Interview: Manan Dixit – Founder of FidyPay, an Indore-based Digital Payment Startup

Interview with Manan Dixit – Founder of FidyPay, an Indore-based Digital Payment Startup

Manan Dixit is an engineering graduate from Nagpur, Manan’s association with the world of banking goes back to childhood.

His father was a seasoned banker and it is from him that Manan began to learn about the country’s banking landscape.

Before moving to college in Nagpur, a young Manan had already gained exemplary insights about India’s banking landscape and its loopholes kept lingering in his mind even when he joined the workforce.   

As a young adult when Manan traveled across India’s interiors, especially rural areas to discover the immense lack of financial inclusion and even accessibility towards financial products that can make like much easier. The trip turned out to be life-changing for Manan.  

It was the lingering thoughts about the lack of financial inclusion and the proper market penetration along with dissemination of financial products including digital payments that eventually led Manan to think otherwise.  

He decided to address the gaps—easier and seamless accessibility of digital payments and collection in rural and semi-rural areas and assisting organizations, (mainly through banks and financial institutions) in performing all kinds of functions digitally including regular workflows.

For this, he opted for the fintech API ecosystem. Thus, FidyPay was born in 2017.  As a fintech company with a focus on API platforms, FidyPay is focused on offering its services to the BFSI industry.

Since it’s launching from Indore, Madhya Pradesh—the heart of India, FidyPay has been able to build trust among its clients but also consolidate its position among them.  

Tell us a little about yourself

Manan Dixit: I’m Manan Dixit, a software entrepreneur who is passionate about using technology to address  real-world issues in society.

FidyPay, a fin-tech business that I founded, wants to assist India in going cashless by focusing on regions that are the least likely to adopt digital payment methods.

My ultimate goal is to create new, user-friendly, secure payment solutions that will enable millions of people in India and throughout the world to take control of their funds.

I earned a Bachelor of Engineering in Electronics and Power from Nagpur University in India and then began working in tech roles for businesses like Tech Mahindra and Amdocs before deciding to pursue entrepreneurship.

An online store called Falcons was co-founded by me. From there, I rose to the position of Managing Director at Umoja Electronics, an Indian company that provides its clients with cutting-edge computing solutions.

I am now more determined than ever to truly impact people’s lives as the founder of FidyPay.

Please tell us a little about your entrepreneurial journey

Manan Dixit: My entrepreneurship path began after years of employment with prestigious Technology firms. I came to see that using technology to invent new things and address pressing problems was what I was truly passionate about.

I started a financial technology firm called FidyPay at that time with the goal of assisting India in being cashless.

Falcons and Umoja Electronics, two of my prior businesses, taught me the value of vision, creativity, and innovation in creating a successful enterprise. My ultimate objective, though, was to use my expertise and abilities to significantly improve the lives of others.

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

Manan Dixit: To keep focused on your mission and not let obstacles or setbacks derail you would be my one piece of advise to someone who is just starting out as an entrepreneur.

Accept criticism well and always looking for ways to make your product or service better. Anything is possible if you have the right approach, are persistent, and have support.

Kindly brief us about FidyPay, its specialization, and the services that it offers

Manan Dixit: FidyPay is a financial technology startup founded in 2017 with a mission to help India become cashless.

They focus on targeting areas most resistant to adopting digital payment services. FidyPay provides a full-stack, simple, and automated fintech API platform that offers easy and convenient plug-and-play solutions in real-time.

The company’s main areas of interest are paperless banking, macro digital payments, integration, and financial inclusion.

What inspired you to start a digital Payment Platform?

Manan Dixit: When my founding team and I were debating how digital payments will alter our future, we became aware of the problem of sluggish payments and outdated infrastructure.

We realised that low-income Indian cities experience a high prevalence of this issue. And, since we understood the low-tier cities and the people there, we were convinced that we could address this problem. As a result, we launched FidyPay.

What are the unique selling points of FidyPay?

Manan Dixit: FidyPay is distinguished from its competitors by its capacity to consolidate payments made both online and offline through a variety of different channels.

This enables a streamlined payment experience for all users, regardless of their familiarity with or access to technology.

What are your plans for the future of FidyPay?

Manan Dixit: The future of FidyPay is something I’ve given a lot of thought to. I want to expand the business abroad, and I also want to find solutions to the transactional difficulties that plague all developing countries. Also, one of my goals is to broaden rural communities’ access to online payment services.

How will digital payments evolve in the next 5-10 years?

Manan Dixit: I believe that during the next five to ten years, digital payment technologies will greatly advance and come to dominate every global economy.

I believe that the volume of cashless payments made around the world will triple by the year 2025, that traditional cash transactions will be replaced by digital payment methods, and that this will move the world towards a cashless society.

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

Manan Dixit: My one and only piece of advise would be to never give up on the pursuit of your dreams. You should never, under any circumstances, give up on your goals or your dreams, no matter how difficult things get.

What are your success tips for young and aspiring entrepreneurs?

Manan Dixit: Never give up on your goals; this is the most important piece of advice I can give to aspiring entrepreneurs of any age.

Beginning a new company can be difficult, but it is critical to maintain tenacity, concentration, and passion throughout the process.  

Find a good mentor ,l its important to access your strength and potentials.  Over the period of time,  facing challenges and hindrance will be part of the growth, but it is imperative that you maintain your dedication to your objectives and never lose track of the bigger picture.

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