising: Rapipay Fintech

Banking & Finance

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The average transaction size for Aadhaar Enabled Payment System has increased in recent months along with the volume of transactions on the platform with greater adoption.

“The average ticket size of AePS transactions has increased from ₹2,500 to ₹2,900 in the last two quarters, showing increasing trust and usage of AePS in India, especially in the rural markets,” said Yogendra Kashyap, MD and Founder, RapiPay Fintech.

Monthly data from the National Payments Corporation of India had revealed that AePS transactions in June stood at 8.75 crore in volume and ₹24,667.8 crore in value. In contrast, there were 8.42 crore transactions worth ₹24,619.24 crore in May on the platform.

Daily AePS transactions in July have also remained high. On July 6, there were 31.7 lakh AePS transactions amounting to ₹854.95 crore.

Rapipay reported an 18 per cent increase in AePS transactions in June this year compared to May.

Kashyap attributed this growth to reopening of markets and movement of people in June after lockdown restrictions were eased.

“This gave required impetus to businesses across industries and hence cash withdrawal requirement in both urban and rural markets increased,” he said.

Rapipay also reported an eight per cent increase in overall cash out transactions from AePS and Micro ATMs in the first quarter of the fiscal as against the fourth quarter of 2020-21.

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RapiPay Fintech records nearly 50 per cent rise in cash withdrawals

Banking & Finance

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New Delhi-based RapiPay Fintech Pvt Ltd has been recording a nearly 50 per cent rise in cash withdrawals on its network for the past two months, with many parts of rural India still seeking cash for emergency and essential services.

The contribution of cash withdrawals to overall business increased to 47 per cent so far in May this year (till date) from 31 per cent in March. The average ticket size of Aadhaar Enabled Payment System (AePS) transactions rose to ₹2,905 in May from ₹2,500 in March, according to RapiPay Fintech’s internal data.

The average ticket size of Micro ATMs (M-ATMs) withdrawals also rose to ₹3,970 for the reporting month from the earlier ₹3,636 in March.

“Even though people have started using digital payment modes, the second wave of the pandemic has caused some uncertainties, with people preferring to hold on to cash in case of a crisis. People are withdrawing more cash from their neighbouring stores or banking correspondents to pay for emergency and essential services,” RapiPay Fintech Managing Director and Chief Executive Officer Yogendra Kashyap said.

“Because of the lockdown, people are unable to travel to ATM machines or banks in rural areas, and withdrawals are mainly to meet immediate cash requirements for medicines and doctors’ consultation fees among. Also, citizens are withdrawing payments received under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), which is also adding to the withdrawals,” he added.

About 40 million people had applied for jobs under MGNREGS in April up from 36 million in March, while about ₹20,000 crore has been credited to nearly 9.5 crore farmers under the PM-KISAN scheme.

For May, Meghalaya topped the charts in AEPS with an average ticket-size of ₹7,810 versus ₹6,313 in March followed by Nagaland ₹5,174 (₹3,790 in March), Goa ₹5,290 (₹1,433), Assam ₹3,950 (₹3,600) and Kerala ₹3,706 (₹3,200). On the M-ATMs front, Jammu & Kashmir topped the list with an average withdrawals of ₹7,235 (₹3,291 in March), followed by Manipur ₹5,019 (₹5,000), Nagaland ₹4,950 (₹4,600), Kerala ₹5,190 (₹4,169) and Arunachal Pradesh ₹4,602 (₹4,600).

Across India, the transaction value of AePS rose 166 per cent in the last six months.

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