FingPay

FingPay, a fintech company founded in 2016 by Pratyush Halen and Anuraag Agrawal, operates under Tapits Technologies Pvt. Ltd. The company is based in Mumbai, India, and focuses on enhancing financial inclusion through innovative payment solutions.

Services and Solutions

FingPay provides a range of cashless, card-less, and mobile-less payment solutions aimed at both consumers and merchants. Key offerings include:

• Aadhaar Enabled Payment System (AEPS): Facilitates transactions using biometric authentication linked to the Aadhaar number.

• Unified Payments Interface (UPI): Enables seamless money transfers between bank accounts.

• Point of Sale (PoS) Solutions: For merchants to accept digital payments.

• Mobile Point of Sale (mPOS): Allows businesses to accept payments via portable devices.

• Bill Payment Services: Including Bharat Bill Payment System (BBPS) for various utility payments.

FingPay claims to have onboarded over 10 crore users, facilitating around 200 million transactions worth over ₹10,000 crore in the previous year alone.

Business Model

The company operates a vast network of nearly one million business correspondents (BCs) across 18,000 pincodes in India, catering especially to rural areas. FingPay partners with various microfinance institutions (MFIs) and non-banking financial companies (NBFCs) to digitize collections and enhance cash management services..

Future Prospects

With the growing reliance on digital transactions, especially post-COVID-19, FingPay aims to further modernize payment collections in India. The company is developing a super app to enhance its service offerings and reach more users across different platforms.

In summary, FingPay stands out as a significant player in India's fintech landscape, focusing on biometric-based payments and striving for greater financial inclusion through technology-driven solutions.

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