Full-stack fintech API platform, FidyPay announced its strategic partnership with Yes Bank in April. As part of the alliance, FidyPay will enable a seamless Connected Banking experience to Yes Bank’s customers. Additionally, FidyPay will also be the Solution Provider for UPI services, it said.
Excerpts from an email interview with FidyPay:
What is the vision behind creating FidyPay? What needs does it fulfil?
I was born in a little town in the state of M.P. Previously, people in these areas were unable to participate in the digital economy through e-commerce, payments, financial services, insurance, or retail digitalization. They are unaware of such services and do not have access to them. They only see the service advertised on TV, but getting there from their home is challenging. My core team and I teamed up to find a solution and set out to close the gap by developing digital goods and providing low-cost or no-cost access to such services.
What are the challenges you faced, since you are from a non-metro city?
There are various advantages to starting a business outside of a major city. Smaller towns offer a unique sense of community that allows firms to participate in local areas, despite the fact that networking is easier in large cities. It also provides many business owners peace of mind to know that small towns want them. One significant benefit is that you can significantly lower your prices and expenses. Furthermore, many people feel that talent is rare in smaller cities, which is a myth. Smaller communities make it easier to find the right people, and there are numerous opportunities for job development and innovation. Smaller cities, in particular, benefit from the presence of a large number of champions in the local ecosystem. Our entire team is from MP, and look at what a fantastic platform they've created.
How does it bridge the gap between digital and traditional transactions in India?
Reaching out to the unbanked and underbanked through our platform, which provides payment and financial services to businesses in rural and semi-urban areas. This company can assist consumers with digital payments, bill payments, microinsurance, AEPS withdrawals, UPI Payments and a variety of other services.
How effective have your solutions been in rural and semi-urban urban areas?
People had to learn to transact using their cell phones because they were restricted to their homes during COVID. The availability of immediate funding through AEPS, combined with a push from small shop partners, made all the difference. It's also a good idea to incentivize merchants to encourage people to pay digitally. One of the most notable achievements is Aadhaar Pay, a scheme aimed at enabling merchants in rural India to perform financial transactions using their fingerprints. We concentrated on making smart phones as easy as possible because most users are unaware of their complexity.
Tell us more about API banking
FidyPay is an Fintech API Solutions firm located in India that provides fintech users with cutting-edge API Banking services to trade online. We have an outstanding team of experts at our API Banking gateway who are always ready to help you with their technological expertise.
API banking is a terrific banking technology that allows you to do your connected banking transactions via your website. Simply link our platform into your backend ERP and use it to execute balance queries, fund transfers, and other banking functions! Banks grant secure and limited access to their banking system to a third-party API Banking Services company like FidyPay. As a result, it is possible to complete banking processes such as balance inquiries, money transfers, and account validation in their entirety. The following is how API Banking works:
FidyPay uses open banking APIs to connect to the bank's core banking system. It uses API calls to obtain the necessary information from the bank's servers and to perform the required actions.
It offers a simple and straightforward API Banking platform for performing banking transactions, as well as other API Banking instances and use cases. Financial service companies and organisations can connect to a number of banking APIs using a single FidyPay API.
We are now an API Banking Solutions company in India, and our banking partners include Yes Bank, ICICI Bank, Axis Bank, RBL Bank, and DBS Bank, with more on the way.
How are you resolving last mile issues for the digital payment industry in India?
Before launching every new product or service, we invest heavily in product R&D, and we have a number of such items in the works that will help Indian firms revolutionise their trading and banking practises.
There have been recognised roadblocks. Even though most people have both, the majority of them use cell phones for relaxation. Lack of bank accounts due to a lack of requisite paperwork and subsequent KYC, Internet, and smartphones, despite the fact that most people have both. Even when multiple awareness-raising events are held, the casual attitude persists in some areas, necessitating a mental transformation, which we are addressing first.
We are committed to working with cooperative banks to deliver financial services to distant communities. Banks, on the other hand, employ business agents to perform banking tasks such as account opening and financial transaction assistance door to door. They assist consumers in tracking their funds and providing guidance during the withdrawal procedure. Furthermore, FidyPay has collaborated with local governments, SMEs, and MSMEs to deliver digitalization to their clients in the last mile. It takes a team effort, and digital transactions have skyrocketed in the last two years.