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Manan Dixit, Founder at FidyPay

Great Companies: How did you get your idea or concept for the business?

Manan Dixit: A few years ago, at a family gathering, my friends and I discussed the impact of payment delays on our respective enterprises.

Coming from a small town in Madhya Pradesh where cash reigned supreme and the digital payment ecosystem was tainted with scepticism, I realised that this problem of late payments was endemic to lower-tier cities in India, and the primary cause was that people didn’t know how to use digital payments because they didn’t trust them.

This gave birth to the concept of launching a business that teaches people how to use digital payments. I believed that because the majority of payment processors were located in urban areas, they could only serve the populations in those cities and could not cater to the special requirements of those living outside of those cities.

This led to a dearth of confidence. We were also considering potential solutions to these issues at the time demonetization occurred, resulting in a greater emphasis on digital payment methods.

Consequently, we established Fidypay, a financial technology service designed for use in rural and semi-rural areas of India, with the intention of contributing to the resolutions for all enterprises.

Great Companies: What are the various services provided by FidyPay?

Manan Dixit: As a fintech platform, we offer a variety of financial products and services that are designed to be easy to pay for and use, with secure and hassle-free fund transfers, and simple accessibility.

People can choose from a range of options including API banking, BBPS, UPI/BQR, payment links, UPI auto-pay, eNACH, insurance, and point-of-sale (PoS) solutions.

With our assistance, business entities can easily link their existing bank accounts to FidyPay’s platform and make payments. They can access the dashboard to track and view all their bank statements in one place, without having to log in to each account separately.

This saves from having to remember several login credentials. Additionally, they can make single or bulk direct payments to employees or vendors quickly and easily.

If anyone need to make minute-by-minute bulk disbursements, the integrated system allows them to make direct pay-outs from their account to employees or other vendors without having to add beneficiaries or go through a waiting period.

They can make instantaneous payments for all wage and compliance obligations, and even accomplish large distributions using a straightforward process. They can also set up payout links for immediate reimbursements, which are simple to implement.

We also offer APIs for Omni Channel, which allow us to open, keep tabs on, and manage customer accounts using Virtual Account Application Programming Interfaces (APIs). They can collect payments more quickly thanks to the integrated collection products.

We also offer Account Verification API to check that accounts are validated before beginning the processing of payments. After that, they can make instant refunds or bulk payments by using our pay-out APIs, which are very convenient.

Great Companies: What makes FidyPay different from hundreds of other similar service providers?

Manan Dixit: FidyPay stands out from other service providers that offer services that are comparable in a number of ways.

To begin, we offer customers access to a wide range of user-friendly and uncomplicated financial products and services that may be utilised without any effort.

Second, it makes it easy and safe to move money between accounts by offering many payment methods. These include API banking, BBPS, UPI/BQR, payment links, UPI auto-pay, eNACH, insurance, and point-of-sale (PoS) solutions.

FidyPay enables consumers to link their existing bank accounts to the platform, which eliminates the need for them to keep track of several sets of login credentials.

This makes the platform more convenient for customers. In addition to these features, FidyPay provides minute-by-minute bulk payments, Opportunities for customisation, and APIs for Omni Channel.

In comparison to its rivals in the financial technology sector, FidyPay stands out thanks to its extensive catalogue of products and services, user-friendly design, and varied selection of safe payment methods.

Great Companies: What were the struggles and challenges you faced and how did you overcome them?

Manan Dixit: When we first began developing FidyPay, it was challenging for us to explain to people the use of digital payment and the benefits it brings. This difficulty originally caused some friction, particularly in Tier-2 and below cities.

However, as time went on and more people utilised the platform that FidyPay had developed, they gradually developed a sense of trust in it.

Since we were always there in the backend to assist our customers with any questions or concerns that they might have, this instilled a sense of self-assurance in them, which encouraged them to continue utilising it more and more.

Despite the fact that it is focused on Tier-2 and below financial institutions and is difficult to penetrate due to a lack of technological know-how and financial literacy, the stickiness of the product is remarkable.

If the customer has an understanding of the problem that the platform solves for them, they are more loyal to you and stay with you for a longer period of time. As an example, we still have users who have been a part of our community for more than four years.

Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for FidyPay?

Manan Dixit: For the next five years, FidyPay may have the objective of increasing the size of its client base by increasing the number of cutting-edge and customised financial products and services it provides, as well as by expanding into new geographical areas or markets.

To improve the safety and functionality of its platform, FidyPay may also prioritise fortifying its technological infrastructure by making investments in cutting-edge technologies such as block chain, artificial intelligence, and machine learning. This would allow the company to take advantage of these developments.

In addition, in order to take use of the knowledge and resources offered by other financial technology businesses and traditional financial institutions, FidyPay may look into the possibility of forming partnerships and working together with these entities.

To achieve its expansion goals, FidyPay is expected to centre its growth strategy on customer-centricity, innovation, and collaboration. The company's primary objectives will be to remain one step ahead of the competition and to offer excellent value to its clientele.

Great Companies: If you had one piece of advice to someone just starting out, what would it be?

Manan Dixit: One essential piece of guidance for someone who is just getting started would be to centre their efforts on resolving a genuine issue or satisfying a real demand in the market.

It is essential to have an in-depth awareness of both your target audience and the pain points that they experience, and then to develop a product or service that addresses those pain points in a way that is both original and efficient.

In addition to this, it is essential to have a can-do attitude, be flexible, and be open to gaining knowledge from one's errors and setbacks.

Being an entrepreneur may be a difficult and unpredictable path; therefore, it is essential to maintain your dedication to your objectives while also remaining open to new ideas and comments from others.

During the course of the journey, it can be quite helpful to cultivate a robust network consisting of mentors, advisors, and peers in order to obtain new perspectives and get support.

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