True business Innovation is coming up with a product that the customer didn’t know they needed.
Technology has played a pivotal role in making our lives easier. The list of online services that have become an integral part of our lives is vast. But what has really made our lives easy in Digital Payments.
In India, online payment started way back in 1997. But the actual change came on November 8, 2016. Mr. Narendra Modi, our prime minister, announced demonetization in the country. This came as a shock. But the historic decision had many reasons, one of which was to lay the foundation for the dream of a cashless India.
It was going to be the biggest game changer for the growth of the Indian economy. Businesses and individuals alike would benefit from this change.
Today, around the globe, the challenge is not just to be literate but to be digitally literate.
The main question is whether we are capable enough to handle the complexities of technology.
India’s population as of 2022 is 1.417 billion, out of which only 77.7% is the literate population. According to the data collected, 948 million people reside in rural areas. India is yet to bridge the overall literacy rate, and with everything going digital, the responsibility of making everybody digitally literate is still a long race to win.
Every innovation has a purpose. MissCallPay was created with this single goal in mind.
MissCallPay is the brainchild of Mr. Mitesh Thakker, who is also the founder and CEO. It is India’s first voice payment Fintech startup which is presently angel-funded and backed by HN1. Headquartered in Bhuj, Gujarat. The Mumbai office is primarily responsible for business operations. They intend to raise Series A funding within the next six months.
It is interesting to know, what drove Mr. Mitesh to start this voice-based payment tool.
Mr. Mitesh comes from a very humble, middle-class family. His father was a street vendor in the Bhuleshwar market of Mumbai. He worked very hard to give his family a decent livelihood. His father also drove a taxi to make ends meet. Finally, after putting in so much effort, he started a textile business that employs 300-plus people. The “rags to riches” story stands true to him. The childhood hardships taught him to dream big and achieve more.
He completed his MBA graduation from S.P. Jain College in India, and he did his Product Management training at Blackbolt Consulting, USA. With his vast experience and expertise in marketing, sales, and IT products and six patents to his credit—he wanted to give back to the underprivileged in society.
Every innovation is a product of necessity. Demonetization brought a huge change in the daily lives of people, but it also came with difficulties for the people of rural areas, who had no knowledge of handling technology. And this was the main concern. During his travel to his native village in Kutch, Mr. Mitesh saw the chaos with people standing outside ATMs and banks. People were struggling, and they got no help. This was an eye-opener for him. He thought of developing an easy and simple solution to overcome this problem. A motivational speech by our Prime Minister and a series of events unfolded, and he decided to venture into FinTech (Financial Technology). The idea of rolling out a payment solution that will be devoid of dependency on the internet It was going to be simple and hassle-free. Now people will have access to a financial system that will help them make payments without the need to own a smartphone, any mobile app, or the internet. The rural masses will be able to make payments for a missed call using this solution.
Being the first of its kind, Mr. Mitesh tries his best to strike a balance between family and work life. He is the proud owner and founder of the start-up and has advisors on the board, along with Mr. Raju Wadalkar and Atul Mehta.
The company intends to partner with multiple banks and has set a target of 10 crores.MissCallPay is one of the four apps that were launched by RBI.
Like every businessman, Mr. Mitesh sees cash, Tonetag, and Gupshup as the closest challenges to MissCallPay. But as they say, what is any achievement without challenges and competitors? All products are different, but the aim is the same, to roll out fintech products for all sections of society.
Establishing a business is not a cakewalk. The initial hardships are manifold. And achieving success is not easy. So, at this point in time, Mr. Mitesh focuses on giving more than 100% to make MissCallPay successful.
MissCallPay is more than a fintech product; it is a tribute to his father’s hard work and to the society to which he belongs.
Our Storyteller: Chanda Maken
Work hard, dream big, and never give up. That is Chanda; she is a dreamer, go-getter, creative, and very ambitious. She loves to live each second of her life to the fullest. She is a people person and also loves to travel and explore. Her energy and family are her strengths.
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Very inspiring story and very well written.
Amazing write up and highly inspiring
Amazing and highly inspiring story.
Very well written and Cudos to the Writer for using simple but effective communication.