<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-8-8.webp" alt="M2P Fintech" title="" width="100%" height="253">Is your credit score below 670?Don’t worry. You can still own a credit card.Yes, <a class="link" href="https://m2pfintech.com/blog/secured-credit-cards-101-where-credit-meets-saving/">a secured credit card</a>!Unlike regular credit cards, secured credit cards do not mind you having a low credit score. In fact, they help build your credit score and earn rewards as you spend.Not heard of secured cards before?That’s because even though secured cards have been in existence for more than 20 years, it comprises less than 2% of the cards market share in India.But that scenario is rapidly changing now.Fintech firms like <a class="link" href="https://m2pfintech.com/">M2P</a> have taken the initiative to enable financial inclusion by simplifying secured credit card issuance and program management. Banks like SBM, SBI, Kotak, RBL, ICICI, and other fintechs like <a class="link" href="https://wizi.app/home">Wizi</a>, <a class="link" href="https://www.sliceit.com/">Slice</a>, and a few others are issuing secured cards to customers with less-than-ideal credit scores.<h2 class="heading-node" id="ea78" style="text-align: justify">What is a Secured Card?</h2>A <a class="link" href="https://m2pfintech.com/blog/secured-credit-cards-101-where-credit-meets-saving/">secured card</a> is a credit card that allows you to spend in a risk-free and rewarding manner. They are backed by a <a class="link" href="https://m2pfintech.com/blog/how-can-banks-and-nbfcs-leverage-the-potential-of-digital-fds/">fixed deposit (FD)</a> that is used as collateral by the issuing bank. A secured card earns you rewards not just in the form of cash backs but even gold.Consider you want to purchase a secured credit card. All you need is a fixed deposit as supporting collateral. The FD can be an amount of your choice that will act as a credit limit for your card. The fixed deposit serves as a kitty for card issuers to rely on when there is any default in your payments.Wonder if a secured credit card is a good fit for you?Here are 3 compelling reasons you need to know.<h2 class="heading-node" id="779e" style="text-align: justify">3 reasons why secured cards are a good fit for you</h2>Regular credit cards have been overshadowing the secured cards market for a long time now.But not anymore!People reach out to companies that issue secured cards to enjoy the following spend-worthy benefits.<h3 class="heading-node" id="2ada" style="text-align: justify">1. Earn while you spend</h3>As India’s retail inflation rate rose to 4.48 % this year (as of October 2021), saving while spending seems like an impossible task. But, secured cards are here to bridge those gaps.Secured cards help you earn interest on your fixed deposits while you spend from your card. Apart from the rewards like cash back and airline miles, secured cards can also earn you tangible rewards like digital gold for every spend.For example, ICICI’s coral card earns you double reward points on supermarket and dining transactions. Another noteworthy example is <a class="link" href="https://gild.cards/">Gild from Wizi</a>, India’s first secured card that rewards 2% gold for every spend.<h3 class="heading-node" id="7fad" style="text-align: justify">2. Build or improve credit score</h3>Getting secured cards is the easiest way to improve your creditworthiness. It helps you build a good credit history and even improve your existing negative credit score by making timely payments. Even in case of missed payments, the amount will be deducted from your security deposit. So, there is no negative impact on your credit score.Once you have stepped into the world of secured credit cards, the credit bureaus get notified of your payment history within 30–45 days. This is how your credit score will improve over time, and you can get thumbs up for other credit options or loans in the future. These cards are really great for those who cannot get hold of a lender because of their bad credit score.Take a look at credit score ranges to know how issuers decide and approve your credit line.<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-9-6.webp" alt="M2P Fintech" title="" id="37xsnx4zf" width="100%" height="253"><h3 class="heading-node" id="42be" style="text-align: justify">3. Spend at zero risk</h3>Secured cards give their users zero-risk spending options. Present-day customers enjoy using secured cards more than unsecured cards because of “the investment + saving + rewarding mechanism.”Secured cards are considered featherweight as you can also start off with a smaller security deposit and gradually increase on a monthly basis. This way, you can avoid getting into debt and save your credit deposit from getting deducted in case of missed payments.It also poses no risk for the card issuers as the fixed deposit or collateral reduces the credit risk. So, it is risk-free for issuers as well, as they can recover the outstanding amount from FD in bad situations.<h2 class="heading-node" id="c733" style="text-align: justify">Rewarding Savior</h2>Secured cards are a savior for people who face challenges with personal finance management. It allows you to make stress-free card payments, get tangible rewards, improve credit scores, and plan future expenses within the limit. Secured cards also help build your financial health as it is backed by a cash deposit for security.Having known these top reasons, you know what to do next.Yes, get your own secured card.Happy Spending! Happy Saving!<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.

3 reasons why you need a secured credit card

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Artboard-1-copy-8-11.webp" alt="M2P Fintech" title="" width="100%" height="529"><a class="link" href="https://m2pfintech.com/blog/fintech-a-catalyst-for-financial-inclusion/">Financial inclusion</a> is the key to sustainable development worldwide. In India alone, around 190 million people do not have access to banking services. This makes India the second-largest underbanked nation after China.Simple, hassle-free access to financial services helps people achieve financial freedom. Providing untethered access to salary and incentives is the road to financial independence and social security.<h2 class="heading-node" id="d1fa" style="text-align: justify">A bumpy road to financial freedom</h2>People in the blue collared sector are usually excluded from the mainstream financial ecosystem as they do not have a structured way to receive salaries, save, and track their spends. Fintechs like Zenpay facilitate this financial access by offering inclusive <a class="link" href="https://m2pfintech.com/blog/future-of-payments-processing-matched-with-industry-needs/">digital payment solutions</a> such as zero-balance salary accounts, payroll cards, and gift cards. They enable blue-collared workers to digitally access salaries and incentives without any paperwork and also save, spend, and track their finances efficiently. Though Zenpay literally revolutionized the banking sector by enabling simpler, more efficient, and transparent payments, they faced key challenges in security, <a class="link" href="https://m2pfintech.com/blog/pci-dss-the-payments-armour/">PCI-DSS compliance</a>, and infrastructure design. As more and more customers adopted digital payments, the transactions and data became highly vulnerable to malicious activities. So, Zenpay wanted a <a class="link" href="https://m2pfintech.com/blog/future-of-payments-processing-matched-with-industry-needs/">payments processing solution</a> and a token service provider to enable highly secure and seamless financial services to blue-collared workers.<h2 class="heading-node" id="0a13" style="text-align: justify">Powering card security, operations, and infrastructure</h2>M2P collaborated with Zenpay to help smoothen hurdles in card security and infrastructure. We deployed our comprehensive <a class="link" href="https://m2pfintech.com/blog/how-to-implement-the-best-prepaid-payment-instrument-ppi-for-your-business/">PPI </a>APIs to overcome the challenges Zenpay faced. Our solution created a strong base for Zenpay to partner with VISA and NPCI (National Payments Corporation of India) and enable salary cards and gift cards.<h2 class="heading-node" id="f9bc" style="text-align: justify">End-to-end tokenization</h2>Securing cardholder data through <a class="link" href="https://m2pfintech.com/blog/how-does-payment-tokenization-work/">tokenization</a> is critical for businesses to prevent cybercrimes. However, tokenization consumes a lot of time and effort when done in-house. So, we acted as a token service provider (TSP) to manage tokenization and enabled Zenpay to focus on its core competency and manage customer retention. M2P handled the generation and issuance of payment tokens and the operation and maintenance of a token vault. We also offered PCI-DSS widgets to lower the cost for PCI assessment and the time spent on PCI compliance procedures.<h2 class="heading-node" id="da2c" style="text-align: justify">Seamless card program management</h2>Customers today prefer banking apps that are bug-free, quick to load, easy to operate with hassle-free onboarding. Choosing a program manager is critical to enable seamless operations and user experience. M2P served as a robust program manager to Zenpay and was responsible for security, quality assurance, technology integration, migration, customer engagement, reward strategies, and banking relationships. We risk proofed Zenpay’s technology infrastructure for a flawless and high-quality banking experience.<h2 class="heading-node" id="f46d" style="text-align: justify">Scaling up for 250% rise in customer base</h2>Customers expect more hyper-personalized services when it comes to digital wallets. M2P helped Zenpay ensure new customer acquisition and retention by delivering an amazing user experience. Zenpay upgraded its user experience from receiving voice notifications to image recognition.Enabling the best user experience, Zenpay expanded its customer base by more than 250% in just 10 months, with a whopping increase from 35,000 to 125,000. M2P helped Zenpay scale up by offering robust, secure, and bug-free API infrastructure.Zenpay also increased the total number of customer transactions by 47%. As a result, the transaction volume increased from 180 crore transactions to a whopping 265 crore transactions in 10 months.<blockquote class="block-node" id="nfhkrm6a3">Approachable. Innovative. Solution-centric. The experience of working with M2P has been nothing short of wonderful! Superior support, fast TAT, a wide range of solutions, and most importantly, end-to-end ownership from sales to technical integration. M2P helped us grow our customer base by more than 250%.</blockquote>– Ankit Bhargava, Founder &amp; CEO,&nbsp;<a class="link au my" href="https://zenpaysolutions.com/" target="_blank" rel="noopener ugc nofollow">Zenpay Solutions.</a><h2 class="heading-node" id="74a1" style="text-align: justify">The buck doesn’t stop here</h2>Using M2P’s tech-stack, Zenpay plans to deepen its services and products in the future. Both the companies will collaborate to enable greater financial inclusion and freedom through services that include QR code-based payments, bill payments, UPI integration, and microloans.Are you looking to enable inclusive financial services? Need help with card infrastructure and program management?Get in touch with us at <a class="link au mg" 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.

How M2P helps Zenpay enable financial 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.webp" alt="M2P Fintech" title="" width="100%" height="284">This November, we shine the spotlight on the star of this month, Ragavendharan — System Analyst in M2P. A travel buff, multi-cuisine chef, and a coffee addict, Ragavendharan is much more than what meets the eye. We got him to share interesting facets of his life, his interests, and his journey as an M2Peer. Keep reading to know more about Ragavendharan and what inspires him the most about M2P.<h2 class="heading-node" id="fa27">How do you usually start your workday?</h2>I begin my day by organizing my works and checking my scheduled meetings. Then, I kickstart with a cup of coffee to set the perfect vibe for the day. Then, I check my emails, respond to them, and get on with my tasks for the day. On alternative days, I have stand-up calls for team discussions.<h2 class="heading-node" id="f66d">What are your main responsibilities in M2P?</h2> My work at M2P takes an end-to-end nature. As a backend developer, my main responsibility is to understand the business requirements. Then, I design product blocks and flows, researching and identifying suitable solutions and technology for any new product development. Apart from developing a new product, I am highly responsible for performing the root cause analysis and implementing a scalable solution to the issue. In addition, I also share my understanding of the different aspects of a new product with my team. Here, we work from scratch on the end-to-end process until it becomes a minimal viable product. I have worked on several applications in the past few years, especially the cryptographic related tasks for existing systems. Java, SQL, Linux, data analytics, cryptography, microservices are my strong suites and I also support other teams whenever my expertise is required across products.<h2 class="heading-node" id="2ec4">How have you grown through the years as an M2Peer?</h2>Simply from ‘Zero to One.’I joined M2P as an intern almost five years back, with no experience in the software domain. From there, I started taking baby steps to where I am here now, and I still have a long way to go.My prior exposure to development in other programming languages helped me bootstrap swiftly in this domain and ecosystem. My thirst for learning kept me motivated even during hard times. As I have these amazing colleagues and mentors to hold, support, and guide me over the years, now we march forward as a team.I enjoy being in my office, and I often forget to go home as I lose time working. Kuru and I mostly have thought-provoking, heated debates while we discuss solutions. This helped me think out of the box, and we both do it together during implementation.I take this as an opportunity to thank Madhu, Muthu, and Prabhu for guiding me through my personal and professional path over these years. I am looking forward to a long journey together ahead.<h2 class="heading-node" id="51a9">Is there a quote/saying that motivates you?</h2>Yes.‘To walk fast, walk alone. To walk long, walk together.’In M2P, we do both. I get motivated to give my best shot every day. I have always admired our team, and the energy in M2P propels me.<h2 class="heading-node" id="b8c4">What’s that one thing your colleagues don’t know about you?</h2>We are a family, and my family knows me well.Although, If I need to mention specifically — I love to dance thin in the ground. As a fun-loving and boisterous kid, I dance at almost every festival in my hometown. Taking my interest further, I even learned dance from my brother’s friend, a dancer. Now, I dance to fast beats when I’m alone at home.I learned Carnatic music in my school days and even discovered yoga with my brother. I was also selected for district-level tournaments in sports such as Kho-Kho and Cricket in my school days.<h2 class="heading-node" id="88fd">What inspires you the most about M2P?</h2>Our PEOPLE.When I joined M2P, we were a team of 20, and I was the 20th person to join. So, we had the perfect balance of both work and fun. Coming to work daily was very comfortable and motivating as it felt as if I was hanging out with my close friends.From the founders to my mentors to everyone in the team, we all are a family here. Looking back, we have grown from there to the office buildings now. Even though if I feel worn out sometimes, people here have always inspired me from our founders to my juniors. I learn a lot from everyone here at M2P.<h2 class="heading-node" id="cae8">What’s your idea of a perfect day?</h2> My perfect day would be a day mixed with coffee, working with my team, cracking chats with countless laughs, having discussions, solving problems, and coding.<h2 class="heading-node" id="670d">What was your career path before joining M2P, and how has it changed?</h2>Before joining here, I helped run a business for my brother, leading his night shift team. It was a BPO, and I worked hard in building his team and business. But deep down, I always knew that I was a techie.So, I drifted from there, and in the next couple of months, I landed in M2P. I have entirely rejuvenated as a person. As I was a fresher to the domain when I just started, I took baby steps. And, with the help of the programming languages that I excelled at, I started growing day by day with M2P.<h2 class="heading-node" id="a20c">What are your hobbies/interests?</h2>My interests are lined up as I am usually a person who is passionate about learning new things from cosmology-seismology to cooking-gardening and much more.But to talk about hobbies, I play carrom, chess, and video games. In addition, I am very fond of cooking. I love both cooking and eating South Indian, French, Mexican, and Italian cuisines. Yes guys, I cook all the time.I go by describing myself as a person who is ‘mad about traveling,’ hahaha. I have travelled to almost all places in Tamilnadu, and I love driving to hill stations and on empty roads. So, my next destination would be the Pothigai hills.I like to read a lot of books, work on papers of many renowned scientists like Einstein. Wikipedia is everything to me. I love to work on research papers in Astronomy and Quantum physics. Since my childhood, I was also eager to do gardening in our house.<h2 class="heading-node" id="1013">Anything else you want to share about M2P?</h2>M2P is an exquisite place to learn, work, and grow. We M2Peers do everything in our own way.So, I would like to say to all my colleagues, ‘Let’s rock and roll.’<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 Tech Specialist

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<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Artboard-1-copy-8-20.webp" alt="M2P Fintech" title="" width="100%" height="284">This October, meet our star of the month, Vijay S — Associate Vice President for Products Development. An avid gamer, movie buff, and travel enthusiast, Vijay gives us a rundown of his M2P journey, personal interests.Keep reading to know more about Vijay and how he has grown through the years as an M2Peer.<h2 class="heading-node" id="2ea4">How do you usually start your workday?</h2>My mornings are very relaxed. Having been part of the team for half a decade now, I have become an early riser. The serene sunrise and the sounds of birds chirping is now the theme music before my morning teams call. The tasks, calls, and chaser reminders complement the midnight owl in me.Since I am currently handling projects in India and the UAE, my alarm is the daily morning MS Teams call (due to the time difference). The workdays start with a Dev call aka mood set call, where I update on pending tasks and get to know about upcoming tasks. After the call, I set up a schedule for the week and plan a unique tracker, prioritizing them with respect to the deadlines, which is always yesterday in M2P!Once my morning stand-up calls are done, I come into the office, meet my colleagues, make myself a nice cup of tea to start my day. I spend the first few hours responding to pending emails before I begin coding, with which I end the day amidst many Adhoc Teams Meets.<h2 class="heading-node" id="41ce">What are your main responsibilities as AVP — Product Development?</h2>My role primarily involves bringing the products sold come to life. I understand client requirements, solutionize customized yet simple to use/replicate scenarios and develop solutions.My clients are the M2P Sales &amp; BD personnel who give me a download of various client requirements. I love resolving challenges where I work without even realizing how time flies. The sense of accomplishment I gain after that is something else.On a more serious note, my role involves designing, creating, coding, deploying, and testing new products. Sometimes, I provide a helping hand to our tech support, who relentlessly tries to help clients integrate our existing API stacks.<h2 class="heading-node" id="1499">How have you grown through the years as an M2Peer?</h2>I came into M2P as someone with a year’s experience under my belt. As a fresher in the finance industry, I was lucky to get the guidance of Kurukshetran, fondly called Kuru. With his mentoring, I was able to learn quite a lot while honing my skill sets.M2P didn’t just give me a professional platform; the leadership team helped me evolve as a better person by giving me valuable life lessons. Some of the key lessons I cherish are relationship management, people skills, and work-life balance (My curveball!).<h2 class="heading-node" id="96af">Is there a quote/saying that motivates you?</h2>As my esteemed colleague, Maathavan, would say, “Don’t work for money. Work for yourself.” That quote inspires me.In truth, by working on myself, I ended up working for M2P, and now I’m happy to be around still, as it soars up high.I’d also like to include another quote from my favorite TV show, ‘The Family Man 2’, which says, “Don’t be a minimum guy.”<h2 class="heading-node" id="901b">What’s that one thing your colleagues don’t know about you?</h2>‘I would be a good poker player,’ as I tend to observe people and understand them. Even if I don’t interact with them, I can understand them and catch their bluffs by how they interact with other people 😎.I am also quite tight-lipped /secretive and am not a person who shows more emotions.<h2 class="heading-node" id="6437">Have you played a practical joke in college?</h2>I am a serious person. I don’t make practical jokes. Just kidding!Honestly, there are quite a few entertaining ones. But I can’t talk about it since I never got caught, hahaha!<h2 class="heading-node" id="ae00">What’s your idea of a perfect day?</h2>A perfect day is when there is nothing left to do at work, and I can go home without thinking about what is coming tomorrow.Also, I would like to end my perfect day with Dubai’s sunset evenings or a hot cup of Filli Chai at Kite Beach Jumeirah 😎.<h2 class="heading-node" id="ce3d">What was your career path before joining M2P, and how has it changed?</h2>I came here with a year’s experience, and it has been challenging, inspiring, and a great learning experience in M2P.‘The journey to me is more important than the destination.’<h2 class="heading-node" id="6608">What inspires you the most about M2P?</h2>The constant drive to achieve and succeed, out-of-the-box thinking, the problem-solving approach, and the care towards employees shown by our leadership and peers is what inspire me the most.<h2 class="heading-node" id="1f0d">Tell us about your interests/hobbies</h2>I am a PC gamer who loves to travel and watch movies. Skydiving is my newfound interest, and my goal is to become a licensed skydiver by 2022.<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 Vijay, Our Product Specialist

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Artboard-1-copy-1.webp" alt="M2P Fintech" title="" width="100%" height="1790">Never underestimate what good chai can do to your life!One such stimulating chai conversation ignited the origin of M2P, the brainchild of Madhu, Muthu, and Prabhu.<h2 class="heading-node" id="b82a" style="text-align: justify">Genesis of M2P</h2>The candid chat on the disruptive potential of fintech led our founder trio to envision an inclusive world where every business, bank, and NBFC gets equal access to technology-enabled financial services, irrespective of their size, scale, or locale. Giving entrepreneurial wings to their fintech dream, they founded M2P in 2014.Today M2P specializes in building financial ecosystems that accelerate digital payments, banking, and lending worldwide. With an active presence in the Asia Pacific (APAC), the Middle East, North Africa (MENA), Southeast Asia, and Europe, M2P strives to future-proof fintech transformation while boosting business agility and customer lifetime value.<h2 class="heading-node" id="39f0" style="text-align: justify">Founding Trio</h2><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-8-2.webp" alt="M2P Fintech" title="" width="100%" height="529">Madhu, Muthu, and Prabhu possess over a decade of rich experience leading financial and technology innovations in leading global firms. Madhu, a knowledge powerhouse and a passionate chef steered the prepaid and financial inclusion product division for VISA, Citi, and Thomas Cook. Muthu, an avid sportsman, and technologist managed technology delivery for Paypal, Movida, Fujitsu, and Satyam before cofounding M2P. And Prabhu, a deep space tech enthusiast, drove key technology projects at Cognizant, Verizon Data Services, and iGate.<h2 class="heading-node" id="778b" style="text-align: justify">Uphill Climb - YAP</h2>M2P’s initial journeys were fraught with struggles and fallouts. Even though our domain expertise, innovation potential, and technology proficiency were among the best, gaining opportunities by breaking conventions was a major challenge to growth.Pooling in personal savings and resources, the founding team quietly began their bootstrapped journey. They built YAP, the API platform that allowed businesses to quickly create and deploy fintech products by customizing all relevant workflows through plug-and-play solutions.YAP simplified the ability of banks and PPI licensed entities to support back-end products by facilitating technology integration, settlement and operational support. Within a short timeframe, M2P powered neo banking, cross-border payments, card issuance, program management, new-age lending, and investments for several clients.Our robust, secure, and customizable fintech APIs enabled banks, fintech firms, and businesses to go to market at incredible speed with excellent efficacy. M2P’s tech stack has passed numerous regulatory audits and is backed by industry-leading certifications such as PCI DSS ver 3.2.1, ISO 27001:2013, and ISO 22301:2012. We also completed RBI PPI Information Security Audit Compliance as per the RBI Master Direction DPSS.CO.PD. №1164/02.14.006/2017–18 and implemented the “Data Localization” protocol as per Reserve Bank of India (RBI) guidelines.<h2 class="heading-node" id="f2ad" style="text-align: justify">Quantum Leap</h2>The first breakthrough for M2P happened when we launched our first Visa-powered card program in partnership with DCB Bank. Later, we created several marketing programs with Rupay, MasterCard, Visa, Amex, Mercury, and China Union Pay. We also became Visa’s Fintech Fast Track partner across the APAC region and preferred partner for MasterCard globally.By fostering diverse partnerships with 23+ banks, issuers, acquirers, prepaid issuers, emoney license holders, and industry partners across Travel and Forex, Fleet and FasTag, Digital Lenders, Neo-Banking, NBFCs, Gig-Economy players, and traditional bank programs, M2P processed more than $10 billion transactions in 2021. More than 500 engagements and 100 Fintech programs went live in a matter of few years.And our team strength too grew tremendously from 60 in the formative years to over 300 in 2020, and is expected to reach 700 (by March 2022).<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-11-1.webp" alt="M2P Fintech" title="" id="0gemdejro" width="100%" height="529"><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-10-2.webp" alt="M2P Fintech" title="" id="534weeytw" width="100%" height="529"><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-9-2.webp" alt="M2P Fintech" title="" id="mkg9f1kdm" width="100%" height="529"><h2 class="heading-node" id="4ed5" style="text-align: justify">Cashless Surge</h2>Post-February 2020, the pandemic triggered a surge in cashless payments. As a result, banks, NBFCs, and businesses needed fintech services and APIs to sustain omnichannel commerce, as economies began encouraging digital touchless payments. This was an excellent opportunity for us to realize our dream of delivering financial inclusion among banks, NBFCs, and other businesses.And, there was no turning back from there. Projects started flooding in, and we needed more capacity strength and funding to bolster the surge.<h2 class="heading-node" id="beae" style="text-align: justify">Funding and Acquisitions</h2>In the beginning, the founding team chose not to be distracted with funding activities. Instead, their strategy was to chisel and scale up the API platform first and then seek funding for overseas expansion. As the India business was and has always been self-sufficient, no external capital infusion was required at that point in time.In early 2020, angel investors such as Amrish Rau, Pine Labs CEO, Jitendra Gupta, Jupiter Money founder, Kunal Shah, CRED founder, Vikram Chachra of 8i Ventures, Peifu Hsieh of Karbon and Abhishant Pant, Founder of The FinTech Meetup pitched in to raise Rs 10 Cr for the team. We used this funding to develop newer technology stacks, boost team strength, and grow in newer markets outside India.In July 2020, series A funding happened, and we raised $4.50 million through venture capital firms Beenext, 8i Ventures Fund, DMI Group, and Better Capital. Angel investors such as Alok Mittal, Indifi Technologies founder, Ashneer Grover, BharatPe founder, Amrish Rau, Pine Labs CEO, and Jitendra Gupta, Jupiter founder, also participated in the Series A funding.In the meantime, M2P grew rapidly and became the fintech enablement partner of choice for SBM Bank. Our partnership grew from strength to strength covering all facets of Retail banking. This model is now being emulated by other large private banks in India.We also acquired companies such as Wizi and Origa, and made strategic investments in firms like LivQuik to strengthen our cards, credit, and payments ecosystem and improve go-to-market speed.In less than a year, we raised another $10 million in Series B funding from Flourish Ventures and Omidyar Network India, Beenext, 8i Ventures, and Better Capital. Now, we have raised another $35 million through Series C funding led by Tiger Global.<h2 class="heading-node" id="a1ac" style="text-align: justify">Future of Fintech, here and now</h2>From the chai conversation in 2014 to funding rounds, global expansions, innovations, partnerships, and acquisitions in 2021, M2P has come a long way.But this is not time to rest on our laurels.We believe that the future of fintech is here and now.And, we are geared up with futuristic fintech products that are data-driven with AI-ML engines, disruptive R&amp;D, and innovative propositions.<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.

M2P Growth Story: From Chai Conversations to Fusing Fin with Tech

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Artboard-1-copy-8-10.webp" alt="M2P Fintech" title="" width="100%" height="284">Entering card details every time you shop online can be such a tiresome experience. It often plays damp squib, dulling out the thrill of impulsive shopping. In fact, consumers cite this tedious process as one of the primary reasons for cart abandonment.<h2 class="heading-node" id="5e9f">COFT, the savior</h2>This is where ‘Card on File Transaction’ (COFT) emerges as a savior for both consumers and businesses. This functionality pops up on the customer screen, requesting explicit permission to save card details for subsequent payments.As the need to re-enter card detail is eliminated, COFT enables a seamless and convenient checkout process with lesser cart abandonments. It also boosts the chances of recurring impulse purchases.So, the next time you shop for your favorite shoe or that gourmet chocolate bar, you need not enter your card information. Instead, you only need to enter the CVV (the three digits in the magnetic strip) to pay for your purchase.Sounds amazing, isn’t it?We’re sure you can’t wait to understand the techno-functionality behind this incredible system.Here you go!First things first. We’ll cover what COFT actually is. And then, let’s delve into the latest RBI guideline and the mandate’s impact on the ecosystem players.<h2 class="heading-node" id="a695">What are Card On File Transactions?</h2>Card on File transactions are the stored card credentials available with a merchant, payment gateway or aggregator, or digital wallet. Used for future transactions, the card on file will store relevant details in encrypted format except for the CVV number. However, explicit consent from customers is necessary to store card details.The Card on File functionality is a two-stage process.<h3 class="heading-node" id="03af">First Stage</h3>Here the card details are entered for the first time on the website. After authorizing the transactions with two-factor authentication, the cardholder will be presented with an option to save card details for future purchases. If the cardholder opts in, the card details (except CVV) will be saved in an encrypted format.<h3 class="heading-node" id="18f1">Second Stage</h3>In this stage, the cardholder will just enter their card CVV number every time they initiate a transaction. There is no need to re-enter card details.<h2 class="heading-node" id="010c">How RBI’s latest mandate applies to Card on File Transactions?</h2>Reserve Bank of India’s latest mandate has extended the scope of <a class="link" href="https://m2pfintech.com/blog/how-does-payment-tokenization-work/">tokenization</a> to COF transactions. The circular released in January 2019 and August 2021 carried a device-based tokenization framework, and the same has been now extended to COF transactions as well.Meaning card issuers can also offer card tokenization services as Token Service Providers (TSPs), but they will require explicit consent from customers, including Additional Factor of Authentication (AFA). They will also have the control of tokenization and de-tokenization of the card data.Furthermore, the scope of tokenization has been extended to consumer devices such as laptops, desktops, wearables, Internet of Things (IoT) devices. The circular was issued to reinforce the safety and security of card transactions whilst not disrupting convenience.<h2 class="heading-node" id="a412">What is the impact of these latest guidelines on the ecosystem players?</h2>Subscription payments will be impacted as the new guideline requires explicit customer consent even five days before the recurring transaction. There is also a high chance that the customer may end up missing payment notifications and might miss or default on the payment. This guideline implementation must have been completed before 30th September 2021 by Banks.All merchants, banks, payment aggregators, <a class="link" href="https://m2pfintech.com/blog/what-is-a-payment-gateway-and-payment-switch-understanding-the-basics-of-payments-architecture/">payment gateways,</a> and NBFCs must make technical and protocol changes to their current recurring payment functionalities and Card on File data. This structural change will include a significant cost to the players as they must effect a strategic and operational change.With these new guidelines, the merchants will have to rely on the acquiring banks to address the concerns of customer complaints, chargebacks, and so on. Customers may choose to opt for different payment methods if they fail to experience a seamless shopping experience while initiating card transactions.<h2 class="heading-node" id="1529">Tokenization, the security booster</h2>With the introduction of these guidelines, the only remedy available to enhance security is tokenization. It can be used for one-time and recurring payments, thereby freeing merchants from the hassle of storing sensitive data.<h3 class="heading-node" id="e491">So, how does tokenization work?</h3>Tokenization replaces debit or credit card details with a unique set of characters or tokens that will process transactions without exposing the cardholder’s sensitive account details.Here is how tokenization happens.<ul class="list-node" id="decqr9ga3"><li>A credit/debit card is swiped at POS or on an e-commerce website</li><li>The card number will then be transferred to the tokenization protocol</li><li>The system will generate a random alphanumeric string, also known as “Token ”, to mask the original card number</li><li>The token will be routed to the merchant for further processing</li></ul>For example, card-carrying numbers 4781 2345 1235 3391 will be replaced as A2C0 9JUI 8S2F 7GKY when initiating a transaction.The safe and secured digital transaction is now possible with Tokenization!&nbsp;<a class="link au nl" href="https://m2pfintech.com/blog/how-does-payment-tokenization-work/" rel="noopener">Explore more.</a><h2 class="heading-node" id="cbcb">Conclusion</h2>Tokenization will protect card data from hackers as it is extremely hard to reverse the token to access the original card data.Now, there is a paramount need to develop and deploy solutions that satisfy both the cardholder and still be in check with RBI guidelines.<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.

RBI Guidelines on Card on File Transactions

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Artboard-1-copy-8-18.webp" alt="M2P Fintech" title="" width="100%" height="284">This September, the Star of the Month is our very own Preethi Parthasarathy, the brain behind our Service Desk.A woman of her word, Preethi is thoroughly goal-oriented and has a knack for empowering and guiding the team towards excellence while being cognizant of deadlines, compliance, and protocols.Super curious to know the secret behind how she manages it all?Keep reading as she spills the bean on how she has grown through the years as an M2Peer.<h2 class="heading-node" id="931f">How do you usually start your workday?</h2>My perfect day starts with an equal dose of gardening, cooking, fitness, and playing with Bulbul, my adorable Labrador Retriever. Then I commence work by prioritizing emails and tasks.Let me tell you one secret ingredient for a perfect workday.It’s the ‘to-do list’!It helps me plan, follow up, and execute tasks flawlessly. Then I focus on issues based on severity and priority and get my team going on pending tasks.I have a secret mantra for my team to prevent issue escalation — ‘Don’t go to sleep with incomplete tasks or unresolved issues.’<h2 class="heading-node" id="c66c">What are your main responsibilities as a Service Desk Manager at M2P?</h2> My key responsibility is to drive my team forward to do their job seamlessly without any inkling of doubt. I empower my 5-year-old team with product knowledge, process compliance training, and practical tips &amp; tricks to ensure no task or mail is left unattended.<h2 class="heading-node" id="d9e5">How have you grown through the years as an M2Peer?</h2>Even though I joined the M2P family as an experienced professional, it’s here that I learned a lot. My heartfelt thanks to M2P’s founder trio — Madhu, Muthu, and Prabhu, who were truly an inspiration when it comes to being aspirational, smart-working, and lifelong learners. I feel so grateful and lucky to be part of the young and vibrant M2P fam.My 5-year-old journey made me witness M2P’S growth first-hand from a start-up to one of the finest leading fintech companies now. And at M2P, it is not just the company that grows; every M2Peer too grows parallelly. So, I also feel proud of how I have grown as an M2Peer, and the journey continues.<h2 class="heading-node" id="b2af">Is there a quote/saying that motivates you?</h2>As I said, my pre-planned day always makes me lookout for a bit of motivation. One such quote which springs to my mind now is“The secret of your future is hidden in your daily routine.”This quote makes me work diligently every day and face challenges for a better future.<h2 class="heading-node" id="0ace">What’s that one thing your colleagues don’t know about you?</h2>Ha! I guess now it is time to reveal my secrets.My colleagues here don’t know that I am a ‘Karate Kid.’ Yes, I have learned martial arts during my schooling. My dad was my biggest supporter who helped me win few trophies at tournaments.Oh, wait! I also love to dance. Play any tune, you’ll find me grooving to the beat.<h2 class="heading-node" id="586c">Have you played a practical joke in college?</h2>We were a frolicking gang of 6 friends who attended school and college together. I had the best of times with them, from bunking classes to watching newly released movies during group studies.This is not exactly a practical joke, but it is one of the most mischievous, memorable moments from college. We were once got caught red-handed playing Holi in college, even though it was banned inside the campus.Things got so serious that we were made to clean college classrooms and washrooms as a punishment.Looking back now, it seems fun, and I miss those days the most.<h2 class="heading-node" id="d667">What do you like the most about M2P?</h2>I love everything about M2P, its flexible work culture, friendly colleagues, abundant growth opportunities, and open work environment. They have helped me grow both professionally and as a person.<h2 class="heading-node" id="b957">What’s your idea of a perfect day?</h2>I always make sure I have a positive and stress-free aura around me. So, I indulge in activities like yoga, meditation, terrace gardening, and so on.But the best part is when I spend time cuddling Bulbul, my cute little Labrador. She is my favorite companion and stress buster at home who loves playing with me even when I am working.So, my perfect day has an equal dose of love, relaxation, and a lot of positive vibes.<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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