CEO Insights: Q&A with Jitender Dahiya on Founding Paykio and Revolutionizing Cross-Border Payments

Jitender Singh Dahiya is a FinTech entrepreneur and Co-founder/CEO of Paykio, with over 18 years of banking experience at YES Bank and HDFC Bank. He focuses on leveraging technology to enhance cross-border financial services for students, immigrants, and businesses globally. With expertise in product management and sales, Jitender is passionate about innovation and continuous learning, currently pursuing a Doctorate in Business Administration to drive financial inclusion and growth.

Could you share a bit about your personal background and journey that led you to found Paykio?  

My journey as a Cofounding and CEO of Paykio is anchored in a robust 18+ year background in the Banking Sector in handling Trade Services and Foreign Exchange. After a fruitful career in banking, my entrepreneurial spirit steered me towards FinTech innovation. My passion for driving change within cross-border utility payment and fund transfer landscapes led to the creation of Paykio, where we aim to push the boundaries of what’s possible in financial technology. This transition from a banker to a FinTech leader and mentor has been driven by my deep industry knowledge and a commitment to excellence, aiming to foster the next generation of financial technology. 

Understanding Paykio 

What is Pakio all about? 

Paykio is a FinTech Startup that specializes in simplifying cross-border payments and fund transfers. It’s designed to provide a seamless and secure platform for users to manage financial transactions with ease. Paykio’s focus is on enhancing the financial inclusion of underserved communities by offering accessible, user-friendly financial services that aim to streamline the way people send and receive money across borders. The goal of Paykio is to break down financial barriers and empower users with efficient, affordable, and reliable monetary tools. 

Inspiration Behind Paykio: What inspired you to establish Paykio, and how does your personal philosophy influence the company’s mission and values?  

In the wake of the 2016 earthquake in Nepal, the need for a swift and efficient payment system became personal for my cofounder, Santosh Joshi, when his wife faced delays in urgently remitting money to her family. This incident sparked Santosh’s commitment to devising a streamlined solution for Indo-Nepal payments. Concurrently, I was keen on tapping into the vast potential of the remittance sector, drawing on my extensive experience in this field. In mid-2021, during a discussion about our individual ideas, Santosh proposed combining our visions. This collaboration led to me formally joining the company in early 2022, and since then, we have been working in tandem to scale our venture to new heights. 

Paykio’s mission is to simplify and accelerate cross-border payments, particularly between India and Nepal, ensuring they are swift, secure, and accessible to all.  

Our core values center on financial inclusion, reliability, and user empowerment through innovative fintech solutions. 

Core Values Influence: Paykio emphasizes values such as transparency, innovation, and customer-centricity. How do these values shape the company’s culture and approach to serving clients?  

Paykio’s dedication to transparency, innovation, and customer-centricity fundamentally shapes its culture by fostering an environment of trust, continuous improvement, and user-first strategies. This commitment ensures that clients receive clear, straightforward services, benefit from cutting-edge financial solutions, and have their needs prioritized, leading to enhanced satisfaction and loyalty. 

Business Operations and Expansion:  

At Paykio, our commitment to transparency means we operate with clarity and honesty, building trust with our customers and among our team. Innovation keeps us at the forefront of FinTech, continuously improving and adapting our services. Customer-centricity ensures we listen to and meet the actual needs of those we serve. These core values permeate our company culture, guiding how we work and grow. They shape our approach to customer service, prioritizing clear communication, tailored solutions, and a user experience that makes financial management accessible and reliable for everyone. As we expand, these values inform our strategies, helping us to enter new markets and develop products that align with our mission to empower users and set new standards in the fintech space. 

Financial Landscape: Before we delve into Paykio’s offerings, could you provide our readers with an overview of the current financial landscape and the challenges individuals and businesses face?  

The current financial landscape is marked by rapid technological advancements that are reshaping how individuals and businesses manage money. However, challenges remain, particularly in cross-border transactions, where people often face high fees, complex processes, and slow transfer times.  

Businesses grapple with navigating diverse regulatory environments and the need for seamless integration of payment systems. Additionally, there’s a notable gap in financial inclusion, with a significant portion of the population in developing regions lacking access to basic banking services. Paykio is positioned within this landscape to address these challenges by leveraging technology to provide more efficient, cost-effective, and inclusive financial services. 

 Paykio’s Solutions: How does Paykio address these challenges, and could you highlight some of the key financial solutions and services the company offers? Are these, both across India and Nepal?  

Paykio tackles the challenges in the financial landscape by offering a suite of innovative solutions designed for efficiency, affordability, and inclusivity, particularly focusing on India and Nepal. Its services include quick cross-border utility payments, fund transfers and local utility payments using user-friendly mobile application for remote access, competitive rates, and convenient digital wallets. Tailored to meet the regulatory and market-specific needs of both countries, Paykio’s offerings aim to empower individuals and small businesses to manage their financial transactions with ease, fostering financial inclusion and streamlining the process of money management across borders. 

 Expansion Plans: Paykio has experienced notable growth. Can you share any insights into the company’s expansion roadmap, both domestically and internationally? 

Paykio has seen significant growth and, as part of our future strategy, we are excited to announce plans to launch our services in the GCC region very soon. This expansion marks the beginning of our journey to extend our offerings beyond India and Nepal, with the aim of gradually moving into other regions and countries. This step is a testament to our commitment to providing innovative financial solutions on a global scale, ensuring more individuals and businesses can benefit from our services. 

Metrics and Future Vision: 

At Paykio, our metrics of success include user growth, transaction volume, and customer satisfaction, reflecting our impact on financial inclusion and efficiency in cross-border transactions. Looking forward, our vision is to become a global leader in fintech, further innovating and expanding our services to address the evolving needs of our users. We aim to continuously improve financial accessibility and convenience, making Paykio synonymous with trust and reliability in the financial sector worldwide.  

Performance Metrics: Moving on to metrics, what key performance indicators does Paykio track to measure its success, and how are these metrics performing? 

Paykio closely monitors several key performance indicators (KPIs) to gauge its success and impact in the FinTech space. These include: 

• User Growth: Reflects market acceptance. 

• Transaction Volume: Indicates trust and usage. 

• Customer Satisfaction: Ensures service quality. 

• Operational Efficiency: Measures cost-effectiveness. 

• Market Expansion: Tracks entry into new markets, including the GCC region. 

Positive trends in these areas highlight Paykio’s success and expansion efforts. 

Future Vision: Looking ahead, what is Paykio’s vision for the future, and how does the company plan to continue innovating and staying ahead in the ever-evolving financial industry? 

Paykio’s vision for the future is to solidify its position as a global leader in FinTech, aiming to revolutionize financial accessibility and convenience worldwide. Our strategy focuses on continuous innovation, leveraging cutting-edge technology to enhance our services and user experience. We plan to expand our geographical footprint, starting with our upcoming launch in the GCC region and moving into other key markets. By staying attuned to the changing needs of our customers and the dynamics of the financial industry, Paykio is committed to delivering solutions that not only meet but exceed expectations, ensuring we remain at the forefront of the FinTech revolution. 

UPI Payments in Nepal and Future Plans: 

Impact of UPI Payments: With the recent acceptance of UPI payments in Nepal, how does Paykio envision leveraging this development to benefit its operations and clients? 

With the Reserve Bank of India’s (RBI) recent initiative to integrate UPI (Unified Payments Interface) with NPI (Nepal’s Payment Interface), Paykio is at the forefront of adopting this groundbreaking development. We are in active discussions for UPI integration, aiming to offer seamless payment services in both Nepal and the GCC region. This integration represents a significant step forward in simplifying cross-border transactions and enhancing financial inclusivity. 

Looking ahead, Paykio’s future plans include leveraging this integration to expand our service offerings, ensuring that our users in Nepal and the GCC can benefit from the convenience and efficiency of UPI payments. This move aligns with our commitment to innovation and our vision to bridge financial gaps across borders, fostering a more connected and accessible financial ecosystem for our customers. 

Future Plans: Can you share any specific plans or strategies Paykio has in place to capitalize on the expansion of UPI payments in Nepal and other emerging markets? 

To leverage UPI expansion in Nepal and other markets, Paykio plans to 

Integrate with Local Systems:  

• Link UPI with local interfaces like NPI for seamless payments. 

• Partner with Financial Institutions: Collaborate with banks and institutions for broad UPI acceptance. 

• Upgrade Technology: Enhance our platform for secure, efficient transactions. 

• Increase Awareness: Educate markets on UPI’s benefits to boost digital payment adoption. 

• Develop Customized Products: Offer financial services tailored to new market needs. 

These steps aim to expand Paykio’s reach and foster digital payment adoption for greater financial inclusion. 

Closing Thoughts:  

Finally, what message would you like to leave our audience with regarding Paykio’s commitment to empowering individuals and businesses on their financial journey? 

Paykio is deeply committed to empowering both individuals and small businesses by simplifying their financial journeys. We believe in creating a world where financial barriers are minimized, and access to secure, efficient, and inclusive financial services is a reality for everyone. Our dedication to innovation, customer-centricity, and seamless integration across borders reflects our mission to not just meet, but exceed the financial needs of our users. As we expand into new markets and embrace cutting-edge technologies, our focus remains steadfast on enhancing financial freedom and enabling economic growth. Join us on this journey to redefine the future of finance, where every transaction moves us closer to a more inclusive financial world.