Manan Dixit,Founder & CEOa, Fidy Pay

Despite being at the forefront of cutting-edge technology innovation today, India was predominantly an offline-driven economy until a decade back or so, wherein both customers and businesses were skeptical about making or receiving payments digitally and preferred to transact through physical means. While the Indian government’s Demonetization drive provided the much needed push for people to embrace online payments, the Covid pandemic opened-up the frontiers of possibilities for digital payments/banking to another level altogether. Thus, the number of online transactions countrywide skyrocketed incessantly, with NACH, IMPS, UPI, AePS, NETC, debit card, credit card, NEFT, RTGS, prepaid payment instruments, internet banking, and mobile banking emerging as the major modes of payment.

As per the estimates from the Department of Financial Services, the total volume of digital payments in India which stood at ₹2,071 crores in 2017-18 has now increased to ₹18,737 crores in 2023- 24. This has not only been extremely beneficial for the country’s economy, but also catapulted the demand for efficient and reliable digital banking solutions and payment gateways. According to Mordor Intelligence, the Indian payment gateway market which currently stands at $1.21 billion is expected to amount to $2.66 billion by 2029, growing at a CAGR of 17.16 percent during the forecast period. Among the multitude of companies that are currently operational in this space, one fintech that stands a notch higher than the rest is FidyPay. Based in Indore, FidyPay was incepted by Manan Dixit, Founder & CEO, with a vision to help businesses attract more customers by providing a seamless and efficient payment solution. “As a premier Fintech solution-providing company, we aim to create a world where technology can be harnessed to make financial solutions more profitable for users. At FidyPay, we have created the most functional and practical API stack that can ultimately enable startups, businesses, merchants, and entrepreneurs to transform the way consumers make transactions.

With our brilliant services, businesses will be able to create amazing financial solutions that will help them offer cutting-edge and technologically advanced financial services to their customers. Our collective aim as a team is to ensure that businesses can thrive with the help of fantastic fintech solutions for their clients and consumers”, says Manan.

All-in-one Fintech Conglomerate

As a full scale nextgen enterprise fintech company, FidyPay has developed a revolutionary platform that can be integrated with a wide range of financial services such as API Banking, BBPS, UPI/QR Code Payments, eNACH, eKYC, and many others. In addition to this, the company’s portfolio of offerings also includes POS Solutions, UPI Sound Box, and Prepaid Cards as well. Owing to such exquisite range of product and service offerings, the company has not only been able to handhold business across their transaction cycle, right from onboarding to payment collection, banking and lot more, but has also earned the reputation of being one-stop solution provider for diverse financial transaction requirements. “We give businesses an entire supply chain of product lines that include payments, retrievals, and onboardings, everything under one platform, and empower them on the digital payment side. Be it online collection, offline collection or banking, we cater to it all. Some of the major customer segments that we cater to include government institutions, cooperative banks, corporates, SMEs, MSMEs, enterprises, and even Fintechs to enable them on the infrastructure front”, Manan adds.

Feature-rich & Easy Integration – The USP

In terms of eKYC, the FidyPay platform can be seamlessly integrated with features such as auto verification of critical information viz GST information, fraud validations and credit scores, easing the vendor onboarding process for businesses by a great extent. Further, in terms of payments, the company provides everything right from payment gateways, to UPI solutions, POS solutions, prepaid cards and more. Similarly, on the collections end, the platform provides numerous functionalities such as automated collection through eNACH or UPI autopay in terms of banking related services as well. Elucidating further, the founder says, “Along with the speed, agility and solution-readiness that we possess, our USP is bringing everything that a business needs in terms of onboarding, payments and collections under one platform, giving them a one powerful platform which can deliver everything to them, right from providing them all data-driven insights, to reports, MISs, and trends”.

Journey So Far & & Beyond

With such industry benchmark practices in place, FidyPay has successfully catered to 2,000+ B2B clients and served 1 lakh indirect merchants and over 65 million unique customers so far. Notably, it has also worked with 15+ different government departments such as municipal corporations, gram panchayats, traffic police, railways, horticulture, agriculture bodies and many more. Owing to the fertile market conditions and the massive scope of business opportunities that currently persist in the digital payments realm, FidyPay is now eyeing to spread its wings across international waters. In light of this, it is currently assessing which geographies would be ideal for the technology and product line that they possess, with focus majorly on MENA and Oceanic regions. Most importantly, this highly esteemed fintech will soon be acquiring its own payment aggregator license from the RBI to further cement its position in the digital payments space. “We’re among the only handful of Fintechs based out of a tier-II town in central India to be bootstrapped, yet been profitable right from the time of our establishment. From the humble beginnings of having just a single client back in 2019 with an annual revenue of just ₹25-30 lakh, we have grown immensely over the years and achieved a revenue of ₹18 crore last year. This year, we’re confident of doubling our revenue with a double-digit growth and keep our bottom line positive as well”, concludes Manan.