India, a developing nation, has emerged as the world’s sixth-largest economy, with a GDP of $2.7 trillion. Although the country has undergone major advancements in various sectors, there’s a lot left to be done, especially for the people in the lower levels of the economy.

Spay Technology Private Limited, incorporated on 28 November 2018 by Dr Nikhilesh Tiwari, is an organisation catering to the unserved rural market. Spay’s creation is mutated; it is not just another mobile payment application. Their motive is to offer services where the customers need them when they need them and in whatever manner they need them.

Spay Technology Pvt. Ltd. has its Registered Office and Head Office in New Delhi. They have also opened their branch office in Mumbai, Maharashtra.

Establishing its worth in a volatile industry was not easy for Spay Technology; the dedication of Dr Nikhilesh helped the organisation grow to heights. Today, they are a team of about 120 people working towards the same vision of catering for the rural segments.

Dr Nikhilesh Tiwari, the founder and CEO of Spay Technology Pvt. Ltd., had a humble beginning. Born and brought up in Lucknow, he started his career as a Sales Manager in a fintech firm in Delhi.

Exploring the same sector, he learned how fintech plays a vital role in the upliftment of a nation by using technology to provide maximum benefits to the public, increasing employment and thereby reducing the inequalities between the rich and poor.

Starting from the ground up, Nikhilesh soon rose to the higher ranks with sheer will and dedication. Backed with 16+ years of experience in the fintech industry, Nikhilesh founded Spay Technology Pvt. Ltd. in 2018 to provide the best-in-class fintech services.

Working in the fintech sector for 16 long years, Dr Nikhilesh Tiwari was well acquainted with the ins and outs of the industry. During his association with Vodafone, M Pesa, he got the chance to visit several villages and first-hand experience how different people’s lives in rural areas are compared to urban areas.

Common villagers did not have access to bank accounts or any medium through which they could send or receive remittances, and they had to rely on other people to help them. The need of the hour was creating an equilibrium between rural and urban sectors.

Nikhilesh realised that it could be done with the help of technology as it does not go against the practice of egalitarianism. The idea of entrepreneurship was always on his mind, and with Spay Technology Pvt. Ltd. in 2018, he took the plunge and devoted himself to serving the unserved since then.

The company’s mission is to empower the rural population to live in a cashless economy. Dr Nikhilesh Tiwari, Founder and CEO of Spay Technology, has very clear objectives in his mind.

He always wanted to do his bit to uplift the underprivileged and craft a playing field for people at the lower rungs to enable them to dream and achieve success in life.

And he is crystal clear in his thoughts that technology is the greatest egalitarian enabler in this modern age. He has always wanted everyone to enjoy the convenience of Digital Payments.

The entire operations of Spay are based upon customer-centricity. Ever since its inception, the team at Spay Technology has been focused on fulfilling and satisfying the needs of its customers.

Unemployment in the rural sectors is one of the biggest issues India is dealing with. To improve the country, uplifting rural society to the levels of urban areas is important.

Catering to the needs of unserved rural markets, Spay Technology, through its services, has succeeded in bringing about a certain equilibrium in the mobile payments sector and helping the rural population enjoy the perks of going cashless.

Spay India, a complete B2B portal, offers a plethora of services, including Online money transfers, Aadhar-enabled payment systems, Utility bill payment, Travel, Bus ticket booking recharge, Insurance, and other services. SpayIndia, another initiative of Spay Technology, is a unique mobile application that caters to the needs of the unserved rural market.

Their mission of empowering the neglected section of the economy, i.e., the rural population, gives Spay an edge over its competitors and makes them a unique mobile payment application.

Through their dedicated agents and merchants network, the Spay team focuses exclusively on empowering the migrant population and other sections of the Indian economy that were being ignored previously, covering as many locations as possible.

Generating revenues and being successful was never the motive for Dr Nikhilesh Tiwari when setting up Spay Technology. When asked what his definition of success is, he shares, “For Spay, success never meant making money; it is always about catering to the needs of the rural population and helping them enjoy the perks of going cashless through our services.

So, when all such people get familiarised with this technology and online money transfers, then Spay will finally fulfil its goals.”

Within just five years of its inception, Spay Technology has bagged several awards and recognition to its name, including

• Spay India has been awarded as one of the Top SME Business Year 2022.

• Spay India has been presented as one of India’s greatest brands 2021-2022 by Asiaone.

• Spay Technology Pvt. Ltd. has been declared the Most Technically Advanced FinTech Company.

The covid 19 pandemic was something no one in the world ever expected and was prepared for. In march 2020, the peak of covid, Spay Technology experienced its biggest downfall of 257%, with less or no work available in the market.

However, with all the hardships, Spay technology decided not to slow down the pace of the business. Covid-19 turned out to be a blessing in disguise, with the Government of India promoting cashless transactions as the digital route for payment processing is preferred by everyone nowadays since it is effective, efficient and leads to better management.

Spay Technology started getting more business with their merchant onboarding scheme and showed tremendous growth in the following months. They managed to achieve a growth of 47% in May 2020, and from then on,they have kept thriving.

The pandemic has not severely impacted the fintech industry. The basic motive of fintech is to reduce the cost of providing services, making it possible to reach more people, and reducing the need for face-to-face physical interactions, which is essential for keeping up economic activity during the pandemic. Covid-19 has made more people aware of digital finance, making the fintech industry grow.

Sharing his experience, Dr Nikhilesh shares,

Blockchain: Blockchain establishes procedures within the bank and helps to keep an automatic record of data on how the money came, where it came from, how it was used, and what it was spent on.

It protects the bank from fraudsters because every transaction is recorded and cannot be changed. Blockchain allows international payments and transfers faster and with a minimum commission.

Robotic Process Automation: A “robot” takes on repetitive tasks as it enters data; generates reports; manages financial information; checks the bank’s client for solvency; handles insurance claims; manages requests and complaints from customers; registers consumers. RPA is the key to FinTech success, predicting 400% revenue growth for the industry by 2023.

At present, the team at Spay Technology is focusing on improving the current scenarios in the fintech industry by offering retailers and distributors one-step solutions for Banking, Financial Services and Insurance (BFSI) through our operations, including domestic money transfer, AEPS, micro-ATM, POS, bill payments, recharges, travel booking, and Insurance among others.

Aspiring to create a hassle-free technology-induced life for everyone, Spay India is focusing on empowering the rural population by making them aware of the financial services made easy through technology. Nikhilesh shares, “This mission is a small step towards a humanitarian cause - equality for all.”

However, it is just the tip of Nikhilesh’s plans for Spay India. In the long run, he aspires to develop the largest Neo banking network through Spay India.

Bundling the complete digital banking experience under one platform for its customers, Spay India will be able to contribute to the massive digital change taking place in the country.

As a first-generation entrepreneur, the journey for Dr Nikhilesh Tiwari has been full of challenges that he considers to be learning lessons. Sharing his advice for young entrepreneurs trying to prove their worth, Nikhilesh says,