Indian fintech major FidyPay ties-up with Yes Bank to bring better financial inclusion

Financial inclusion and digital payment fintech, FidyPay has announced its partnership with Yes Bank to bring a seamless connected banking experience to Yes Bank customers. The move is likely to extend the digital facilitation to a wide range of businesses, including SMEs, Fintechs, and start-ups.

As part of the alliance, FidyPay will be enabling a seamless connected banking experience. Apart from this, FidyPay will also be the solution provider for UPI services.

According to FidyPay, the company is looking forward to catering to 10 million SMEs, and MSMEs through such banking collaborations as well as an extensive network of government channels which Yes Bank has acquired over the years to enable them with digital payment integrated solutions.

“Strategic alliance with Yes Bank is a significant leap for FidyPay, equipping it to cater to a wider market,” the company said. The company said it is further eyeing a deeper market penetration with this tie-up, across India.

The association will be an enabler for FidyPay to strengthen its existing product line and emerge as a trusted tech partner for banks, corporates, MSMEs, SMEs, start-ups, and more.

FidyPay said it is working with the private sector lender on multiple use cases which includes UPI, API banking, prepaid cards, escrow accounts, PA licensing, and eRUPI, amongst others.

“At FidyPay, we are driven to create an impact within the connected banking ecosystem. Given Yes Bank's dominance in developing digital-first strategies for MSMEs and SMEs, we are looking forward to serving a larger audience with our connected banking solutions,” Manan Dixit, Founder & CEO, FidyPay said.

Meanwhile, Ajay Rajan, Country Head, Transaction Banking Group, Yes Bank said the partnership is part of the bank's overall connected banking strategy to make banking more inclusive and easily accessible to the diverse and growing consumer base.

The Indore-based FidyPay has product offerings ranging from all aspects of payment, banking, and collections, catering from retail to corporate ERP to government departments.