As the title says, FIA is an instant bill payment portal which is never heard about this in your life. And this has a vision of connecting the unserved geographies both efficiently and profitably.
FIA is made for promoting sustainable livelihood models as well as working with the rural and marginal communities and poor men and women.
What does FIA do?
The FIA aggregates socially impact products as well as services and gives that to the low-income masses through its large distribution network of small entrepreneurs. And the expertise of this company is in the production of technology for mobility as well as online payment services for a large number of people.
A large number of people around the world lack the ability to access sustainable financial services. It might be savings, credit, or insurance, most of the population doesn’t have access to any of these.
If we talk about India alone, about 400 million people manage their finances on the basis of cash. These are restricted to financial service access.
Also, check: Top 5 Online Portals To Pay Hospital Bills
FIA – Instant Bill Payment Portal for 2020
How can the population be included in financial services?
One of the greatest challenges we have is to relax the constraints that deny a certain part of the population to get access to financial services or sustainable financial services.
It is not a small thing to be able to relax the constraints that tend to stop a certain community to receive full participation in sustainable financial services. And this is exactly where FIA comes into play. Later we will discuss about the functions.
How was FIA started?
FIA is the company that formed by the MIT students. It is mainly aims at making the economics work for banks in order to be able to serve the under served to receive sustainable financial services.
What are the Aims of FIA?
FIA mainly aims at providing an evolution of how the under served communities can capitalize on the digital growth opportunity. The final goal is to be able to create a large network of the FIA inclusion centers to provide individuals with the ability to get access to a series of different services.
It aims at the use of alternative technologies other than liquid cash to be used for the purpose of the enhancement of efficiency. As well as security of financial transactions from one person to the other. Also, it has a product portfolio to act as a connector between the demand-supply gap of the financial products.
Main aims of FIA:
- Digital Payment Solutions
- Livelihood Opportunities
- Financial inclusion
- Skill Development
Other than the four services listed below, the under served can get access to other socially impact services as well as products.
Services of FIA
With the help of FIA, its customers can make use of sustainable financial services & different types of payments. A person can remit money, book railway or airplane tickets, recharge mobiles, or pay the mobile bills & DTH TV bills.
It provides a ton of different services for an extremely amazing cause. Here are some of the services provided by FIA global financial services.
Now let’s get into the different services of FIA to its consumers:
- One of the major services provided by FIA is the facility of Banking
- Customer can send money out of the country with FIA Remittance facility.
- If your mobile has no balance left, you can easily make use of the Prepaid Recharge option.
- You can easily transfer money to Nepal with the Nepal Money Transfer option.
- If you are planning on going somewhere, you can book the tickets within minutes.
- Pancard Services
- Postpaid Mobile Payments
- Utility Bill Payments
FIA creates & manages the distribution of the network for the services to be delivered to a large extent and implementation of the financial inclusion programs. I hope this blog post is helpful for you. Keep reading posts at our blog.