FidyPay seeks to revolutionise the economy of India and grab market in Digital India. They have built an API stack which enables the business of Bharat to change the way consumers transact and create a more digitally aware society by deploying plug & play solution.
Its API solutions seeks to bridge the digital divide easily for the better that exists in the country. Their encryption is perhaps the most powerful tool they have. We sat down in conversation with Manan Dixit, Co-founder of Fidypay to know more about the company. Read on to know more:
1. What is the vision behind creating FidyPay? What needs does it fulfil?
I’m from a little town in the state of M.P. People in these places used to be unable to participate in the digital economy, whether it was through e-commerce, payments, financial services, insurance, or retail digitization. They have no knowledge of or access to such services. They only see advertisements for the service on TV, but getting there from their home is difficult. As a result, I spoke with my then core team about the challenge in rural India and set out to bridge the gap by building digital goods and giving low-cost or no-cost access to such services.
2. Any challenges you faced, since you are from a NON-metro city?
There are numerous advantages to launching a business in a non-metropolis. Despite the fact that networking is simpler in large cities, smaller towns offer a unique feeling of community that allows businesses to participate in local areas. It also gives many company owners comfort to know that tiny cities want them. One important advantage is that you can drastically reduce your costs and expenses. Also, many people believe that talent is scarce in smaller cities, although this is a misconception. Small communities make it easier to locate the appropriate people, and there are plenty of prospects for employment creation and innovation. Startups in smaller cities, in particular, benefit from a large number of champions in the local ecosystem. Our whole staff hails from MP, and look at what an incredible platform they’ve built.
3. How does it bridge the gap between digital and traditional transactions in India?
Reaching out to the unbanked and underbanked through our platform which enables the business in Rural & Semi Urban Regions on payment and financial services. This business can help customers to pay digitally, make bill payments, remittances, recharges, buy micro insurances, withdraw money using AEPS and many more such transactions.
4. How effective have your solutions been in rural and semi-urban urban areas?
Because people were confined to their homes during Covid, digital transactions became a survival tool, and people had to learn to transact using their mobile phones. The natural spread of awareness, combined with a push from small retail partners, and the availability of fast cash through AEPS, made all the difference. Incentivizing merchants to encourage individuals to pay digitally is also a good idea. Aadhaar Pay, a programme aimed at encouraging merchants in rural India to conduct financial transactions using their fingerprints, is one of the most significant milestones. Because most consumers are unaware of the complexities of smart phones, we focused on making them as simple as possible.
5. Tell us more about your API banking?
FidyPay is an API Banking Solutions company based in India that offers cutting-edge API Banking services for Fintech users to trade online. At our API Banking gateway, we have an exceptional team of engineers who are always ready to assist you with their technological experience. API banking is a fantastic banking technology that makes banking online a breeze through your website. Simply integrate the system into your backend ERP and use our platform to perform balance queries, fund transfers, and other banking functions! Banks give a third-party API Banking Services company like FidyPay secure and limited access to their banking system. As a result, full execution of banking procedures such as balance enquiries, money transfers, and account validation is not feasible. API Banking works like:
- FidyPay integrates the open banking APIs to connect with the bank’s core banking system • FidyPay asks API calls to get access to the appropriate information from the bank’s servers and execute the required operations
- FidyPay provides a quick and easy API Banking platform for completing banking transactions, as well as additional API Banking instances and use cases. Financial service providers and organisations can use a single FidyPay API to connect to a variety of banking APIs.
- We are now an API Banking Solutions company in India, and we work with Yes Bank, HDFC Bank, Axis Bank, SBI Bank, and ICICI Bank, with more banking partners on the way.
6. Product/services: What products/services are you offering, and how are they niche? Please explain in detail your product range/services.
FidyPay offers a variety of API banking, Micro ATM, money transfers, payment links, UPI/BQR, eNACH, UPI AutoPay, POS Solutions, and Micro Insurance solutions. Our main offering is a payment system that combines online and offline payments into a single, multi-channel payment solution. It’s a platform that enables the integration of payment choices such as MasterCard, Visa, Wallets, and QR Codes across channels. Today, we are well-known in the financial technology market for its customised products, which are well-suited to implement solutions for a variety of organisations, including government, corporations, BFSI, and a slew of start-ups. We have quickly established ourself as the chosen API service provider for dozens of companies. We have quickly become the preferred API service provider for a number of financial giants, including Axis Bank, IndusInd Bank, ICICI, HDFC, Kotak, and others. Our monthly gross transactional value is close to 1000,000,000, with 25 or more key clients and 30 or more integrated services.
7. How do you think FidyPay revolutionizing Digital Payment in Rural India?
WE are a leading Fintech API Platform… The beauty is that we can help any industry that wants to use technology to enable any of their financial services. We’ve already worked in a variety of sectors, meeting their needs. Before introducing any new product or service, we invest heavily in product R&D, and we have a number of such products in the works that will help Indian businesses to revolutionize the way they trade or do banking. Another factor is that people were sceptical about digitalization when we first started, but in the last 2-3 years, especially in Covid, we’ve seen a massive increase in payment systems as people realised the value of comfortable, convenient, and hassle-free transactions. We want to finish the last leg where a few locations still require assistance from players like us.
8. What is the vision of your company? Would you like to expand into other services?
We at FidyPay have a mission to develop Digital Bharat and democratise digital inclusion in the country, thanks to the government’s effort for rural India. We believe that in the future, rural India will be the hub of all India’s future progress. By ensuring that Rural India is digitally connected and less reliant on cash, the country’s economy will boom, and every citizen will profit.