Financial inclusion 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.
A bumpy road to financial freedom
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 digital payment solutions 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, PCI-DSS compliance, 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 payments processing solution and a token service provider to enable highly secure and seamless financial services to blue-collared workers.
Powering card security, operations, and infrastructure
M2P collaborated with Zenpay to help smoothen hurdles in card security and infrastructure. We deployed our comprehensive PPI 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.
End-to-end tokenization
Securing cardholder data through tokenization 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.
Seamless card program management
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.
Scaling up for 250% rise in customer base
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.
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%.
– Ankit Bhargava, Founder & CEO, Zenpay Solutions.
The buck doesn’t stop here
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 business@m2pfintech.com
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