<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/wordpress-1.webp" alt="M2P Fintech" title="" id="5hz84v7cu" width="100%" height="317">Friday vibes just grew stronger post lunchtime. M2Peers geared up for their exciting weekend escapades.And Devang, our fintech fanatic too had 'exciting' plans. He was waiting impatiently to spend his weekend on all things fintech, while sipping his fresh glass of juice.&nbsp;That's Devang Mehta, our Vice President of Business Development in a nutshell.&nbsp;&nbsp;Devang is popular among M2Peers and industry peers for his fintech-fused mind. He is the go-to person for anything related to fintech and beyond.We feature this whiz kid and ex-banker as our Star of the Month this June.&nbsp;Curious to know what inspires Devang and keeps his going?Keep scrolling.<h2 class="heading-node" id="pwnuthg73">How do you usually start your workday? &nbsp;</h2>I ensure my mornings have a positive start to set my day right. My mornings are filled with prayers and news reading rituals.&nbsp;LinkedIn is my favourite spot to get the hot and happening news around the globe.&nbsp;When we are fast asleep, other countries are up, so there is a lot to catch up on when we wake up. This is my routine before I go to bed as well. &nbsp;The to-do list is my saviour for the day. I list all my tasks and ensure those are checked on the same day. Time is limited for all, so I put everything I want to do on my calendar.&nbsp;Recently, I have added yoga, workouts and swimming to the morning activities for about 30 minutes daily, which helps me a lot with energy and stamina throughout the day.&nbsp;<h2 class="heading-node" id="y351ehfie">What are your main responsibilities as VP of Business Development? &nbsp;</h2>The list below pretty much sums up my typical workday.&nbsp;<ul class="list-node" id="ojq9ghvpf"><li>Client meetings&nbsp;</li><li>Understanding client requirements and offering solutions&nbsp;</li><li>Brainstorming innovative business ideas, tricks and strategy &nbsp;</li><li>Competitor analysis&nbsp;</li><li>Communication of new product developments to potential clients&nbsp;</li><li>Providing management with feedback&nbsp;</li><li>Developing entry-level salesforce&nbsp;</li><li>Collaborating with other companies (M&amp;A)&nbsp;</li></ul><h2 class="heading-node" id="mu95ncss7">How have you grown through the years as an M2Peer?   &nbsp;</h2>Before I started my innings with M2P, I was a banker. I worked with banks like Citi Bank, DCB Bank and RBL Bank, where my core responsibility was managing customers and growing inorganically. In the banking sector, the groundwork was established and all set.But when I moved to M2P, the environment was completely different.&nbsp;I was one of the few early joiners in the M2P family.&nbsp;I got a lot of exposure to managing difficult clients and ensuring that the business relationship was built firmly. One of my best learnings after stepping into the fintech ecosystem is knowing how to build and manage relationships.&nbsp;This helped me to become a "Rainmaker", i.e., someone who is not just being transactional but following a "Cockroach Startup Approach" (to keep moving and thriving despite changing market conditions, environments, or investment scenarios).&nbsp;<h2 class="heading-node" id="ayfoc0qlr">Is there a quote/saying that motivates you?   &nbsp;</h2>I follow two sayings:&nbsp;"Dear self, never try to defeat people; just try to win them."&nbsp; &nbsp;Another one that motivates me greatly in my career is "Sales Department isn't the whole company, but the whole company better be the sales department."&nbsp;<h2 class="heading-node" id="hhktcakit">What's that one thing your colleagues don't know about you? &nbsp;</h2>My friends almost know everything about me, but they were surprised to see my dance video. Most of them don't know that I&nbsp; hold a Brown Belt in Karate.&nbsp;<h2 class="heading-node" id="tvlajp4x3">What inspires you the most about M2P? &nbsp;</h2>My daily dose of inspiration comes from our very own founders. They taught me three important things.<ul class="list-node" id="gk35j502m"><li>Thinking and driving the business forward</li><li>Setting the business expectations right</li><li>Staying grounded in difficult situations</li></ul>I always think of our founders as the sun, that radiates incredible energy. It's all about how people absorb this energy. When taken positively- people can feel a spark (motivation to grow) and receive vitamin D. If taken negatively, people would feel burned out. &nbsp;<h2 class="heading-node" id="6i27u2ty2">What's your idea of a perfect day?   &nbsp;</h2>Perfect day? I would rather say the perfect start for the day is to wake up without an alarm.&nbsp;&nbsp;Recently one piece of advice helped me a lot. And I would like to share it with you too.Find a peaceful place in your house and sit there for 10-15 mins every day to meditate. This has brought good results, and I'm sure you will realize it too.  &nbsp;<h2 class="heading-node" id="akmnja20o">What was your career path before joining M2P, and how has it changed? &nbsp;</h2>I was in the banking sector before starting my journey with M2P. I am proud to say that I was the best in our team but not in banking. I feel that banks will restrict you to only one ecosystem until you don't reach the management level, whereas fintech gives you a holistic view of the business.&nbsp;While in banking, I received much recognition from the senior leadership team at times like town hall meet or annual days. But vice versa happened in fintech, where you don't need an award, just learning and working towards improvement is high enough. &nbsp;Everyone in the team will recognize you due to your hard work, irrespective of your position.I go by the ideology that, 'the day the market knows your company because of you, that day will be your career-changing moment'.&nbsp;<h2 class="heading-node" id="v8llna9bv">What are your hobbies/interests? &nbsp;</h2>I love grooving and dancing whenever I feel like it. I also like to drive and explore new destinations. In addition, learning new is how I spend most of my leisure time.&nbsp;   &nbsp;<h2 class="heading-node" id="a7wa4zfx5">Anything else you want to share about M2P? &nbsp;</h2>M2P will have incredible velocity in the coming days! We are very proud of that.We are expecting to be Unicorn and Decacorn very soon. In M2P, the best part is right from founders to all our M2Peers, everyone strives to learn new every day. M2P gives you a platform to perform, but it's up to us to decide if we want to crawl, walk, or run.  So come on M2Peers, let’s have fun and grow together!<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

A Candid Chat with M2P's Fintech Fanatic, Devang Mehta

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Remittance-with-UPI-_Blog-Banner-.webp" alt="M2P Fintech" title="" width="100%" height="284">India has the world’s largest diaspora. More than 30 million Indians reside outside the country. The Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) from the US, UK, and the Middle East make India the world’s largest recipient of remittances. Despite the pandemic and its economic impact, India received $87 billion* remittance in 2021. (Source: World Bank 2021 report)The MENA region is home to a significant expatriate population. And more than half of its outbound remittances are sent to India. India-UAE is the world’s second-largest remittance corridor clocking more than $20 billion in transaction value. It makes up 33% of India’s total inward remittance volume. According to the Central Bank of the UAE’s (CBUAE) report, the outward remittances of the UAE increased by 9.2% in the third quarter of 2021. India retained its position as the top recipient by accounting for 26% of the outward remittance.<h2 class="heading-node" id="3sb73vqzx">India and the Middle&nbsp;East</h2>Now, remittances from the Middle East are not a recent phenomenon in India. They go way back to the 1900s when Indians moved to the Persian Gulf, searching for better opportunities. Since then, India’s trade relationship with the UAE and the rest of the countries in the Middle East has flourished. Today, over 7.6 million Indians live in the Middle East.During 2021–2022, India chalked up a total trade of $154 billion with countries in the Gulf Cooperation Council (GCC), accounting for 18.3% of its collective imports and exports value. The bilateral trade between India and the UAE is valued at $72.9 billion. The UAE, Saudi Arabia, and Iraq are India’s third, fourth, and fifth-biggest trading partners, and the trade sector is expected to expand over the upcoming years.The recent Comprehensive Economic Partnership Agreement (CEPA) is a significant milestone for bilateral trade relations between India and the UAE. Effective from 1 May 2022, CEPA offers an open and equitable ecosystem for businesses and accentuates new frontiers in cross-border payments and remittances.<h2 class="heading-node" id="fwofl48gd">Tale of Money Transfer to&nbsp;India</h2>In the early eighties and nineties, expats physically visited money transfer operators and agents to send money to their families back home, while businesses and Governmental agencies depended on conventional modes of <a class="link" href="https://m2pfintech.com/blog/cross-border-payments-a-swift-money-flow-across-borders/">cross-border payments</a>. However, these traditional methods were fraught with challenges such as security, time delay, high costs, and currency conversion fees.For example, Demand Draft (D/D) was one of the earliest forms of remittance. D/D is traceable at any given time and hence, was considered the safest and niftiest money transfer method. However, it was an exceptionally tedious and time-consuming process. But slowly, things changed. Remittances started to evolve, from drafts to personal cheques and wire transfers to the online and mobile transfers of today.<h2 class="heading-node" id="ko5i3w91c">Key Challenges in Remittances</h2>Differences in the time zones, currency conversion, multiple compliance checks, unforeseen delays, charges, and the uncertainty of receipt of payment were challenges that payers and payees faced in international remittance. As customer preferences and technologies evolved, cost, compliance, speed, and interoperability emerged as factors that affected convenience, security, and seamlessness.CostThe charges associated with the remittances vary across markets and services providers. Key factors include the transaction amount, transfer destination, payment channel, and exchange rates. In addition, the cost of a service provider is subject to the complexity involved in managing settlements in multiple currencies and the time and effort required to maintain compliance with the <a class="link" href="https://m2pfintech.com/blog/know-your-customer-kyc-the-need-for-authentication/">KYC</a>/AMC guidelines and partnerships. This calls for innovative technologies and digitization to minimize the cost, in turn reducing the overall transaction cost for the customers.Compliance and SpeedThe most common reasons for the delay in remittances are the fragmented remittance information coupled with the extensive checks for anti-money laundering and fraud activities. Financial institutions ought to carry out an overarching list of compliance checks to mitigate risks. A central hub to share cross-national information can aid in speeding the payment process.Interoperability<a class="link" href="https://m2pfintech.com/blog/why-payments-interoperability-is-a-must-for-todays-generation/">Interoperability</a> plays a crucial role in improving the speed and time of remittances. Cross-border payments are time-intensive — lesser the compatibility between the systems, the higher the transaction risks. A standardized global messaging format reduces the time, effort, and error that arises with the translation.<h2 class="heading-node" id="xfzjj9vvg">UPI — Resolving the Challenges in Inward Remittance</h2>The introduction of <a class="link" href="https://m2pfintech.com/blog/upi-the-driver-of-economic-growth-and-inclusion/">UPI</a> has changed the course of remittances. This ground-breaking financial innovation has the potential to help the payer and payee overcome remittance challenges and has made international transfers quick, simple, cost-efficient, and transparent. Money transfer institutions are tapping the potential of fintechs to develop a UPI-based cross-border payment ecosystem that leverages global networks to make overseas transfers more reliable and secure.As one of the largest markets for inward remittances, India is adopting UPI as a fundamental mode of remittance through its strategic collaboration with several nations. National Payments Corporation of India (NPCI) set up a payments wing (NIPL) to internationalize UPI and Rupay, and enable real-time bank account payouts.NIPL has inked agreements with several countries in the Middle East and the Asia Pacific, including United Arab Emirates, Nepal, Bhutan, Singapore, and Japan, to deploy the UPI payment rails in their jurisdictions. In the last two years, companies like LuLu Financial and Al Ansari Exchange have benefitted from real-time UPI–based remittances.<h2 class="heading-node" id="gfll6t4lh">Benefits of Integrating UPI and Remittance</h2>Mobile-first InteroperabilityUPI offers a mobile-first, interoperable open payment infrastructure. This allows Payment Service Providers (PSPs) operating on diverse payment systems to undertake, clear, and settle payment transactions through a common interface with common identifier/security standards. This minimizes the challenges of integration and interoperability.Anywhere Anytime AvailabilityUsually, cross-border payments are restricted to banking hours/days. But UPI is a 24x7, 365 days service. With UPI, remittances can be done at any time via more than one digital channel from anywhere without worrying about the banking hours, bank/public holidays, or even bank strike.Real-time TransactionsUPI is a real-time payment system that instantly completes and settles the transactions. It eliminates the need for registering the payee and the waiting time to activate the payee as a beneficiary. The interface allows the users to transfer money by simply keying in the virtual address or UPI ID to make the requisite payment. This will drastically reduce the transaction time and associated risks.Curtails ErrorA lot of things can go wrong when customers transfer money by entering the details of the beneficiary’s bank account. For example, they can provide an incorrect account number or a wrong IFSC code leading to a transaction failure. UPI remittance can curtail such errors as the customer can disregard the bank account details and remember only the Virtual Payment Address (VPA) or the UPI ID to complete a transaction successfully.Prevents FraudUPI uses proxy identifiers like a mobile number and a user-specific Unique Identifier (UPI ID or VPA) to make payments. This is the main advantage of UPI as it addresses security and privacy concerns. Additionally, the UPI ecosystem has single-click two factor authentication to protect users from financial fraud during digital transactions.Reduces Waiting Time and FrictionAs established earlier, the remittance process entails filling up the beneficiary’s bank account details and waiting several hours to transfer the funds to their friends/family. In the meantime, the senders and receivers are both left in the dark over the state of a transfer. Implementing UPI in remittance systems helps address such frictions as it enables instant transactions and lets the customers know the status of the money transfer.Increases Cost-EfficiencyBanks charge a competitive fee for each international transaction. Since the interface has the potential to simplify the correspondence between global banks, it would reduce the time and effort involved in each transaction. This allows banks to lower the transaction fee.UPI’s real-time, round-the-clock, and simple interface radically enhances the cross-border remittance experience as customers benefit from superior efficiency, speed, accessibility, and transparency.<h2 class="heading-node" id="gzqqd1ipr">M2P — UAE’s first UPI-enabled Remittance Service Provider</h2>As UAE’s first UPI-enabled remittance service provider, we enable banks and foreign exchange operators to facilitate end-to-end settlements inclusive of conversion facility. Our deep domain expertise, innovation, and technology know-how render a hassle-free/frictionless remittance experience for both the payer and payee.Most importantly, our intermediary banks are certified by NPCI, and we are compliant with the remittance directives issued by the Reserve Bank of India (RBI). Our full-fledged, mobile-first, customizable API stack simplifies UPI transactions and enables real-time international transfer.To know more about using UPIs for cross-border remittances, write to us at business@m2pfintech.com.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Remittance with UPI - A Giant Leap for Cross-Border Payments

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Blog-Banner_02_WordPress-1.webp" alt="M2P Fintech" title="" width="100%" height="661">Imagine you own a digital wallet. Its primary function is to let you spend viz., shop with partner merchants, make payments, and transfer money to other wallets and bank accounts. Then the same wallet offers a card (any authorized card network Visa, MasterCard, RuPay) to facilitate card-based in-store and online payments. Further, the wallet also comes with a UPI virtual ID to allow payments via QR codes and <a class="link" href="https://m2pfintech.com/blog/upi-the-driver-of-economic-growth-and-inclusion/">UPI</a>.This is payments interoperability making life easy for you.<h2 class="heading-node" id="abd3">What is Payments Interoperability?</h2>Now, there are several definitions for interoperability. But at its core, it is the basic ability of multiple digital systems, applications, and databases to connect and communicate with each other.Payment platforms leverage financial technology to connect and share data among ecosystem partners, viz., banks, payment gateways, payment processors, merchants, and consumers. This integration helps carry out transactions between payment service providers, third-party processors, and other networks without hassles. The interoperability occurs at the origination point, at the network level, or through an intermediary, both in national and international payment systems.Here are a few common attributes of interoperability.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Interoperability_BlogBanner_02_wordpress.webp" alt="M2P Fintech" title="" id="7ruk1ov0f" width="100%" height="661">Payment system interoperability can be at domestic (national) and international levels.<h2 class="heading-node" id="558a">National Payments Interoperability</h2>National payment interoperability is limited to payment systems within a single country. National interoperability usually involves the same type of accounts. It happens between:<ul class="list-node" id="sk8vndtl8"><li>Deposit accounts issued by various banks</li><li>e-money transaction accounts offered by mobile network operators</li></ul>National interoperability is ensured through bilateral agreements between Payment Service Providers (PSP) and Payment Systems Infrastructures (PSIs). Or through a centralized interoperability solution, with standardized regulatory measures stipulated by the central bank.<h2 class="heading-node" id="2998">RBI’s Mandate for Domestic PPI Interoperability</h2>Governments and Central Banks are giving interoperability a significant push to accelerate cashless ecosystems. <a class="link" href="https://m2pfintech.com/blog/rbis-new-guidelines-for-ppis-how-will-it-impact-the-fintech-industry/">RBI</a> aims to make interoperability mandatory for all full-<a class="link" href="https://m2pfintech.com/blog/know-your-customer-kyc-the-need-for-authentication/">KYC</a> <a class="link" href="https://m2pfintech.com/blog/how-to-implement-the-best-prepaid-payment-instrument-ppi-for-your-business/">Prepaid Payment Instruments (PPIs</a>) and acceptance infrastructure by 31 June 2022. The move is to drive inclusion in <a class="link" href="https://m2pfintech.com/blog/ready-to-sneak-peek-into-global-cashless-societies/">cashless payments</a>, and optimally utilize payment instruments like cards and wallets, given the constraint of scarce acceptance infrastructures like point-of-sale (POS) devices, ATMs, QR codes, and bill-payment touch points. Any user who signs up for a wallet, <a class="link" href="https://m2pfintech.com/blog/prepaid-cards-101-a-definitive-guide-for-growth-and-profitability/">prepaid card</a>, or UPI on PPI rails should be able to make digital payments via any network.LivQuik is the first PPI issuer in India to achieve full interoperability as mandated by the RBI. This feat enables customers to enjoy optimized card and UPI payments across wallets. Similarly, initiatives like <a class="link" href="https://m2pfintech.com/blog/central-bank-digital-currency-cbdc-101-a-primer/">Central Bank Digital Currencies (CBDC)</a> will further drive interoperability, inclusion, and innovation.<h2 class="heading-node" id="d3b9">Need for Interoperable Cross-Border Payments</h2>Interoperability in <a class="link" href="https://m2pfintech.com/blog/cross-border-payments-a-swift-money-flow-across-borders/">cross-border payments</a> is critical to making financial services accessible, affordable, and reliable. It involves coordination between multiple stakeholders, including central banks and regulators. It encompasses technical, regulatory, and usage interoperability to enable quick, convenient, secure, and seamless transactions regardless of the Financial Services Provider (FSP) network.According to a recent Visa survey, only 50% of merchants have a cross-border trade-compatible payment processing infrastructure. Without globally interoperable payment systems, small and medium-sized merchants cannot tap into international trade and markets. Interoperability levels the playing field and eliminates the inefficiencies of a closed-loop payment systems, i.e., payments between users of only one payment provider.An end-to-end interoperable platform delivers access to cross-border payment services through an integrated gateway. It enhances the user experience through its ease-of-use customer onboarding and <a class="link" href="https://m2pfintech.com/blog/crack-the-kyc-jigsaw-ease-onboarding-compliance/">digital KYC.</a>A centralized interoperability platform calls for stringent global regulatory compliance and data security standards for utmost security. It enables faster reconciliations with real-time reporting and data-driven insights into payment patterns and customer behavior. Moreover, an automated platform saves time, reduces human error, and cuts costs. It enables infrastructure and data sharing which helps tech-driven payment ecosystems reach economies of scale.While international interoperability comes with a few challenges, it can be overcome with the support of the regulators, the global schemes, and a compatible business model across international borders and technology.<h2 class="heading-node" id="9178">Global Partnerships with Payment Networks</h2>A clear example of an interoperable <a class="link" href="https://m2pfintech.com/blog/cross-border-payments-a-swift-money-flow-across-borders/">cross-border payments</a> partnership is that between India’s <a class="link" href="https://m2pfintech.com/blog/upi-the-driver-of-economic-growth-and-inclusion/">UPI</a> and Singapore’s PayNow. The need for faster cross-border payments and <a class="link" href="https://m2pfintech.com/blog/fintech-a-catalyst-for-financial-inclusion/">financial inclusion</a> has been a catalyst in establishing the link between India and Singapore. The interoperable link between UPI and PayNow, enables instantaneous, cost-effective, and transparent payments across borders.Now for those new to UPI, it is India’s real-time payment system with a Virtual Payment Address (VPA). It is completely mobile-based and supports person-to-person (P2P) and person-to-merchant (P2M) payments and funds transfers.And PayNow is Singapore’s real-time payment system available to all participating banks and non-bank financial institutions. It is also a mobile-based system and enables peer-to-peer funds transfer using mobile numbers, VPA, or Singapore NRIC/ FIN. The UPI-PayNow partnership is only the beginning and is established to foster faster and smoother transactions between India and Singapore.India also holds strategic partnerships with the following payments networks and banks to enable seamless, interoperable transactions on our payments rails.<ul class="list-node" id="tpyzch3q0"><li>Discover Financial Services (DFS), US</li><li>Japan Credit Bureau (JCB), Japan</li><li>Union Pay International (UPI), China</li><li>Royal Monetary Authority (RMA), Bhutan</li><li>Mashreq Bank, UAE</li><li>Lycra Network, France (in the pipeline)</li></ul><h2 class="heading-node" id="1f35">Benefits of Payments Interoperability</h2>Interoperability benefits the entire payment ecosystem, including customers, merchants, end-users, and businesses. In addition to enhancing user experience and helping mitigate security risks, it delivers the advantages below.<ul class="list-node" id="ol9tnl3en"><li>Payment flexibility:&nbsp;The ability to accept all forms of payments is a game-changer. Universal payment acceptance helps customer retention and increases customer reach. Though there are several digital payment systems and digital offerings from payment system providers, customers are not required to sign into multiple systems and complete their <a class="link" href="https://m2pfintech.com/blog/know-your-customer-kyc-the-need-for-authentication/">KYC</a> many times. Interoperability brings issuers and acquirers together to undertake, clear, and settle payment transactions across payment systems, ensuring universal payments and consumer retention.</li><li>Faster payment system: Electronic transactions are the key to reconciling and collecting payments, unlike cash-based systems. Advanced technology and fast internet connectivity make it easier to increase the speed of transactions.</li><li>Secure payment and POS integration: Integration pushes the transaction directly to the payment terminal and eliminates manual entries, thereby enhancing security.</li><li>Low operational costs:&nbsp;Integrated payment platforms reduce operating costs and seamlessly communicate with multiple devices across different financial service providers. It helps save money on adding new payment terminals.</li></ul><h2 class="heading-node" id="0b67">Addressing Challenges — Getting it Right</h2>Getting interoperability right through open <a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">API</a>-based platforms is a start toward harnessing and expanding the payments ecosystem. Interoperability can be tricky when dealing with legacy systems. Technical challenges usually comprise systems that use different technical standards, communication protocols, and related software and hardware infrastructure. Another common challenge relates to data and semantics. Payment systems may use different languages and need to be translated. Inadequate translation leads to corrupted or lost data.It is crucial to address the regulatory, technical, and business challenges of interoperability to make cross-border payments affordable, faster, transparent, and inclusive. Strategic partnerships with fintech firms, banks, exchange houses, and Money Transfer Operators (MTOs) with a focus on regulatory compliance and technology innovation will pave the way to overcome challenges and enable frictionless international transactions.<h2 class="heading-node" id="99d4">Need of the Hour for Today’s Generation</h2>Payments interoperability is the linchpin of today’s digitized economy. When done right, it can lead to greater convenience, speed, reliability, security, and seamlessness. It is the need of the hour today, as it enables people from all walks of life to benefit from the convenience that the cashless economy offers. It can increase service offerings, reduce costs, empower the end-user and help improve payment systems. Thus, interoperability is a strong facilitator for financial inclusion.By leveraging <a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">API</a>-based <a class="link" href="https://m2pfintech.com/blog/cross-border-payments-a-swift-money-flow-across-borders/">cross-border payment platforms</a> with simple integrations across domestic switches, bank accounts, mobile wallets/e-wallets, MTO transfers, and forex card solutions, we can enable financial inclusion and seamless payments across APAC and MENA regions. With India to start with and then extended globally.Along these lines, M2P is proud to partner with LivQuik for <a class="link" href="https://m2pfintech.com/blog/upi-the-driver-of-economic-growth-and-inclusion/">UPI</a> services on exiting <a class="link" href="https://m2pfintech.com/blog/how-to-implement-the-best-prepaid-payment-instrument-ppi-for-your-business/">PPI</a> offerings like cards, wallets, gift certificates, and other products. Thereby enabling interoperable payments on the LivQuik platform.Want to know more about building interoperable payment systems?Write to us at business@m2pfintech.com.<a class="link au ly" href="https://forms.gle/kJgVoD29t2vcxtbp9" target="_blank" rel="noopener ugc nofollow">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.Follow us on&nbsp;<a class="link au ly" href="https://www.linkedin.com/company/m2pfintech/mycompany/" target="_blank" rel="noopener ugc nofollow">LinkedIn</a>&nbsp;and&nbsp;<a class="link au ly" href="https://twitter.com/m2pfintech" target="_blank" rel="noopener ugc nofollow">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Why Payments Interoperability is a Must for Today’s Generation?

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Blog-Banner_WP_01.webp" alt="M2P Fintech" title="" width="100%" height="447">India’s first step toward building a world-class digital payments ecosystem was earmarked by the launch of the Unified Payment Interface (UPI) in 2016. The advent of UPI transformed the dynamics of the Indian payments landscape. While demonetization drove the adoption of digital payments, the pandemic fueled the surge in UPI, making it the most accepted digital payment mode in the country. Today, UPI is ubiquitous and the largest retail payment system in terms of transaction value and volume.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Blog-Banner_WP_02.webp" alt="M2P Fintech" title="" width="100%" height="447">This brainchild of the National Payments Corporation of India (NPCI) is regulated by the Reserve Bank of India (RBI) and supported by Indian Banks Association (IBA).<h2 class="heading-node" id="7e64" style="text-align: justify">What is UPI/ UPI Transaction?</h2>UPI is a mobile payment system that entitles users to transfer money to another party instantly. It facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. A user can link multiple bank accounts in a single UPI-enabled mobile application and make transfers without entering the bank details such as account number, IFSC code, or net banking user-id/password.Although UPI transactions are akin to NEFT/RTGS/IMPS, it’s more standardized across banks, convenient, hassle-free, and have zero/minimal charges. UPI not only enables quick bank transfers from wherever within a few clicks, but it also boosts transparency and interoperability. UPI apps use a unique identifier (otherwise known as UPI ID) to send/request money faster than NEFT and work 24 X 7. It also upholds contactless payment by generating a specific QR code for each user account.<h2 class="heading-node" id="7d62" style="text-align: justify">How does UPI work?</h2>UPI payment system has become a fundamental part of our daily lives. We have leveraged the UPI apps to make payments to merchants/Kirana stores or send/request money from our friends or family.Here is how a UPI transaction usually takes place.<ul class="list-node" id="sp7szltdm"><li>User downloads UPI app from play store</li><li>Specifies the mobile number to connect the device to the service provider</li><li>Upon authorization, creates a profile by setting up the Virtual Payment Address (VPA), otherwise known as a UPI ID</li><li>Links the bank account with UPI ID using the registered mobile number</li><li>Looks up another user/merchant through their mobile number, UPI ID or QR code to initiate a transaction</li><li>The payer enters the UPI pin to complete the transaction and transfer the money to the payee’s account</li></ul>(Note: It is important to note that the sign-up flow for a merchant is identical)Looks like a simple process, right?Well, there is much more going on in the background to make a UPI transaction successful. For example, during a UPI transaction, the money from the sender’s bank account is first transferred to the payment app’s pooling account or general ledger (GL) and then to the receiver’s bank account. This ecosystem primarily involves five entities.1. Payer PSPPayer PSP is nothing but a Payment Service Provider that allows customers to send money via digital transactions. It captures PIN/Biometric authorization credentials, validates, and sends a payment request to the Payee PSP via UPI.2. National Payments Corporation of India (NPCI)NPCI acts as a trusted switch between the banks and Payment service providers (PSPs). The role of NPCI is to manage the data flow between the banks and the payment apps and route it to the correct and verified destinations.3. Remitter BankRemitter Bank refers to the sender/payer’s Bank, also known as Issuing Bank. Upon NPCI’s request, it deducts money from the payee account and sends a response to NPCI once the debit is successful.4. Beneficiary BankBeneficiary Bank refers to the merchant/receiver/payee’s Bank, otherwise known as Acquiring Bank. It processes the credit request from NPCI, credits money to the payee’s account, and sends a response to NPCI once the credit is complete.5. Payee PSPUpon receiving the request, the Payee PSP acts as a Beneficiary PSP and provides the account details against a virtual address credit request. It validates the payee details and sends a response to the UPI to receive funds from the payer.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Blog-Banner_WP_03.webp" alt="M2P Fintech" title="" id="hkz1t9gjg" width="100%" height="447"><h2 class="heading-node" id="230c" style="text-align: justify">Types of UPI Transactions</h2>UPI transactions are classified into two types:Direct PaymentDirect payment or push payment refers to sending money. Here, the payer (the sender) initiates the transaction. For example, sending money to your friends/family or paying a merchant at the checkout by scanning a QR code. In direct payments, the user can initiate the transaction using the UPI ID or QR code.Collect RequestA transaction is called a collect request when the payee (the receiver) starts the transaction. Say, you are shopping online, and you choose the payment mode as “via UPI,” and enter your UPI ID, then, a collect request with the bill amount will be sent to your UPI app. Once you accept the request, the payment will be processed. This is a typical example of a collect request. A collect request is also known as a pull payment and can be initiated only by UPI ID.<h2 class="heading-node" id="f8d3" style="text-align: justify">Features and Benefits of UPI</h2>Since its launch, UPI has made financial transactions much easier for account holders. With over 200 banks, many digital wallets, and payment applications supporting UPI, funds transacted over UPI are already more than those transacted through debit and credit cards.Virtual Payment Address (VPA) or UPI ID is the key feature of UPI. UPI Virtual Payment Address is represented as&nbsp;&lt;unique_identifier&gt;@&lt;address_provider&gt; and serves as the addressing layer for a bank account. It helps sustain privacy and keeps a check on financial frauds.Here are some of the benefits of the UPI Payment system.<ul class="list-node" id="wkxiyj1oy"><li>Universal payment system for accessing multiple bank accounts</li></ul>UPI empowers the users to link numerous banking accounts with a single UPI-based app and allows users to choose one account as a default account for making payments. This is the main advantage of UPI, as it eliminates the need for installing individual apps for different banks.<ul class="list-node" id="f2dvpeheq"><li>Unique identifier enables easy and more secure transactions</li></ul>UPI addresses the security and privacy concerns by implementing the user-specific Unique Identifier (UPI ID or VPA). The user can transfer funds using the UPI ID, thus ridding the need to provide the bank account details. Additionally, the UPI ecosystem has single-click two factor authentication to protect users from financial fraud during digital transactions.<ul class="list-node" id="0lmse4odg"><li>Expands business opportunities for banks</li></ul>UPI has made P2M transactions hassle-free and convenient. Almost every local grocery shop and street vendor have QR codes to accept UPI transfers/payments. This empowers banks to tap into the C2B segment. It also supports the growth of ecommerce transactions and has made online shopping quick and effortless as it drastically reduces the time taken to process a payment.In a conventional card transaction, the user enters the debit card/credit card number, expiry date, and CVV code and waits for the OTP to make a payment. With UPI, the user enters the UPI ID and gets an alert on their phone to verify the transaction and completes the payment within a few seconds. This gives banks the opportunity to infiltrate the ecommerce/m-commerce sector.<ul class="list-node" id="hg4d8be12"><li>No need to register the beneficiary</li></ul>Unlike IMPS/NEFT, UPI does not ask users to fill in banking details such as account number or IFSC code to register the payee as a beneficiary. This means the users need not wait for 30 minutes (in most cases) to activate a beneficiary. The interface allows the users to transfer money by simply keying in the virtual address or UPI ID to make the requisite payment.<ul class="list-node" id="premz2wts"><li>Instant transfer — anytime anywhere</li></ul>Customers can do UPI-based transactions round-the-clock, 365 days. Users can make payments or transfer funds instantly from anywhere at any given point of time without worrying about banking hours, bank/public holidays, or even a bank strike.<h2 class="heading-node" id="0586" style="text-align: justify">How is India using UPI?</h2>With over 200 million users and 323 banks on the bandwagon, UPI exhibited stupendous growth in terms of the number of users and transactions. Thanks to the scalability, UPI saw newer heights in May 2022. It clocked 5.95 billion transactions in May 2022 *, the highest number of monthly UPI transactions ever since its inception in 2016. Moreover, it recorded a 10% month-on-month growth not only in total transactions but also in value. (*As per NPCI data).<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Blog-Banner_WP_04.webp" alt="M2P Fintech" title="" width="100%" height="447">Connectivity and convenience are the prime factors contributing to the growing preference for UPI among customers and merchants. The most used UPI-based applications are PhonePe, Google Pay, Paytm, Amazon Pay, MobiKwik, iMobile, Chillr, and the BHIM app. Some popular banking applications with UPI features include Axis Pay, Baroda MPay, Pockets-ICICI Bank, SBI Pay, Yes Pay, and Airtel Money.Scaling up UPINPCI and RBI have constantly been scaling up UPI’s serviceability. At first, UPI payments could be made only via bank accounts. Then, UPI apps allowed users to add debit card details for transactions. Now, RBI has announced Rupay credit cards can be linked to UPI for payments. Experts believe it will not be long before Visa and Mastercard credit cards join the club.UPI 123 PAYUntil recently, UPI was limited to smartphone users with an internet connection. While India is home to over 180 crore mobile phone users, only 78 crore have smartphones and the rest use feature phones. To empower all such users to leverage the mainstream digital payments system, the Reserve Bank of India introduced a new mode of payment mode, UPI 123PAY, on March 8th, 2022.Since its launch, the platform has recorded 21,833 successful transactions with more than 37 thousand registered users. Economic experts claim this is undoubtedly the beginning of digital financial inclusion.Aadhaar-based activationFurthermore, NPCI included a unique feature in UPI for customers who do not own or wish to own debit/credit cards. It enables such users to activate UPI using their Aadhaar number. The OTP required to set up the profile will be sent to the mobile number linked with the Aadhaar card. Upon verification, the user can create the profile and initiate the transaction. However, the feature is yet to be launched for public use.<h2 class="heading-node" id="531e" style="text-align: justify">NIPL and international partnerships — UPI around the World</h2>The success of UPI took the world by storm. In fact, several countries are trying to replicate UPI’s settlement infrastructure. With this incredible technological feat, the Indian fintech industry is at the forefront of some of the most developed countries.NPCI established a special payments arm, NPCI International Payment Ltd (NIPL), to internationalize RuPay and UPI and facilitate real-time bank account payout in India. NIPL inked partnerships with several countries such as the UAE, the US, the UK, Nepal, Bhutan, China, Japan, and Singapore to launch Indian payment rails in their jurisdictions.Some of the prominent international partnerships include LuLu Financial and Al Ansari Exchange (UAE), Discover Financial Services (DFS) (USA), Japan Credit Bureau (JCB) (Japan), Union Pay International (UPI) (China), PPRO Financial (UK), Monetary Authority of Singapore (MAS), Network for Electronic Transfers (NETS), and Liquid Group, (Singapore), and Royal Monetary Authority (RMA) (Bhutan).As an inland initiative, in 2021, Induslnd Bank joined with NPCI to simplify cross-border payments or NRI remittances. The bank is said to use UPI ID to transfer money to the beneficiary. According to the agreement, Induslnd Bank will act as a gateway between the MTOs and NPCI’s UPI system for validating and settling payments into the payee’s account. With this new partnership, IndusInd Bank will become the first Indian bank to offer cross-border payments or NRI remittances via UPI. The product is in the testing phase and is expected to go live in Q2 of 2022.These partnerships are significant milestones in the evolution of the UPI payment system as it is expected to enable hassle-free low-value transactions and cross-border remittances.UPI is the cornerstone of India’s economic transformation and revolution, aiding the country to move into the future with a paperless economy, thereby curbing the money laundering activities and tax evasions. The interface has a tremendous potential to empower the development of next-generation digital platforms for lending and payments.If you wish to implement UPI in your business, write to us at&nbsp;<a class="link au mz" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener ugc nofollow">business@m2pfintech.com</a><a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

UPI - The Driver of Economic Growth and Inclusion

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-8-6.webp" alt="M2P Fintech" title="" id="9lksxlzsk" width="100%" height="528">It’s been 3000 years. Not a single day passes without the usage of money.Be it physical or digital, the movement of money signifies value and hope to the millions involved. Money transfer operators, banks, and <a class="link" href="https://m2pfintech.com/blog/fintech-101-discover-the-3ws-of-fintech/">fintechs</a> have played a remarkable role in enabling seamless money transfer in a quick, secure, and convenient manner.<h2 class="heading-node" id="19yqmhede" style="text-align: justify">Shift from Cash to <a class="link" href="https://m2pfintech.com/blog/ready-to-sneak-peek-into-global-cashless-societies/">Cashless</a></h2>Money was not always fancy as crisp notes and lightweight coins three thousand years ago. It had a humble beginning taking the form of cowrie shells, rail stones, farm produce, and livestock to be used as exchange. Slowly precious metals like gold, silver, and copper were used in trade. Then cash in the form of metal coins and currency notes came into prevalence.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Infographic-1.webp" alt="M2P Fintech" title="" id="zrmpc1bbw" width="100%" height="1321">Today, the world has transitioned from cash to a <a class="link" href="https://m2pfintech.com/blog/ready-to-sneak-peek-into-global-cashless-societies/">cashless economy</a>. <a class="link" href="https://m2pfintech.com/blog/payment-cards-design-made-simple-heres-what-you-need-to-know/">Payment cards</a>, QR codes, contactless modes, cryptocurrencies, and <a class="link" href="https://m2pfintech.com/blog/central-bank-digital-currency-cbdc-101-a-primer/">digital currencies</a> are hogging the limelight as they are super convenient, simple, and secure ways of moving money and making payments.<h2 class="heading-node" id="2421" style="text-align: justify">Evolution of Money Transfer</h2>Changes in customer expectations, the need for enhanced experiences, and the growing cyber security issues demanded an evolution in money transfer. Payment apps, digital wallets, wearables, and real-time payment platforms are doing their best in fulfilling this quest by enabling quick, simple, and secure Peer to Peer (P2P) and Peer to Merchant (P2M) transfers and payments.Curious to know when and how money transfer began?Here you go.<h3 class="heading-node" id="d1f6" style="text-align: justify">Hawala</h3>The hawala system is the oldest form of money transfer that dates back to the 8th century. Known as the “money transfer without money movement,” it was actively used in India, the Middle East, and South Asia.Heavily based on trust between hawala agents, the transfer is usually done without any promissory notes. The hawala agents could be friends, family, or trusted acquaintances who settle debts between parties with cash, property, or services.Here’s how hawala works.The sender gets in contact with a hawala dealer A to transfer money to another country. As soon as the money, commission, and beneficiary details are shared, the sender receives a unique secretive code. Then the hawala dealer A contacts dealer B from the recipient country. Dealer B then delivers the amount to the designated receiver after revealing the secretive code. The unique code will reconfirm if the receiver is the right individual or not.The hawala system is still in use as an alternative to the remittance channels and traditional banking systems.<h3 class="heading-node" id="cfd9" style="text-align: justify">Wire Transfer</h3>Next in line was wire transfer, the electronic mode to transfer money through a global network. It was known for its fast, irreversible, foreign, or domestic electronic money transfers. In the 19th century, Western Union was the first money transfer operator to introduce wire transfers.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Infographic-2-V2.webp" alt="M2P Fintech" title="" id="8tw76fb9s" width="100%" height="661">Here the sender had to reach out to the office with the money, and the operator would send a message and ‘wire’ those funds to the destined location. Codes and passwords were used between the parties involved to ensure security. Soon wire transfer became an integral part of moving or exchanging money internationally, and it still is.<h3 class="heading-node" id="750d" style="text-align: justify"><a class="link" href="https://m2pfintech.com/blog/payment-cards-design-made-simple-heres-what-you-need-to-know/">Payment Cards</a></h3>Metal money was the first precursor to the present-day cards. It was issued by Western Union in 1914. A few years later, in 1928, the Charga-plate was introduced in the US, which was offered by merchants to their regular customers. They became popular among the department stores, as they could issue cards on their own. These were the first transactional cards in history.Later in the year 1946, John C. Biggins of Flatbush National Bank of Brooklyn introduced the “Charg-It” card, which allowed people in a two-square-block radius to charge purchases to the bank. Charg-It was an easy way for consumers to use the card at multiple businesses. Merchant however had to leave sales slips with the bank.Then came the Diners’ Club card in 1950, which was the first real <a class="link" href="https://m2pfintech.com/blog/credit-card-processing-a-definitive-guide/">credit card</a>. Called a Charge Card, its cardboard form gained massive popularity and acceptance among users. It charged merchants a 7% fee on every transaction and delivered one monthly bill on dining expenses to the cardholders.A decade later, the turning point in card transactions happened. Banks introduced ATM machines. After this move, cards were used at ATMs to withdraw cash and make deposits.In the early 90s, credit card adoption in India was slow. People who travelled to foreign countries were the only ones to use the Diners cards in India in the 1960s. It nearly took 15 years for the Diners card to reach 8,000 registered users in India.In 1980, the Central bank of India brought in credit cards in association with Visa and Master Card. As a result, debit and credit cards became the dominant source for non-cash payments, which retailers and consumers readily accepted.<h3 class="heading-node" id="4276" style="text-align: justify">SWIFT Transfer</h3>In 1973, SWIFT transfers came into existence. They were typically wire transfers but done via the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network. This global messaging network helped improve the speed, transparency, and consistency of payments. It changed the perception of how the credit system worked and became a globally recognized provider of secure financial messaging.<h3 class="heading-node" id="f5e7" style="text-align: justify">Growth of Online and Mobile Money Transfers</h3>In the late 90s and early 2000s, electronic deposits, <a class="link" href="https://m2pfintech.com/blog/cross-border-payments-a-swift-money-flow-across-borders/">digital remittances</a>, and mobile money transfers became prominent. The following payment systems facilitated money transfers from anywhere, anytime, without any hassles.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Illustration-NEFT-V2.webp" alt="M2P Fintech" title="" id="llvfslid3" width="100%" height="661"><ul class="list-node" id="4rj8aja12"><li><a class="link" href="https://m2pfintech.com/blog/upi-the-driver-of-economic-growth-and-inclusion/">UPI</a></li></ul>Introduced by the National Payments Corporation of India (NPCI) and the RBI in 2015, <a class="link" href="https://m2pfintech.com/blog/upi-the-driver-of-economic-growth-and-inclusion/">the Unified Payment Interface (UPI)</a> is an easy way to transfer money in real-time from one bank to another. Here, the UPI ID acts as the virtual payment address, and UPI PIN is the security password to authenticate the transaction. These are only two things required to transfer money. UPI eliminates the need to enter complex bank account details to initiate a money transfer.<ul class="list-node" id="u29byozm5"><li>IMPS</li></ul>Immediate Payment Service is an instant fund transfer service and can be simply defined as NEFT+RTGS. It ensures real-time interbank funds transfer in the Indian banking system provided by banks. The cap on transaction limit is set very low to avoid fraudulent complaints. In order to make an IMPS transfer, you just need to know the destination account holder’s IMPS id (MMID) and their mobile number.<ul class="list-node" id="nix10ovkr"><li>RTGS</li></ul>The ‘Systemically Important Payment System,’ Real Time Gross Settlement (RTGS) System was introduced in 2004. It is a secure electronic fund transfer system that provides real-time online settlements for bank transactions across the country.<ul class="list-node" id="h04bgsk39"><li>NEFT</li></ul>National Electronic Fund Transfer (NEFT) was introduced in 2005 and soon became one of India’s prominent electronic fund transfer systems. It is the most secure way of transferring funds from one bank account to another. Here, the funds are transferred using the Reserve Bank of India’s NEFT infrastructure, which is a nationwide payment system facilitating safe and secure transactions all over the country.Now, this is not all. There are several other money transfer modes that involve virtual and cryptocurrencies. We’ll cover them in subsequent articles.Feel we’ve missed out on something. Let us know in the comments below.<h2 class="heading-node" id="2754" style="text-align: justify">The road ahead</h2>Newer technologies and <a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">API-based</a> tech stacks are paving the way for quicker, robust, hassle-free money transfer processes. Banks and money transfer operators leverage fintech partnerships to enable great remittance experience, cut costs, and manage backend integrations and tech infrastructure. Robust security verifications and <a class="link" href="https://m2pfintech.com/blog/why-is-risk-based-authentication-rba-critical-for-banks/">risk management systems</a> promise a secure, real-time flow of money across borders.Want to know more about digital money transfers? Write to us at&nbsp;<a class="link au md" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener ugc nofollow">business@m2pfintech.com</a><a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Tale of Money Transfers: From Hawala to One-click Remittances

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Flutter-for-Fintech_Blog-banner_04.webp" alt="M2P Fintech" title="" width="100%" height="284">Fintech has transmuted banking and financial operations worldwide. It has radically simplified financial services and processes with the help of banking applications. Back in the day fintech applications were confined only to tech-savvy users, but today, it has become an integral part of life for all generations. The appetite for mobile-first, customized financial applications is driving fintech companies to innovate and consistently deliver advanced products and services.Banking applications are traditionally built for specific operating systems and <a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">APIs</a> using the respective native programming languages/technologies. But these practices resulted in higher cost implications and prolonged time to market. To overcome such limitations, fintechs adopted the latest digital innovations to power personalization, user engagement, and security.The launch of Flutter in 2017 changed the dynamics of application development as it provided a great user experience tailored for specific operating systems. This unique feature made Flutter the holy grail of fintech app development. Over the last few years, several companies have successfully launched their applications using the Flutter framework.Curious to know how to add a flutter module to an existing android and iOS application?You’re in luck. We have our domain expert and Senior Software Engineer,&nbsp;<a class="link au lh" href="https://www.linkedin.com/in/chinnadurai-viswanathan-b2b6b7a5/" target="_blank" rel="noopener ugc nofollow">Chinnadurai Viswanathan</a>&nbsp;share the nitty-gritty of how Flutter can be used in fintech applications.Here are the topics he sheds light upon.<a class="link" href="#430e">What is Flutter?</a><a class="link" href="#d14a">Why Flutter is critical to Fintech?</a><a class="link" href="#fb14">How to Generate a Flutter Module?</a><a class="link" href="#69a3">Android Integrations</a><a class="link" href="#af8c">IOS Integrations</a>Here you go!<h2 class="heading-node" id="ag0mm47r9">What is Flutter?</h2>Flutter is an open-source software development kit from Google. It is used to build cross-platform applications, including mobile, web, and embedded products &amp; services. Programmers employing Flutter write a single codebase to create applications that run across various platforms such as android, iOS, Windows, and Linux. Developers build a Flutter app once and cross-compile them for multiple platforms with Flutter instead of creating an individual application for each platform.Let us be clear here that Flutter is not a programming language. It is a User Interface (UI) framework that works on the Dart programming language. It uses native UI elements which can be personalized during development. Some of the most used Flutter applications are Google Pay, Xianyu by Alibaba, and the KenKen puzzle app.<h2 class="heading-node" id="d14a">Why is Flutter critical to Fintech?</h2>Flutter combines the best features from native and hybrid application development approaches. Therefore, it is considered an optimal solution for neo banks and fintech companies. The Flutter framework offers manifold benefits to the user. But in this article, we emphasize the ones that are most essential for developing a fintech or mobile banking solution. Application and Data SecurityFlutter is powered by Dart and compiled into a native, computer-executable code. There are no intermediary apps required. This makes Flutter-based banking apps more secure than native solutions. Moreover, it also involves a comprehensive native library and changes data formats during compilation. So, the reverse engineering process is multifaceted, making it almost impossible for hackers to comprehend the software functionality to reproduce.Information security and compliance with regulations like <a class="link" href="https://m2pfintech.com/blog/pci-dss-the-payments-armour/">PCI DSS</a> and GDPR are imperative for a banking application. The framework allows biometric authentication via Face ID or Touch ID, and enables Dart developers to leverage the recently released library implementations of all popular data encryption algorithms. This boosts the security of the customers’ personal and financial data as well as transaction details.Reliable PerformanceAn application’s performance is directly proportional to customer engagement and retention rate. Delays in loading time significantly impact the product’s performance, which can make the customers stop using the application again.Flutter can offer up to 120 frames per second (FPS) performance, making it a top choice for banking apps that serve a colossal userbase with rapid response time.Use of Declarative APIFlutter harnesses reactive declarative UI <a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">APIs</a>. This means Flutter’s user interface reflects the current state of the application. For example, if a user flips a switch in the settings screen, it triggers a redraw of the current state, and the UI rebuilds from scratch. This is the key advantage of Flutter.There is only one code path for any state of the user interface. The developer describes what the UI should be like, for any given state once, and that is it. The framework handles the arduous, error-prone task of optimizing the UI.Saves Time, Cost, and EffortUnlike native technologies, the Flutter framework presents a unique feature called the&nbsp;Hot Reload. It allows the developers to see the front-end and back-end changes in real-time. This enhances the product delivery speed as it saves a lot of time involved in developing and compiling a banking app. Additionally, Flutter offers a lot of widgets that help in simulating the behavior of various design languages, thus enabling the developers to jump some of the tedious steps in the application development.Furthermore, by using Flutter, developers write only one codebase for different operating systems. Thus multiple teams for each operating system is not required. This reduces the time and effort involved in testing bugs and potential issues. Furthermore, the use of a single codebase for different platforms drastically alleviates the maintenance process and, in turn, minimizes operational costs.Delivers Seamless User Experience and PerformanceReleasing new features and updates according to end-user feedback is the key to boosting customer engagement and retention. Flutter is flexible and has an in-built application builder. The developers can take advantage of a wide range of pre-developed, reusable UI elements to customize and fit customer needs and specifications. The apps built using this framework facilitate seamless user experience and superior performance.<h2 class="heading-node" id="fb14">How to Generate a Flutter Module?</h2>To create a flutter project, you require one of the following channels: beta, dev, or master. In case you are using the stable channel, change/ upgrade your channel before moving to the next step. Now, create a flutter module as shown in the below image.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/01.webp" alt="M2P Fintech" title="" width="100%" height="284">Upon clicking the finish button, a flutter module will be generated in the chosen folder.Now, using flutter design, you can make any design to meet your business requirements.Let us take the below design as an example<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com//m2p-website-file/marekting-cms/m2p-blog/2025/05/02.webp" alt="Flutter" title="" id="50luuo7xe" width="100%" height="284"><h2 class="heading-node" id="69a3">How to add Flutter to Android?</h2>We will first create a new Android Studio project.Step 1: Start&nbsp;Android Studio&nbsp;on your system.Step 2: Click on&nbsp;Start a new Android Studio projectStep 3: Choose&nbsp;Empty Activity/Whatever you need (Based on your business logic)&nbsp;and click&nbsp;Next.Step 4: Now enter the details for your&nbsp;native android projectStep 5: Click on the Finish buttonThere are two ways to implement the Flutter Module:(1) Using Android Archive (ARR)(2) Using Module’s source codeHere, we are using the Module’s source code as it facilitates a one-step build for the Android and Flutter projects. It is also convenient to work simultaneously on both parts; however, remember to install the Flutter SDK to build the host app.As the next step, add the Flutter module as a sub-project to the host app’s settings. Gradle file by adding the following commands:<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com//m2p-website-file/marekting-cms/m2p-blog/2025/05/03.webp" alt="Flutter" title="" id="t59nt5bbw" width="100%" height="171">Now, sync the Gradle by clicking on&nbsp;Sync Now&nbsp;button. Next, add more code and files to the host app to make it Flutter dependent.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com//m2p-website-file/marekting-cms/m2p-blog/2025/05/04.webp" alt="Flutter" title="" id="j0aitwyay" width="100%" height="199">Add a dependency to the&nbsp;app-level&nbsp;build. Gradle in your host app<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com//m2p-website-file/marekting-cms/m2p-blog/2025/05/05.webp" alt="Flutter" title="" id="ni6c8c7eu" width="100%" height="199">Finally, the Flutter Module is successfully added to the native Android Application.<h3 class="heading-node" id="1b69">Integrating Flutter Module with the Android app</h3>Follow the below steps to build the FlutterActivity class to display the Flutter screen within the host app.<ul class="list-node" id="lbr605y4h"><li>Use the&nbsp;withNewEngine()&nbsp;factory method to configure a&nbsp;FlutterActivity&nbsp;that internally creates its own&nbsp;FlutterEngine&nbsp;instance.</li><li>Followed by the&nbsp;initialRoute()&nbsp;factory method to define a custom route to display the Flutter UI, defined in the Flutter app code.</li><li>Finally, employ the&nbsp;build()&nbsp;method to build the&nbsp;FlutterActivity&nbsp;within the host app. It takes the current Activity as an argument.</li></ul><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/06.webp" alt="M2P Fintech" title="" width="100%" height="171">or<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/07.webp" alt="M2P Fintech" title="" width="100%" height="142">Add the following inside the AndroidManifest.xml file of the host app to load up the Flutter UI.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/08.webp" alt="M2P Fintech" title="" width="100%" height="199">Finally, the Flutter module is integrated with the native Android application.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/09_a.webp" alt="M2P Fintech" title="" width="100%" height="284"><h2 class="heading-node" id="8ba5">How to add Flutter to iOS?</h2>As the first step, create an empty iOS project with all the required files. Here, we are creating a new Xcode project.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/10.webp" alt="M2P Fintech" title="" width="100%" height="284"><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/11_a.webp" alt="M2P Fintech" title="" id="xag8slkou" width="100%" height="284">To create an empty iOS project, enter the Product Name, select Team, and fill in the other details. Then click Next.We can implement the Flutter Module in two ways:(1) by embedding frameworks in Xcode(2) by embedding with CocoaPods and the Flutter SDKHere, we will embed with CocoaPods to add Flutter to a native iOS app.<h3 class="heading-node" id="9ileqvn8o">Integrating Flutter Module with the iOS application</h3>We have used FlutterViewController to build FlutterActivity to display the Flutter screen within the host, a native iOS application. However, to use this, we will also need to create a FlutterEngine class. The proper place to build a FlutterEngine is inside the AppDelegate.swift file. Now, replace the whole content of this file with the following code<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/12_a.webp" alt="M2P Fintech" title="" width="100%" height="227">Now, add the following lines to the ViewController.swift file in order to display the flutter screen.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/13_a.webp" alt="M2P Fintech" title="" width="100%" height="227">Finally, the Flutter module is integrated with the native iOS application.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/14_a.webp" alt="M2P Fintech" title="" width="100%" height="284">Flutter is a feature-rich Software Development Kit with an enormous potential to build a banking app while achieving performance and fault tolerance. With Flutter, the app UI and logic doesn’t change depending on the platform. There is no reliance on platform-specific UI components, and it is suitable for any target platform. Using Flutter, developers can impose the critical facet of the financial industry, such as security of sensitive data and defense from reverse engineering.Looking for assistance in using Flutter to build your banking app, write to us at&nbsp;<a class="link au lh" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener ugc nofollow">business@m2pfintech.com</a>. We’ll be glad to help.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox. Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

The Implications of Flutter in Fintech

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Main-Banner-Better-Half-2000-x-1000.webp" alt="M2P Fintech" title="" id="7jtekie6y" width="100%" height="253">Better Half means SO MUCH to me. In my previous role in hiring, I always wondered why it was difficult to resume one’s career after a break. After all, knowledge and experience doesn’t diminish right?M2P’s Better Half Program not only asks this very question but also backs it up. When I came across the Better Half program, I hovered over the link for a while with so many questions flashing through my mind. Isn’t 11 years too much of a break? Will I find the right role? Will I have to compromise?It was a while since I had a CV done so I just filled in the online form and hit ‘Submit’ After a few days, I was sidetracked with moving home from one state to another when I got a call from <a class="link" href="https://m2pfintech.com/">M2P</a>!What struck me straight off the bat was that this did not feel like an interview. It was more like a friendly discussion that set my mind at ease. One thing led to another and I progressed to further discussions with the larger team. Before I could realize it, I was an M2Peer, with a configured laptop and mails rolling in (Just like how it was)Today, as I head to the office with my laptop bag slung over my shoulder (and a packed lunch of course!) I feel at home after more than a decade. I understand my responsibilities, and where I fit in. It feels like I’m picking up where I left off — Not an easy thing to do in today’s world. I’m grateful to my team members and the People Success team for playing a massive role in this. I’m eager to learn and grow. Every day.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Meet Rajashree — M2P’s first Better Half Talent

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Star-of-the-Month-Rajesh-Word-Press.webp" alt="M2P Fintech" title="" width="100%" height="317">May is not just mother nature’s time to turn up the heat. It’s when Rajesh, our operations manager puts too many irons in the fire. But that didn’t stop him from taking time off and having a candid chat with us.Continue reading to uncover Rajesh’s multifarious sides from being a fitness freak to a melomaniac. One thing that stands out is how he is an optimistic multitasker.1. How do you usually start your day?I start my mornings on a positive note. It doesn’t matter what the day may have in store for me. I believe that if you wake up with a chill and calm mindset, you will be ready to rule the day.Wonder how I maintain my cool?The secret is yoga and meditation. They soothe my nerves and sharpen my mind.2. What are your main responsibilities as Operations Manager?The Operations Team at M2P works in full-on active mode round the clock. In fact, we are in a never-ending race with the clock.Every day starts afresh with a new to-do list. We don’t carry forward any unfinished business to the next day. This reduces work pressure as we complete our daily tasks on time.Now I feel my adrenaline pumping... HAHAHA!Apart from operations tasks, my major responsibility is to train fellow M2Peers in my team. I push them to do their best and monitor their reports. As a team, our daily achievement happens when we complete each day’s task without any escalation.3. How have you grown through the years as an M2Peer?I’ve been working at M2P for four years now. Even though my previous company is from the same field, the M2P system and nature of work are completely new. I would definitely say, I am blessed with a chance to learn new things here even though I am an experienced professional. I would like to grab this opportunity to thank our co-founder&nbsp;<a class="link au js" href="https://www.linkedin.com/in/prabhu-rangarajan/" target="_blank" rel="noopener ugc nofollow">Prabhu</a>&nbsp;and&nbsp;<a class="link au js" href="https://www.linkedin.com/in/vivek-prashanth-9120352a/" target="_blank" rel="noopener ugc nofollow">Vivek Prashanth</a>, Vice President (Operations) for their constant guidance and support from the beginning.M2P is a great place to gain good knowledge. I’ve also learned work etiquette and conversing skills.4. Is there a quote/saying that motivates you?“Believe in yourself and you will be unstoppable.”This line is such a boost for me to face new challenges every day. As mentioned earlier, unstoppable like a clock! 😀5. What type of student were you during your college/ school days?Undoubtedly, a notorious backbencher. And I am proud of it! 😀I spent most of the time in the ground playing volleyball and kabaddi. I still remember my first win in a volleyball match when I was 12 years old. With good training, I became a state volleyball player and represented Anna University in Kabaddi too. To your surprise, I am still practicing volleyball and kabaddi during the weekends.Just throwing a tip your way — “Keep fitness as a habit, no matter what.”6. What inspires you the most about M2P?The optimistic way in which M2P approaches challenges is truly inspiring. Every project is a new challenge and new learning here. No projects are dropped. And efforts are taken to complete them successfully no matter what.7. What’s your idea of a perfect day?A perfect day — a day without any escalation! Sounds already perfect, right?8. What do you do when you get some leisure time?Yuvan music will be on full blast. It pumps up my energy.And, hey I love to spend happy times with my friends and indulge in physical activities.9. Anything else you want to share about M2P?One word strikes my mind immediately, PERFECT.Keep inspiring, M2P. Looking forward to growing together in this long and exciting ride.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

Meet M2P’s Operations Manager

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-1.webp" alt="M2P Fintech" title="" width="100%" height="253">Stumped with KYC implementation?You are not alone. Several Financial Institutions (FIs) are working out their way through KYC puzzle to oust financial crimes and ensure compliance.Now, KYC is critical for any financial institution. It is indeed the first step when you choose to use a financial product or service in India.So, what is KYC?For starters, Know Your Customer (KYC) is the process to confirm a customer’s identity while onboarding a financial institution. RBI has ensured the implementation of a robust KYC system to helps financial institutions understand their customers better while ensuring their legitimacy. Click&nbsp;<a class="link au lg" href="https://m2pfintech.com/blog/know-your-customer-kyc-the-need-for-authentication/" rel="noopener">here</a>&nbsp;to know more about KYC in India.<h2 class="heading-node" id="453f" style="text-align: justify">Digital Avatar</h2>With the rise in paperless onboarding, KYC has taken a digital avatar. The&nbsp;<a class="link" href="https://m2pfintech.com/blog/know-your-customer-kyc-the-need-for-authentication/">digital KYC&nbsp;</a>saves a lot of time and effort involved in the process and helps tackle onboarding issues in a quick and seamless manner. It also prevents money launderers/fraudsters from masking their true identities and manipulating stolen information for their personal gains.Though the benefits of the process are immense, implementing digital KYC is not simple. Financial institutions such as banks and fintechs need to overcome significant challenges in deployment.<h2 class="heading-node" id="22ab" style="text-align: justify">Key KYC Challenges</h2>The upswing in the recent money laundering, fraud, and tax evasion cases has brought KYC into a new light. Accordingly, RBI has enforced strict laws concerning non-compliance with the KYC directives. However, financial institutions are grappling to keep up with the legal framework for KYC compliance.Experience Vs ComplianceRight from onboarding and screening to monitoring customer data, they face complex challenges every step of the way. This puts banks and fintechs in a tricky spot because customers seek seamless experience and quick onboarding with minimal documentation, and FIs cannot compromise on the verification process. Ensuring compliance without compromising customer experience is a huge challenge for FIs.Connected Risk IdentificationKYC involves extensive paperwork and supporting documents. Often, customer data files are incomplete or lack critical pieces of information or documentation. This heightens the risk of fraud and lays down a cosmic emphasis on monitoring and screening individuals and entities against Politically Exposed Persons (PEPs), watchlists/sanctions, and other regulatory and law enforcement lists.In addition, the rise of new criminal typologies has inflicted the compliance team to assess an overarching list of compliance and fraud risks. This calls for an all-inclusive, connected risk identification approach for analyzing financial fraud activities, money laundering, and other offenses.Volatile Risk AppetiteFinancial institutions and customers exhibit dynamic risk appetite. For example, a customer might have a different risk profile or status during onboarding and drift into another risk profile over time. On the other hand, KYC regulations are updated periodically, which implies the regulations, risk indicators, and other indices used to determine the risk tolerance score will vary. Hence the outdated records become an impending hindrance to the customer due diligence process. The repercussions of such instances are far-reaching as there is only a fine line between a medium and high-risk customer but a momentous difference in due diligence efforts.Lack of TransparencyOne of the biggest challenges of KYC is the retrieval of corporate ownership documents from registries located across the globe. Successful KYC depends on several sources such as annual reports, financial statements, stock exchange information, third-party data, and regulator websites. However, due to the lack of transparency, KYC analysts bank on limited information on the directors, stakeholders, controllers, and beneficiaries. Additionally, there is a significant cost associated with accessing specific vital documents while others are available for free.<h2 class="heading-node" id="6f0c" style="text-align: justify">How Financial Institutions can crack KYC challenges</h2>Here’s our take on how financial institutions can tackle KYC challenges effectively.<ul class="list-node" id="bakrf8m7x"><li>Integrate with credit bureaus for seamless customer verification</li><li>Use data deduplication techniques to recognize and eliminate identical records. This is also known as Dedupe check-in.</li><li>Validate customer data against the regulation records to identify unscrupulous individuals/organizations prohibited from making business transactions.</li><li>Conduct rational checks to keep a tab on anonymous bank accounts or those opened with fictitious names.</li><li>Facilitate video KYC for quick onboarding and exceptional customer experience.</li><li>Use algorithms and techniques to categorize customers as low, medium, and high-risk categories, based on the assessment and risk perception.</li><li>Take necessary precautions with customers who come under high-risk segment.</li><li>Monitor customer transactions in a routine manner to keep an eye on any suspicious activities.</li><li>Partner with authorized 3rd party service providers for quick e-KYC checks and video KYC onboarding.</li></ul><h2 class="heading-node" id="4cad" style="text-align: justify">Is third-party KYC partnership a viable approach?</h2>Although KYC is kept in-house traditionally, experts believe it is time to team up with third-party KYC-service providers.Why?First off, it is cost and time effective.Secondly, for high efficiency and accuracy.From dedicated subject matter expertise to cutting-edge technology access to faster go-to-market speed, third-party partners can provide all-inclusive services within an optimum budget.These partnerships can enable FIs to invest more effort and time in their core business, rather than focusing on the KYC procedures. Financial institutions that keep KYC in-house could end up with extensive duplication and redundancy across businesses and markets.On the other hand, third-party partners employ devoted professionals to carry out KYC procedures and documentation. This leaves no room for error, ensuring a smoother onboarding process and regulatory compliance, without compromising customer experience.With that being said, third-party service providers are the gateway to exceptional customer experience and successful KYC solutions. They enable financial organizations to improve speed and operational performance, minimize operational risks and boost efficiency by consolidating and centralizing functions.Financial institutions should take apposite measures to understand the complexities that could arise from digital transformation. They must embrace strategic partnerships to develop pioneering approaches to assess customer risks and monitor transactions.So, do you need solutions to any particular KYC issue? Or want to know more about implementing KYC?Write to us at&nbsp;<a class="link au lg" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener ugc nofollow">business@m2pfintech.com</a>.<a class="link" href="https://m2pfintech.com/newsletter/">Subscribe</a>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.Follow us on&nbsp;<a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/">LinkedIn</a>&nbsp;and&nbsp;<a class="link" href="https://twitter.com/m2pfintech">Twitter</a>&nbsp;for insightful fintech tales curated for curious minds like you.

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