FidyPay: Leaving No Segment Unattended in the Digital Payment Initiatives
.jpg){kind=icon}
Manan Dixit, Co-Founder & CEO
The ICT industry has been playing a crucial role in uplifting rural India. However, with the efforts to connect rural India, the voids in the financial structure too multiply. The reason being the out reach. Hailing from Indore, Jambopay Express Private Limited has been bridging the gaps in financial inclusion and micro digital payment space by providing low cost digital payment acceptance products for the retailers in the unbanked and under banked regions. The organization operates under the brand name of FidyPay.
Manan Dixit, Co-founder & CEO FidyPay adopts two factor authentication for all wallet transactions to secure users from unauthorized access at FidyPay, explains that the estimated unbanked population of India is nearly 40 percent. Most of these areas are so remote that the banking system cannot reach there. Therefore they do not have the access towards digital payments and financial services; neither offline nor online. Banks, wallets, and fintech companies have major focus upto Tier 2 and 3 cities. In rural or tier 4 cities their penetration is nil or low and operational viability is difficult.
FidyPay strives to reach this unbanked segment through its retailer and PoS network. With this, the organization via its platform facilitates this segment to make digital transactions such as bill payments, remittance facilities, mobile wallet, and other value added services(VAS).
Solar Powered Manned
Kiosk Speculating the lack of basic infra-structure such as power, network in rural areas, FidyPay has designed Solar Powered Manned Kiosk that can be installed in rural areas to provide financial
inclusion services. Being first of its kind, the product comprises more than 20 kiosks in order to render various financial services to people not familiar with technology and banking operations. More so, the platform assists merchants to digitize their operations and provide VAS services using Bharat QR code. Their pilot project was near a small village in Khandwa (M.P.) with a population of 10,000. Given the Panchayat's hesitance to-wards such a digital initiative, FidyPay did remarkably well in this project for a start.
FidyPay adopts two factor authentication for all wallet transactions to secure users from unauthorized access. The platform generates automated SMS and email notifications for every wallet transaction that assists customers to keep a track of their transactions. At the backend level, the company's entire database is 128 bit encrypted, which further ensures secure data transfers between the app and server. “We keep track of the user device history so as to raise red flag in case of frequent or unauthorised changes”, adds Manan.
Having been associated with Mumbai based NBFCs to provide credit to retailer network of 800 in 50 villages, FidyPay looks forward to collaborate with large corporate and other finance houses thereby contributing towards the growth of cashless economy. The organization has planned to expand its footprints across 10 states in the next 24 months with a network of 25,000+ touch points in these regions. The company’s works are underway to deliver new products in micro lending and remittance space for rural and semi urban region that would create a socio-economic impact in the rural India. With such efforts in place, FidyPay is motivated to emerge as a key player in digitizing financial inclusion and micro payment domain.
FidyPay adopts two factor authentication for all wallet transactions to secure users from unauthorized access
FidyPay adopts two factor authentication for all wallet transactions to secure users from unauthorized access. The platform generates automated SMS and email notifications for every wallet transaction that assists customers to keep a track of their transactions. At the backend level, the company's entire database is 128 bit encrypted, which further ensures secure data transfers between the app and server. “We keep track of the user device history so as to raise red flag in case of frequent or unauthorised changes”, adds Manan.
Having been associated with Mumbai based NBFCs to provide credit to retailer network of 800 in 50 villages, FidyPay looks forward to collaborate with large corporate and other finance houses thereby contributing towards the growth of cashless economy. The organization has planned to expand its footprints across 10 states in the next 24 months with a network of 25,000+ touch points in these regions. The company’s works are underway to deliver new products in micro lending and remittance space for rural and semi urban region that would create a socio-economic impact in the rural India. With such efforts in place, FidyPay is motivated to emerge as a key player in digitizing financial inclusion and micro payment domain.
