About Fingpay

Fingpay is a fintech startup working towards Financial Inclusion. It provides both self-service and assisted modes for various products and services.

Over the years, Fingpay has grown its network to over 10,00,000 Merchants and 30+ Corporates, offering a complete suite of Payment and Onboarding products, such as AEPS, Cash Management, BBPS, IMPS, BHIM, Aadhaar Pay, UPI, MicroATM and QR. Fingpay has partnered with multiple Banks as a corporate Business Correspondent (BC) and Master Merchant, thereby creating a resilient back-end infrastructure.

Fingpay was incorporated in 2016 with a vision to bring Financial and Digital inclusion through technology built around the India Stack. The need to develop simple yet powerful products targeted towards the underserved and unbanked triggered the company’s inception.

Fingpay’s Goal

Fingpay aims to bridge the digital divide between rural and semi-urban areas with limited access to technology or smartphones. The brand aims to provide convenient and easy accessibility to fintech products and services. By granting this accessibility, Fingpay hopes to ensure that no one is left behind when it comes to accessing financial services.

Fingpay’s Key Requirements

Digitization has become a norm in the fintech sector, but this trend is not applicable across the board. Despite several initiatives taken by the government and private entities to improve digital literacy among people, a significant portion of India’s population still lacks access to smartphones or the Internet.

This significant section of society faces difficulty in availing of new-age solutions like processing online transactions or other online services offered by fintech companies due to the lack of digital accessibility. To bridge this gap, financial institutions like Fingpay are making concerted efforts to introduce effective offline solutions ensuring that everyone can access financial products and services, irrespective of their socio-economic background or technological know-how.

Fingpay wanted to provide a unique platform that allows customers from rural and semi-urban areas to make payments via UPI without an internet connection. An interactive voice response (IVR) system would eliminate the need for an internet connection and reduce the call centre operating costs while still providing customers access to financial products and services.

How Kaleyra Addressed Fingpay’s Requirements

Kaleyra worked with Fingpay to simplify payments with UPI by leveraging IVR technology to provide their customers with a seamless and easy transaction experience.

With a deep understanding of Fingpay’s industry and its operational processes, Kaleyra helped them implement the IVR technology, using which the customers could carry out financial transactions and process payments via UPI without using the Internet. Customers from rural locations could now dial in the IVR numbers to initiate financial transactions. 

Kaleyra’s Interactive Voice Response (IVR) technology integrated with FingPay’s UPI system is a game changer for the fintech industry, offering various benefits that enhance convenience and security. 

It boosts the customer experience by providing automated self-service options allowing users to easily access information and make payments without waiting in the phone line with customer service. 

Kaleyra’s IVR system also reduced the call centre operating costs for Fingpay’s customers, as it automates tasks that human agents typically do. This allows human agents to handle more complex or higher-priority tasks and increases overall efficiency while reducing the number of staff needed in the call centre. 

Additionally, IVR offers advanced security with authentication through personal identification numbers, eliminating the need to share sensitive financial info over the phone.

How the IVR-enabled UPI payment process works

To make UPI payments with IVR technology, users must first dial a pre-programmed IVR number on their feature phone. Then, after completing a simple onboarding process, they can start making financial transactions without relying on the Internet. 

Customers can use this service in their preferred language as the IVR supports multiple language options and allows them to complete their payment process quickly and easily. 

The impact of Kaleyra-Fingpay’s collaboration

IVR-based UPI solution has redefined how Fingpay’s customers carry out their financial transactions. 

Some achievements since Fingpay launched the IVR-based UPI solution:

1) Successful payments carried out through IVR-based UPI

By integrating IVR technology into its UPI system, Fingpay enabled one of the biller companies to successfully collect payments from more than 60,000 customers every month digitally and in an automated way without involving any manpower or manual intervention. They have a big team for customer reminder calls and collecting payments on the ground or digitally, and now with this solution; it is completely automated. They are rolling out this solution in phases to more customers. 

2) Reduction in payment collection time

After integrating Kaleyra’s IVR system, Fingpay saw its customers’ payment collection time drastically reduce from an average of 30 minutes to less than 30 seconds. This streamlining of the payment process made transactions more secure and responsive but also improved customer satisfaction levels and enabled Fingpay to handle payments more efficiently.

3) Reduction in call centre costs for Fingpay’s Customers

IVR technology implemented by Kaleyra drastically reduced Fingpay’s customers’ call centre operating costs, as it automates tedious and time-consuming tasks that human agents would otherwise handle. This allows customer service personnel to focus their efforts on more complex inquiries or higher-priority calls, resulting in improved efficiency without sacrificing the quality of service. In addition, automation also helped reduce the number of staff required to manage the call centre.