RapiPay’s Bold Move Launching NYE App to Revolutionize Digital Banking
On November 20, 2023, RapiPay Fintech Pvt. Ltd., a leading fintech company, announced a strategic partnership with Jana Small Finance Bank Limited. Together, they launched the NYE mobile app, a revolutionary platform designed to redefine digital banking in India.
A Game-Changer in Digital Banking
The NYE app is a one-stop solution for digital banking. It integrates a wide range of financial services, providing users with seamless access to banking, payments, and investment options. This move aligns with RapiPay’s vision of enhancing financial inclusion and modernizing traditional banking.
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Strategic Partnership for Innovation
Jana Small Finance Bank is known for its commitment to secure and modern banking. With RapiPay’s vast distribution network, this partnership aims to bring banking closer to users, especially in semi-urban and rural areas.
Key Features of NYE App
- Open Savings & Current Accounts: Users can open accounts digitally with high interest rates and features like auto sweep-in & sweep-out.
- Digital Transactions: The app enables secure and fast transactions with a user-friendly interface.
- Financial Growth for MSMEs: The app supports micro, small, and medium enterprises (MSMEs) by offering financial tools for business expansion.
What Industry Leaders Say
Nipun Jain, CEO of RapiPay Fintech, shared his excitement:
“Our partnership with Jana Small Finance Bank is a step towards making digital banking more accessible. The NYE app will empower millions with convenient financial solutions.”
Ashish Saxena, Chief Information and Digital Officer of Jana Small Finance Bank, added:
“We aim to drive digitalization in banking. Through our collaboration with RapiPay, we are closer to providing seamless financial services to underserved communities.”
RapiPay’s Financial Growth & Challenges
In FY23, RapiPay reported a revenue of ₹439 crore, an 18.3% growth from ₹371 crore in FY22. The fintech firm saw a 26% increase in digital payment solutions revenue, generating ₹296.1 crore. However, the company’s net loss surged 2.3x to ₹93.3 crore, primarily due to increased operational costs and ESOP expenses.
Driving Financial Inclusion in India
Despite financial challenges, RapiPay remains committed to financial inclusion. It has been instrumental in providing cash withdrawal services via Aadhaar-enabled Payment Systems (AePS) and Micro ATMs, especially in areas lacking banking infrastructure.
The Future of Digital Banking with RapiPay
The launch of NYE marks a significant milestone for RapiPay Fintech. By integrating advanced banking and financial services, the company is making digital transactions simpler, safer, and more accessible.
As the fintech industry evolves, RapiPay continues to lead with innovation, empowering individuals and businesses across India.
