<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"><p class="text-node" id="r3ufktnr1">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.</p><h2 class="heading-node" id="5e9f"><strong>COFT, the savior</strong></h2><p class="text-node" id="656f">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.</p><p class="text-node" id="529d">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.</p><p class="text-node" id="e918">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.</p><p class="text-node" id="aa04">Sounds amazing, isn’t it?</p><p class="text-node" id="d932">We’re sure you can’t wait to understand the techno-functionality behind this incredible system.</p><p class="text-node" id="cba0">Here you go!</p><p class="text-node" id="6bd9">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.</p><h2 class="heading-node" id="a695"><strong>What are Card On File Transactions?</strong></h2><p class="text-node" id="7505">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.</p><p class="text-node" id="cce2">The Card on File functionality is a two-stage process.</p><h3 class="heading-node" id="03af"><strong>First Stage</strong></h3><p class="text-node" id="mny7uak9s">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.</p><h3 class="heading-node" id="18f1"><strong>Second Stage</strong></h3><p class="text-node" id="lt021zf4a">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.</p><h2 class="heading-node" id="010c"><strong>How RBI’s latest mandate applies to Card on File Transactions?</strong></h2><p class="text-node" id="3460">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.</p><p class="text-node" id="e71c">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.</p><p class="text-node" id="4de9">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.</p><h2 class="heading-node" id="a412"><strong>What is the impact of these latest guidelines on the ecosystem players?</strong></h2><p class="text-node" id="3f0c">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.</p><p class="text-node" id="77be">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.</p><p class="text-node" id="f48b">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.</p><h2 class="heading-node" id="1529"><strong>Tokenization, the security booster</strong></h2><p class="text-node" id="o3jd7v998">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.</p><h3 class="heading-node" id="e491">So, how does tokenization work?</h3><p class="text-node" id="2901">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.</p><p class="text-node" id="a743">Here is how tokenization happens.</p><ul class="list-node" id="decqr9ga3"><li><p class="text-node" id="vqqwe37y0">A credit/debit card is swiped at POS or on an e-commerce website</p></li><li><p class="text-node" id="9v4hj3i3f">The card number will then be transferred to the tokenization protocol</p></li><li><p class="text-node" id="absogaaa3">The system will generate a random alphanumeric string, also known as “Token ”, to mask the original card number</p></li><li><p class="text-node" id="6ott916tc">The token will be routed to the merchant for further processing</p></li></ul><p class="text-node" id="a5de">For example, card-carrying numbers 4781 2345 1235 3391 will be replaced as A2C0 9JUI 8S2F 7GKY when initiating a transaction.</p><p class="text-node" id="184d">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></p><h2 class="heading-node" id="cbcb"><strong>Conclusion</strong></h2><p class="text-node" id="2ae6">Tokenization will protect card data from hackers as it is extremely hard to reverse the token to access the original card data.</p><p class="text-node" id="d914">Now, there is a paramount need to develop and deploy solutions that satisfy both the cardholder and still be in check with RBI guidelines.</p><p class="text-node" id="31vf3cuez"><a class="link" href="https://m2pfintech.com/newsletter/"><strong><em>Subscribe</em></strong></a><strong><em>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.</em></strong> </p><p class="text-node" id="wf4ad1cfb"><strong><em>Follow us on&nbsp;</em></strong><a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/"><strong><em>LinkedIn</em></strong></a><strong><em>&nbsp;and&nbsp;</em></strong><a class="link" href="https://twitter.com/m2pfintech"><strong><em>Twitter</em></strong></a><strong><em>&nbsp;for insightful fintech tales curated for curious minds like you.</em></strong></p>

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"><p class="text-node" id="29ae">This September, the Star of the Month is our very own Preethi Parthasarathy, the brain behind our Service Desk.</p><p class="text-node" id="4529">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.</p><p class="text-node" id="d80f">Super curious to know the secret behind how she manages it all?</p><p class="text-node" id="2e45">Keep reading as she spills the bean on how she has grown through the years as an M2Peer.</p><h2 class="heading-node" id="931f">How do you usually start your workday?</h2><p class="text-node" id="c9e5">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.</p><p class="text-node" id="808b">Let me tell you one secret ingredient for a perfect workday.</p><p class="text-node" id="bef1">It’s the ‘to-do list’!</p><p class="text-node" id="fea7">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.</p><p class="text-node" id="7c1f">I have a secret mantra for my team to prevent issue escalation — ‘Don’t go to sleep with incomplete tasks or unresolved issues.’</p><h2 class="heading-node" id="c66c">What are your main responsibilities as a Service Desk Manager at M2P?</h2><p class="text-node" id="lrmr8cgks"> 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.</p><h2 class="heading-node" id="d9e5">How have you grown through the years as an M2Peer?</h2><p class="text-node" id="ab68">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.</p><p class="text-node" id="23cc">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.</p><h2 class="heading-node" id="b2af">Is there a quote/saying that motivates you?</h2><p class="text-node" id="540b">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</p><p class="text-node" id="ced7">“The secret of your future is hidden in your daily routine.”</p><p class="text-node" id="3987">This quote makes me work diligently every day and face challenges for a better future.</p><h2 class="heading-node" id="0ace">What’s that one thing your colleagues don’t know about you?</h2><p class="text-node" id="3bfe">Ha! I guess now it is time to reveal my secrets.</p><p class="text-node" id="b06f">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.</p><p class="text-node" id="2fbd">Oh, wait! I also love to dance. Play any tune, you’ll find me grooving to the beat.</p><h2 class="heading-node" id="586c">Have you played a practical joke in college?</h2><p class="text-node" id="c640">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.</p><p class="text-node" id="2028">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.</p><p class="text-node" id="3424">Things got so serious that we were made to clean college classrooms and washrooms as a punishment.</p><p class="text-node" id="7920">Looking back now, it seems fun, and I miss those days the most.</p><h2 class="heading-node" id="d667">What do you like the most about M2P?</h2><p class="text-node" id="1d04">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.</p><h2 class="heading-node" id="b957">What’s your idea of a perfect day?</h2><p class="text-node" id="fa0c">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.</p><p class="text-node" id="3073">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.</p><p class="text-node" id="e997">So, my perfect day has an equal dose of love, relaxation, and a lot of positive vibes.</p><p class="text-node" id="m61fr4pey"><a class="link" href="https://m2pfintech.com/newsletter/"><strong><em>Subscribe</em></strong></a><strong><em>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.</em></strong> </p><p class="text-node" id="a1abwkkl9"><strong><em>Follow us on&nbsp;</em></strong><a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/"><strong><em>LinkedIn</em></strong></a><strong><em>&nbsp;and&nbsp;</em></strong><a class="link" href="https://twitter.com/m2pfintech"><strong><em>Twitter</em></strong></a><strong><em>&nbsp;for insightful fintech tales curated for curious minds like you.</em></strong></p>

Meet M2P’s Service Desk Manager

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/04/banner-5.webp" alt="M2P Fintech" title="" width="100%" height="284"><p class="text-node" id="4923">BNPL, the acronym for Buy Now Pay Later, though a relatively new concept, is slowly becoming the talk of the town. The new-age shopper is now drawn to BNPL products and is ditching the traditional payment options like Credit Cards. The article below explores the “why” of this paradigm shift.</p><p class="text-node" id="4e9b">Starting from the ease of checkout to personalized offers, BNPL has masked the word and feeling of a “Loan.” It is simply viewed as Buy Now and Pay Later minus the paperwork and as a different IOU avatar. Along with the single-click checkout, BNPL also gets your merchant to bear the cost of <em>No Cost EMIs</em>. The<a class="link" href="https://m2pfintech.com/blog/factors-and-psychology-behind-the-great-bnpl-allure/"> factors and psychology behind the allure of BNPL</a> will sure make this the next big thing in consumer finance.</p><h2 class="heading-node" id="92eu7wjat"><span style="color: rgb(51, 51, 51)">Are credit cards getting left behind?</span></h2><p class="text-node" id="f295">Traditional <a class="link" href="https://m2pfintech.com/blog/credit-card-processing-a-definitive-guide/">credit cards</a> were once a great choice for credit lines, but they are also perceived as a debt trap. Often, the lack of transparency and complex interest calculations attract heavy penalties and bad credit scores for the customer, leading to difficulties when securing a loan in the future.</p><p class="text-node" id="0aef">This is where BNPL holds a massive advantage over traditional credit cards. They offer a clear and transparent checkout option where the consumer is presented with all the factors of applicable charges and due dates upfront.</p><p class="text-node" id="3bf4">Some BNPL players have even gone a step further and adopted time-tested <a class="link" href="https://m2pfintech.com/blog/six-profitable-bnpl-business-models-to-unlock-infinite-value/">business models</a> and have appended penalties for specific time frames. So, in the end, the new-age shopper not only gets flexible repayment options, but they are also empowered to understand financial nuances in case of late or missed repayment.</p><h2 class="heading-node" id="hlrx7eya9">BNPL in India</h2><p class="text-node" id="21cd">After creating ripples in the US, Canada, Australia, and Europe, BNPL has now started its journey in the Indian <a class="link" href="https://m2pfintech.com/blog/fintech-a-catalyst-for-financial-inclusion/">fintech</a> ecosystem. And in a country where loans are generally frowned upon, BNPL has captivated customers with ease of payment, right at the checkout page.</p><h2 class="heading-node" id="njbjh0x7b"><span style="color: rgb(51, 51, 51)">What is its premise ?</span></h2><p class="text-node" id="e906">Even though BNPL applications have adopted different means to facilitate checkout, they center around the issuance of “credit.” It also increases the shopper’s purchase power while completing the transaction with minimum hassle.</p><p class="text-node" id="c1c5">Moreover, like Credit cards — BNPL applications are powering users for:</p><ol class="list-node" id="i38mltydk"><li><p class="text-node" id="4lkd0muip">&nbsp;Consolidating many small expenses in one bill</p></li><li><p class="text-node" id="m7xkj67do">Splitting a major expense in multiple repayments</p></li></ol><h2 class="heading-node" id="8i4r6mnzz"><span style="color: rgb(51, 51, 51)">Let’s assess the BNPL options here in India!</span></h2><p class="text-node" id="1759">For example, Anuj has a list of standard expenses made at different e-commerce and hyperlocal players. He pays them all via a debit/credit card, which means entering card details, OTP, and finally paying the credit bill. With a single BNPL application where there is no need of OTP or card details, Anuj gets to shop without the hassle and gets to settle the bill through his preferred settlement option.</p><p class="text-node" id="956c">So this option of BNPL has and offers the following features:</p><ul class="list-node" id="sd226xl5k"><li><p class="text-node" id="7one50ujs">Suited for small ticket sized purchases</p></li><li><p class="text-node" id="sf0x868hl">Monthly or fortnightly settlement cycle</p></li><li><p class="text-node" id="udcasvveu">Single-click checkout</p></li><li><p class="text-node" id="5l50uun00">Late payment charges and penalties applicable on delayed repayments</p></li></ul><p class="text-node" id="1924">So, next comes the question of big ticket purchases:</p><p class="text-node" id="f210">Let’s assume Anuj wants a new TV that is top of the line in the market and quite expensive. While using a credit card to make a purchase is a traditional method, BNPL offers a much easier way. The TV’s cost will be split into 4 EMIs, while the TV seller/merchant bears the EMI’s interest charge. So, in the end, the merchant gains a loyal customer, and Anuj gets a better way to manage his finance with manageable repayments.</p><p class="text-node" id="eccb">In this method, BNPL works this way:</p><ul class="list-node" id="ojf0e1333"><li><p class="text-node" id="xfxw4420c">Suited for higher ticket sized purchases</p></li><li><p class="text-node" id="zrcdw81kc">Bill split into multiple EMIs as provided by the seller</p></li><li><p class="text-node" id="lct43ccyg">Seller funded no-cost EMIs up to a time frame</p></li><li><p class="text-node" id="w19anp9h9">Late payments penalties accrue if a due date is missed</p></li></ul><img src="https://miro.medium.com/max/1400/1*0IJebDapK8llqNbqHPZRig.png" alt="Features of Buy now pay later (BNPL)" title="" width="100%" height="227"><h2 class="heading-node" id="e9a4">Who are the users of BNPL?</h2><blockquote class="block-node" id="0m4ltzb7o"><p class="text-node" id="7bb1"><em>Millennials, Bridge Millenials and Generation Z, are the early adopters of BNPL.</em></p><p class="text-node" id="afd1"><em>Source: Pymnts- Buy Now Pay Later Report-2020</em></p></blockquote><p class="text-node" id="5d91">It is worthwhile noting that the youngest millennial is turning 25 this year, and he can be assumed not to be the ‘reckless spender.’</p><p class="text-node" id="2472">Alternatively, cash transactions are in the lead, followed closely by debit and credit cards. However, with BNPL and digital wallets, this dynamic is slowly shifting, and it is an exciting wait to see who tops the chart. Many users who have never used or have limited exposure to credit cards rely on BNPL applications for credit needs.</p><img src="https://miro.medium.com/max/1400/1*PP1cOWo5J44sdLX1XpGnAQ.png" alt="Top reasons for using BNPL services" title="" width="100%" height="227"><h2 class="heading-node" id="7886">Well, now the fundamental question arises about the user without a good credit history.</h2><p class="text-node" id="aa75"><a class="link" href="https://m2pfintech.com/blog/how-can-lenders-overcome-challenges-in-deploying-bnpl-solutions/">BNPL lenders</a> give credit lines to shoppers based on secondary data. For example:</p><p class="text-node" id="1bdd">· They analyze the data points like shopper’s history with the merchant</p><ul class="list-node" id="nmesbiiog"><li><p class="text-node" id="ykmqzbwpf">· Average order size, time of association</p></li><li><p class="text-node" id="w93ryoin5">· Order behavior like the number of prepaid, canceled, or COD orders.</p></li><li><p class="text-node" id="6rl8353xr">· Order history and other available digital footprints of the shopper.</p></li></ul><p class="text-node" id="693e">Based on this data, <a class="link" href="https://m2pfintech.com/blog/winning-business-models-for-bnpl-lenders/">BNPL lending business models</a> enable credit to a user, and it gets enhanced as he/she makes timely repayments of the offered credit.</p><h2 class="heading-node" id="tpb0fu2ew"><span style="color: rgb(51, 51, 51)">Connection between COVID and BNPL</span></h2><p class="text-node" id="a91b">The ongoing pandemic has certainly accelerated BNPL adoption across the globe. With employees being laid off, being furloughed, and the uncertainty about their income, consumers are inclined towards budget-friendly payment options in which BNPL certainly takes the lead. Merchants are also more receptive to BNPL applications than they have ever been as it increases their consumers’ purchase power.</p><h2 class="heading-node" id="a0c0">How does the future look for BNPL?</h2><p class="text-node" id="8c8a">BNPL, in a decade, has taken the lead even though banks have been lending for hundreds of years. Today, banks are trying to keep up and switch to a digital-centric approach, such as providing their BNPL offerings and partnering with a Fintech to co-create solutions for consumers. BNPL, for banks, is an excellent medium for portfolio diversification.</p><p class="text-node" id="0265">In India, BNPL has been scratching the surface, and it has a long way to go. Internet penetration has created the market where BNPL could fly in the coming years with FinTech’s, Banks, and Merchants’ necessary push.</p><p class="text-node" id="1c28">We can expect regulators also to fence BNPL offerings in the coming years. One thing is for sure, BNPL is here to stay, and it’ll keep on luring consumers. We are yet to watch its full potential and need to wait to see how BNPL shapes commerce in the future.</p><p class="text-node" id="quboz73d2">To know more about BNPL, write to business@m2pfintech.com.</p><p class="text-node" id="gp45crp2o"><a class="link" href="https://m2pfintech.com/newsletter/"><strong><em>Subscribe</em></strong></a><strong><em>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.</em></strong> </p><p class="text-node" id="owf3wj4h1"><strong><em>Follow us on&nbsp;</em></strong><a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/"><strong><em>LinkedIn</em></strong></a><strong><em>&nbsp;and&nbsp;</em></strong><a class="link" href="https://twitter.com/m2pfintech"><strong><em>Twitter</em></strong></a><strong><em>&nbsp;for insightful fintech tales curated for curious minds like you.</em></strong></p>

BNPL - The Rising Fintech Star

Ready to Sneak Peek into Global Cashless Societies

50 Popular Fintech Terms You Must Know

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/04/pci-dss.webp" alt="M2P Fintech" title="" width="100%" height="253"><p class="text-node" id="hdzj80141" style="text-align: justify"></p><p class="text-node" id="x7oi8si42" style="text-align: justify">The payment industry is constantly growing where every upgrade plays an important role in developing trust among users by protecting their sensitive data. So, every business that is an active participator needs to meet few security standards that act as Armour.</p><p class="text-node" id="50ba" style="text-align: justify">One such globally recognized standard is PCI DSS.</p><p class="text-node" id="hop4isbj1" style="text-align: justify">The PCI Security Standards Council came up with a Payment Card Industry Data Security Standard (PCI DSS) framework to protect credit and debit card transactions and card holders’ data from breaches. It is a mandate for every merchant and service provider to abide by this protocol for a smooth customer experience.</p><h2 class="heading-node" id="e2ee" style="text-align: justify">How was PCI DSS created?</h2><p class="text-node" id="3093" style="text-align: justify">It all began during the internet boom in the late 1990s, when the initial stage of e-commerce brought in many fraudsters and excitement. When the retailers, merchants, card networks, consumers widely accepted the emerging web-driven transactions, they witnessed a steady increase in credit card fraud and scams. That is when the card networks like American Express, MasterCard, and Visa started to dig deep into the issue to create standards for payment processing systems.</p><p class="text-node" id="c5ac" style="text-align: justify">With Visa taking the lead in 2001 “Cardholder Information Security Program” standard was introduced, followed by the other companies implementing their security standards. But it did not meet the expectations of the merchants and POS terminals as they need to comply individually with the company-specific standards. This resulted in great difficulty for merchants as they have to comply with different standards when they are approaching multiple card networks. So, the collaboration of the major card networks such as American Express, Discover, JCB, Mastercard, and Visa birthed PCI DSS version 1.0 in December 2004.</p><p class="text-node" id="a9d6" style="text-align: justify">Later in 2006, the Payment Card Industry Security Standards Council (PCI SSC) was formed by a joint venture of MasterCard, American Express, Visa, JCB International, and Discover Financial Services to manage PCI development and alignment of policies to PCI DSS. PCI SSC ensures that the entities are committed to secure credit card data.</p><p class="text-node" id="e699" style="text-align: justify">PCI DSS is now a globally recognized directive where every merchant who accepts card payments must comply with the latest version, PCI DSS 3.2.1, which was released in May 2018.</p><h2 class="heading-node" id="edca" style="text-align: justify">Why do merchants need to comply with PCI DSS?</h2><p class="text-node" id="f73f" style="text-align: justify">Since there are over multiple card transactions taking place in the market, a safe business environment becomes the prime concern for the merchants to lead a long haul. A business compliant with PCI DSS always earns customers’ trust for their sensitive card information and helps boost the sale and customer confidence. As every business relies on partners, acquirers, or fellow industry mates, being a PCI DSS Compliant helps improve one’s reputation and strategies.</p><p class="text-node" id="73e2" style="text-align: justify">Data breaches, payment card data theft, can be avoided as it is stored securely and monitored on a regular basis. In addition, PCI DSS even helps in improving IT infrastructure efficiency with its compliance levels and requirements.</p><h2 class="heading-node" id="de60" style="text-align: justify">PCI DSS Compliance levels</h2><p class="text-node" id="4b7a" style="text-align: justify">There are four levels of PCI DSS Compliance based on the number of annual payment card transactions a business handle.</p><p class="text-node" id="2109" style="text-align: justify"><strong>Level 1:</strong>&nbsp;over 6 million TXN</p><p class="text-node" id="c7ae" style="text-align: justify"><strong>Level 2:</strong>&nbsp;1 to 6 million TXN</p><p class="text-node" id="56fe" style="text-align: justify"><strong>Level 3:&nbsp;</strong>20,000 to 1 million TXN</p><p class="text-node" id="2b70" style="text-align: justify"><strong>Level 4:</strong>&nbsp;fewer than 20,000 TXN</p><p class="text-node" id="0b3b" style="text-align: justify">Check out our guide to the&nbsp;<a class="link au mj" href="https://m2pfintech.com/blog/pci-dss-a-quick-guide-to-its-levels/" rel="noopener">PCI DSS Levels</a>&nbsp;and their impact on compliance.</p><h2 class="heading-node" id="a8f1" style="text-align: justify">Requirements for PCI DSS Compliance</h2><p class="text-node" id="0da7" style="text-align: justify">Every system entity and component associated with Cardholder Data Environment (CDE) must comply with the PCI DSS mandate. It includes requirements for security management, policies, procedures, network architecture, software design, and other critical protective measures.</p><p class="text-node" id="c2c9" style="text-align: justify">PCI DSS sets forth 12 requirements for every PCI DSS complaint established by the PCI Security Standards Council:</p><h3 class="heading-node" id="757b" style="text-align: justify">1. Firewall Configuration</h3><p class="text-node" id="l8vfffrg7" style="text-align: justify">Firewalls are installed and configured to protect card holders’ data from any malware. It helps the prevention systems effectively to defend the hackers from unauthorized access to private data.</p><h3 class="heading-node" id="625d" style="text-align: justify">2. Password Security</h3><p class="text-node" id="2bd4" style="text-align: justify">Businesses should not use vendor-supplied defaults for system passwords and other security parameters in their routers, modems, point of sale (POS) systems, and other third-party products. Instead, basic precautions and configurations like changing the password should be followed as the public can easily access the generic passwords and security measures.</p><h3 class="heading-node" id="ad5f" style="text-align: justify">3. Protection of Cardholder Data</h3><p class="text-node" id="7c81" style="text-align: justify">The stored cardholders’ data must be encrypted with two-fold protection and certain algorithms. Also, the primary account numbers (PAN) must be regularly scanned and monitored to avoid any unencrypted data.</p><h3 class="heading-node" id="1dad" style="text-align: justify">4. Encryption of Transmitted Data</h3><p class="text-node" id="3d4b" style="text-align: justify">The cardholders’ data should be encrypted when transmitted across open, public networks like payment processors, home offices from local stores, etc. Sharing the account numbers to unknown locations must be avoided.</p><h3 class="heading-node" id="9653" style="text-align: justify">5. Antivirus Software</h3><p class="text-node" id="2cce" style="text-align: justify">All the systems used for interacting, sharing, storing PAN must be protected against malware by regularly using and updating antivirus software or programs. Also, POS providers must employ anti-virus measures and maintain up-to-date antivirus programs to prevent systems from malware.</p><h3 class="heading-node" id="f58e" style="text-align: justify">6. Secure Systems and Applications</h3><p class="text-node" id="3e7e" style="text-align: justify">To add another layer of protection to the data, the providers must develop and maintain secure systems and applications. These systems and applications that are used as the storage of data for interaction must be updated regularly.</p><h3 class="heading-node" id="f835" style="text-align: justify">7. Restriction of Access</h3><p class="text-node" id="714f" style="text-align: justify">The cardholders’ data are restricted to access by business need-to-know, and the sensitive data must be accurately documented and updated regularly.</p><h3 class="heading-node" id="bffa" style="text-align: justify">8. Unique Access ID</h3><p class="text-node" id="4eee" style="text-align: justify">Individual credentials and ID are assigned to each person with computer access to card holders’ data. Single access ID and password should not be used as it results in more vulnerability and slow response time.</p><h3 class="heading-node" id="57e9" style="text-align: justify">9. Restriction of Physical Access</h3><p class="text-node" id="fc45" style="text-align: justify">Card holders’ data must be physically stored in a secured location where any physical access is restricted. Physically written, typed, or digitally stored data must be secured in the room, and in case of any access, it should be added to the access logs.</p><h3 class="heading-node" id="7c0d" style="text-align: justify">10. Maintain Access Logs</h3><p class="text-node" id="c3c3" style="text-align: justify">As mentioned in the previous requirement, all access to network resources and cardholder data must be tracked and monitored in the access logs. This proper record keeping and documentation must be maintained with utmost accuracy as it is related to sensitive data.</p><h3 class="heading-node" id="aecf" style="text-align: justify">11. Testing Security Systems and Processes</h3><p class="text-node" id="1343" style="text-align: justify">Regularly testing/scanning security systems and processes result in less vulnerability as it involves many digital data, software programs/products, physical locations, etc.</p><h3 class="heading-node" id="625c" style="text-align: justify">12. Document Policies</h3><p class="text-node" id="726d" style="text-align: justify">Document policies that address information security for all personnel must be maintained right from storing to transmitting/using data after POS.</p><p class="text-node" id="h5c5kt21i" style="text-align: justify">So, with these twelve requirements, PCI DSS comprises six objectives to ensure optimal security for merchants who accept, process, transmit, or store payment card information.</p><p class="text-node" id="ziwy83q5i" style="text-align: justify"></p><img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/image-1.webp" alt="M2P Fintech" title="" id="jxi8l3syj" width="100%" height="253"><p class="text-node" id="6ievsj7e5" style="text-align: justify"></p><p class="text-node" id="gy2gvqh7y" style="text-align: justify">With PCI DSS’s strong objectives and compliance requirements, the security of the payment industry is strengthened. These measures help and encourage data security and facilitate the adoption globally. So, hereby businesses that handle card payments need to be a part of this global payment card data security solution and focus on increasing the intensity to move forward by becoming ‘PCI DSS Complaint.’</p><p class="text-node" id="b2cf" style="text-align: justify">Look forward to our upcoming blogs as we uncover PCI SSC’s other standards such as PCI 3 DS, PA DSS, PCI PIN Security, and PCI SSF.</p><p class="text-node" id="sm62lueof" style="text-align: justify"><a class="link" href="https://m2pfintech.com/newsletter/"><strong><em>Subscribe</em></strong></a><strong><em>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.</em></strong></p><p class="text-node" id="rh1sw0r2y" style="text-align: justify"><strong><em>Follow us on&nbsp;</em></strong><a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/"><strong><em>LinkedIn</em></strong></a><strong><em>&nbsp;and&nbsp;</em></strong><a class="link" href="https://twitter.com/m2pfintech"><strong><em>Twitter</em></strong></a><strong><em>&nbsp;for insightful fintech tales curated for curious minds like you.</em></strong></p>

PCI DSS: The Payments’ Armour

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/06/Artboard-1-copy-8-3.webp" alt="M2P Fintech" title="" width="100%" height="358"><p class="text-node" id="rtqg79sw8" style="text-align: justify"></p><p class="text-node" id="rk4wnxc3z" style="text-align: justify">As technological advancements promote growth in our country, lack of financial literacy still prevails. In a recent incident, a farmer has reportedly lost his savings worth two lakhs to rats. He stored his money as cash in his house. The farmer wouldn’t have lost his savings if he was aware of a financial institution. The eradication of financial illiteracy and improving maximum financial inclusion help us overcome such situations.</p><h2 class="heading-node" id="45b6" style="text-align: justify">What is Financial Inclusion?</h2><p class="text-node" id="2445" style="text-align: justify">Financial inclusion aims to offer primary financial products and services to all individuals and businesses and makes these services more accessible and affordable.</p><p class="text-node" id="d2ba" style="text-align: justify">Financial institutions aim to offer basic services that include payments, transactions, savings, credit, and insurance sustainably to drive more financial inclusion. New technological innovations in fintech have caused organizations to offer cost-effective services to their customers.</p><h2 class="heading-node" id="fb52" style="text-align: justify">Measures to improve Financial Inclusion</h2><p class="text-node" id="7b22" style="text-align: justify">The Reserve Bank of India started taking measures in 2005 to improve financial inclusion in our country. The government initiated the National Mission for Financial Inclusion (NMFI), including Pradhan Mantri Jan Dhan Yojana (PMJDY), which provides services to unserved areas.</p><p class="text-node" id="a461" style="text-align: justify">Furthermore, the “Digital India” initiative, which provides accessible digital banking services with simplified formal verifications using unique identification (Aadhaar), is also a bold move towards improving financial inclusion in the country.</p><h2 class="heading-node" id="6804" style="text-align: justify">Fintechs boosting Financial Inclusion</h2><p class="text-node" id="eb6q533c9" style="text-align: justify">Indian fintechs are the biggest drivers of achieving financial inclusion, with an adoption rate of over 87%. In the recent decade, fintechs have widened operations to provide personalized services without opting for the traditional route. Also, the rise of the popularity of smartphones around the globe led to the establishment of new financial services. </p><p class="text-node" id="imf2s64xv" style="text-align: justify"><em>“As of February 2021, there is a record of 2.3 billion digital payment transactions made worth over 4 trillion rupees.”</em> </p><p class="text-node" id="1bk7zzoou" style="text-align: justify">From Demonetization in India to the Covid-19 outbreak, people are now more interested in using financial services such as digital payments, lending solutions, etc. Digital financial services help many small and medium-income businesses to offer cashless payments option to their customers.</p><blockquote class="block-node" id="wp01kwej7"><p class="text-node" id="hubql29h6" style="text-align: justify"><strong><em>According to an annual report for FY 2020–2021 by RBI, the volume of digital payments is at 453 crores in India.</em></strong></p></blockquote><p class="text-node" id="m4lotq2o5" style="text-align: justify">With increasing ideas and innovations, fintechs ensure more inclusion. With the growth in the industry, a wide range of products and services are set to enter the market to offer customized services. Products such as<a class="link" href="https://m2pfintech.com/blog/the-rise-of-digital-payments/"> digital payments</a>, digital credit, <a class="link" href="https://m2pfintech.com/blog/neo-banking-101-all-you-need-to-know/">neo banking</a>, <a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">API banking</a>, <a class="link" href="https://m2pfintech.com/blog/prepaid-cards-101-a-definitive-guide-for-growth-and-profitability/">prepaid cards,</a> etc., have established effective financial inclusion.</p><h2 class="heading-node" id="acff" style="text-align: justify">What challenges do we face?</h2><ul class="list-node" id="30k5oemaa"><li><p class="text-node" id="96zck9jqf" style="text-align: justify">The excluded sections, such as rural, poor areas, often don’t have access to a financial institution and often approach moneylenders.</p></li><li><p class="text-node" id="58hum947r" style="text-align: justify">A constant need to improve financial literacy as many rural people have less or no awareness of financial institutions.</p></li><li><p class="text-node" id="98lazl405" style="text-align: justify">Lack of formal identification documents is also a significant challenge when people reach out to a financial service. Poor sections lack access to financial services, as they lack various documents such as proof of identification, birth certificate, etc.,</p></li><li><p class="text-node" id="yrjqc729a" style="text-align: justify">Even though people&nbsp;have a financial account, most users still prefer cash. Lack of trust and reliability prevents a customer from accessing the available financial services.</p></li><li><p class="text-node" id="rh1sm45el" style="text-align: justify">Gender inequality to access financial services as women pay higher interest rates than men.</p></li><li><p class="text-node" id="fgpsfrtat" style="text-align: justify">Low-income levels indulge in a myth that financial institutions only offer services to high and middle-income groups.</p></li><li><p class="text-node" id="5mhodeup7" style="text-align: justify">Some people are uncomfortable due to language barriers, formal documents, and the formalities that we go through before a financial transaction occurs.</p></li></ul><h2 class="heading-node" id="e955" style="text-align: justify">Overcoming the Challenges</h2><p class="text-node" id="1v0ojcfyb" style="text-align: justify">To alleviate the challenges faced by consumers, there arose a need to innovate new and simplified products. New technologies, fintech innovations, and the digital finance revolution have now become the constant drivers of financial inclusion. There is a constant growth in the sections of digital finance over traditional finance methods.</p><blockquote class="block-node" id="zr04eywdz"><p class="text-node" id="6e42c3x7l" style="text-align: justify"><strong><em>Digital Financial Inclusion ensures that the excluded and unserved population has digital access to financial services.</em></strong></p></blockquote><p class="text-node" id="n8vi45r4k" style="text-align: justify">Digital services focus on affordability, customer satisfaction, and sustainability. New digital platforms run by the institutions now accommodate small levels of cash flow. These services allow the low sections to make transactions, thus preventing the use of informal services. </p><p class="text-node" id="g89bcoz7d" style="text-align: justify">Understanding the potential and risks such as operational risks, financial crime risks, etc., while improving digital services can contribute to the growth of digital financial inclusion. Similarly, technological innovations have increased financial inclusion. These innovations aim to regain customers’ trust, rectify geographic and accessibility issues to bring in new consumers. </p><p class="text-node" id="o23xwottx" style="text-align: justify">Information technology, smartphone-enabled services have reduced the need for physical banks. With technological development, we can develop a rural information infrastructure that provides financial services to the underserved. </p><p class="text-node" id="32degype3" style="text-align: justify">Fintechs have also played a significant developmental role in achieving greater financial inclusion. Fintechs acts as a catalyst for financial inclusion as it creates more opportunities for the unbanked population. The shift of digital transactions from traditional transactions has improved self-employment, rural entrepreneurs, small borrowers, mediums, and enterprises. </p><p class="text-node" id="ttouhymxt" style="text-align: justify">Lack of financial awareness, high cost of traditional services, and other policy gaps were significant challenges while achieving financial inclusion. Fintech startups play a critical role in overcoming these challenges in the economic landscape. </p><p class="text-node" id="3pfmp8udx" style="text-align: justify">The tremendous growth in fintech has shown a positive shift as a report shows that 99.5% of consumers are now aware that they can transfer money and make payments with fintech platforms.</p><h2 class="heading-node" id="b97f" style="text-align: justify">Fintech products driving inclusion</h2><p class="text-node" id="aajf8uqcj" style="text-align: justify"> New fintech products have helped consistently in driving the financial inclusion of the country. As discussed earlier, these products allow the work of financial services and offer a streamlined process. These fintech products applied to reality are the main drivers of financial inclusion.</p><h3 class="heading-node" id="e38e" style="text-align: justify">Embedded Credit</h3><p class="text-node" id="vooeeboiu" style="text-align: justify"><a class="link" href="https://m2pfintech.com/blog/beginners-guide-to-embedded-lending/">Embedded credit</a> focuses upon integrating ‘lending as a feature’ in digital platforms. Customers receive their credit with the involvement of a familiar interface and eradicate the need for a third-party site. </p><p class="text-node" id="ew2hze04q" style="text-align: justify">Micro, small and medium enterprises (MSMEs) face difficulty offering small credits, increasing demand here. </p><p class="text-node" id="xqdn32rol" style="text-align: justify">The B2B e-commerce marketplaces provide the ultimate <a class="link" href="https://m2pfintech.com/blog/factors-and-psychology-behind-the-great-bnpl-allure/">BNPL (Buy Now, Pay Later)</a> option for the retailers while they checkout. BNPL offers these MSMEs to purchase on credit and pay later. BNPL is one of the fast-growing payment options which also helps MSMEs to expand their business. The BNPL would account for 3% of the global e-commerce spend by 2023. Thus, this system provides a convenient platform for consumers to experience new market products.</p><h3 class="heading-node" id="f250" style="text-align: justify">Digital Payments</h3><p class="text-node" id="751a" style="text-align: justify"><a class="link" href="https://m2pfintech.com/blog/the-rise-of-digital-payments/">Digital payments</a> (also called electronic payments) are the method we transfer one point value from one account to another using a digital device. Digital payments are end-to-end digital transactions, and also, they don’t require the usage of physical cards, thus reducing costs.</p><p class="text-node" id="9d8f" style="text-align: justify">For example, the latest introduction of <a class="link" href="https://m2pfintech.com/blog/e-rupi-indias-digital-upgrade-for-the-underbanked/">e-RUPI</a> which is a digital payment solution created by the Government of India to allow cashless payments. e-RUPI is powered by the National Payments Corporation of India (NPCI), and the one-time payment mechanism is easy, highly secure, and entirely confidential. The distributions are also made easy, safe, and contactless.</p><h3 class="heading-node" id="7d7d" style="text-align: justify">Neobanking</h3><p class="text-node" id="fa39" style="text-align: justify">Neobanking is an innovative method of approach in which financial institutions offer services without physical presence. <a class="link" href="https://m2pfintech.com/blog/top-14-neo-banks-that-reinvent-banking-experience-in-india/">Neo banks in India</a> operate on a low-cost model with minimal to zero monthly fees on deposits and withdrawals, and rock-bottom balance requirements. These drivers bring consumers and businesses across income levels into the fintech fold, fostering financial inclusion. Neo banking is highly famous among the millennials and Gen Z as they no longer use outdated processes. Neo banks use Artificial intelligence and machine learning to create a customer-centric Banking experience, with the aim to reduce human dependence.&nbsp;Neo banks provide millennials and Gen Z their own customized product set, making the process fuss-free. Millennials and Gen Z prefer simplified and easy- manageable finances, thus proving neo banks are a blessing in disguise.<a class="link" href="https://m2pfintech.com/blog/7-steps-to-start-a-neo-bank-from-scratch/"> Curious to know how you can start a neo bank? Check out these 7 steps.&nbsp;</a></p><h3 class="heading-node" id="3aa0" style="text-align: justify">API Banking</h3><p class="text-node" id="a644" style="text-align: justify"><a class="link" href="https://m2pfintech.com/blog/api-the-power-that-drives-new-age-banking-ecosystems/">API Banking</a> provides better means to share data, helps in integrating systems, and makes services more personalized. In API banking, tailor-made products improve the overall customer experience.</p><p class="text-node" id="a0e8" style="text-align: justify">With the help of API banking, new fintech innovated products offer features and services aligned to provide flexible services. Innovations in API banking have reduced costs and now made it economical for the unbanked and underserved as they can now experience better products and services.</p><h3 class="heading-node" id="921d" style="text-align: justify">Open Banking</h3><p class="text-node" id="pcdgfchfq" style="text-align: justify">To offer better services, open banking offers third-party financial service providers access to financial data with the help of APIs. <a class="link" href="https://m2pfintech.com/blog/open-banking-a-primer-2/">Open banking</a> is highly prevalent in Europe. Open banks help achieve more financial inclusion as it allows small, medium businesses access particular tools and services that target the needs of their consumers. Innovations in open banking and the experimentation of products can foster higher financial inclusion in the long run.</p><h3 class="heading-node" id="9d8d" style="text-align: justify">Prepaid Cards</h3><p class="text-node" id="9bf1" style="text-align: justify"><a class="link" href="https://m2pfintech.com/blog/prepaid-cards-101-a-definitive-guide-for-growth-and-profitability/">Prepaid cards</a> help us process payments quickly as we have better cash flow management, easy reimbursements, and more security than cash or cheques. They are a super alternative to carrying cash around. They are available as gift cards, meal cards, and also as travel cards. Prepaid cards are a great way to control business expenses, improve efficiencies and generate revenue streams.&nbsp; However, the time, cost and effort involved in card issuance in-house are huge.</p><p class="text-node" id="00l7dyg1c" style="text-align: justify">The best way to manage card issuance is by <a class="link" href="https://m2pfintech.com/blog/why-should-apis-be-your-holy-grail-for-prepaid-card-issuance/">deploying the right APIs.</a></p><h3 class="heading-node" id="ee0a" style="text-align: justify">Mobile Wallets</h3><p class="text-node" id="caf1" style="text-align: justify"><a class="link" href="https://m2pfintech.com/blog/how-to-implement-the-best-prepaid-payment-instrument-ppi-for-your-business/">Mobile wallets</a> are famous and convenient due to their accessibility. Transactions are made easy as we can send, receive and store money easily with the help of our smartphones. In reality, right from a vegetable vendor to corporate and digital firms, every one of us can easily transact if we have a mobile wallet.</p><p class="text-node" id="55e7" style="text-align: justify">Mobile wallets ensure that every person can participate in a financial transaction with its cashless and contactless technologies. The whole process boosts the economy while achieving more financial inclusion.</p><p class="text-node" id="0de3" style="text-align: justify">The future ideas of the fintech industry will result in product innovations while improving existing ones, thereby offering more affordable and accessible services to both the unbanked and underbanked. Furthermore, the coupling of fintech and financial institutions will help eradicate financial illiteracy and promote financial inclusion. With the acceleration of fintech and its budding ideas, the future of financial inclusion is bright and holds many opportunities that come with new beginnings.</p><p class="text-node" id="m4rqw7i43" style="text-align: justify">Need more info on how fintech can help you? Write to us at <a class="link au mg" href="mailto:business@m2pfintech.com" target="_blank" rel="noopener ugc nofollow">business@m2pfintech.com</a>.</p><p class="text-node" id="hkoolzf98" style="text-align: justify"><a class="link" href="https://m2pfintech.com/newsletter/"><strong><em>Subscribe</em></strong></a><strong><em>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.</em></strong> </p><p class="text-node" id="v55sozo4s" style="text-align: justify"><strong><em>Follow us on&nbsp;</em></strong><a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/"><strong><em>LinkedIn</em></strong></a><strong><em>&nbsp;and&nbsp;</em></strong><a class="link" href="https://twitter.com/m2pfintech"><strong><em>Twitter</em></strong></a><strong><em>&nbsp;for insightful fintech tales curated for curious minds like you.</em></strong></p>

Fintech- A Catalyst for Financial Inclusion

Six Profitable BNPL Business Models to Unlock Infinite Value

<img src="https://m2p-website-file.s3.ap-south-1.amazonaws.com/m2p-website-file/marketing-cms/m2p-blog/2022/05/Artboard-1-copy-8-4.webp" alt="M2P Fintech" title="" width="100%" height="284"><p class="text-node" id="bggcildae"> This August, meet our very own AVP- Implementation Specialist, Jayanthi, who is skilled at balancing mom-work life. Jayanthi loves listening to fast-paced Tamil songs and is a secret lyricist. She also shares how she misses M2P’s filter coffee. Read on to know more about Jayanthi and how she brings her best every day.</p><h2 class="heading-node" id="eab4">What happens in your typical workday at M2P?</h2><p class="text-node" id="ad92">Being part of the implementation team, I will primarily plan the client requirements and sort out the production issues. Later, I work on resolving them on a priority basis and organize my work calls/emails.</p><p class="text-node" id="e315">I focus on programs assigned to me by monitoring clients’ processes, rectifying the queries, and completing procedures that ensure a smooth process. Before EOD, I ensure that all queries get resolved, and the client is updated on the progress.</p><h2 class="heading-node" id="7f7f">How do you balance mom-work life?</h2><p class="text-node" id="720a">It is tricky to manage both.</p><p class="text-node" id="fc82">My son is nearly two years old; he often comes into my room and sits on my lap, wondering whom I am talking to. As I am currently working from home, I am able to sneak off some time to play with my son or make him eat the veggies. Once, he tried to push off the laptop as I did not give him my attention. From then, I make sure I pay enough attention as soon as he enters the room with a warning by shouting “Yeyyy.”</p><h2 class="heading-node" id="011a">How would you describe your journey with M2P?</h2><p class="text-node" id="ddde">In M2P, I see every day as a new, fresh, and fun-filled day. The journey started five years back in a house, and now we have grown into office buildings.</p><p class="text-node" id="abe9">When I started working here, my focus would be client calls which I struggled in the initial days due to my communication gap. But I overcame the communication issues with my colleagues’ motivation and learned to communicate better with our clients. So now, I focus on rectifying the blocks and motivating myself to become the best of myself.</p><h2 class="heading-node" id="uehsit7hd">How does before and after pandemic work differ for you?</h2><p class="text-node" id="0656">Doing work from home has improved communication with my family. But I miss the interactions with my teammates; when seated at the office, to my back was Lekha’s desk, to my side Vasanth, and on the opposite, Prabhu will be there. Also, I miss M2P’s filter coffee that we used to have in the evening breaks.</p><p class="text-node" id="040f">Working from home requires balancing both home and office, so I usually schedule my work not to overlap. In WFH, even though it’s just the device surrounding us, it allows me to work more focused. As I’m a person who analyzes and operates more efficiently when I am alone, this pandemic has definitely improved my work style.</p><h2 class="heading-node" id="cc3d">Any favorite moments with M2P?</h2><p class="text-node" id="8a3a">Every day that I work with M2P is new and different, and there are boatloads of memories that I cherish every day. Once, we had a situation where two hundred cards had an error, and they were shuffled within the consignment of one lakh cards. The situation was a block as it was very challenging to find the cards. But I worked hard on it and retrieved the error cards out of the lot. Everyone appreciated my grit to find those 200 hundred error cards, and I was elated to receive the appreciation afterward.</p><p class="text-node" id="e4d4">Earlier, when we were a small team, every Friday we used to go for lunch in a restaurant — one of the moments which I will never forget.</p><h2 class="heading-node" id="a112">What is your post-pandemic plan?</h2><p class="text-node" id="lv6e95eu1">I have always wanted to travel around if I get the time. I would like to travel to different states like go for a tour of India. I like visiting lush green places like Kerala, Kodaikanal, so I wish to see these peaceful places. Post-pandemic, I am excited to go to the office and work and have M2P’s filter coffee back there with my colleagues.</p><h2 class="heading-node" id="c1f7">What do you do when you get some leisure time?</h2><p class="text-node" id="xpp4tyivt">I love listening to fast-paced songs and write poems about my mom whenever I find the time. I start my day by getting into the kitchen to make tea while listening and dancing to songs. I feel relaxed and fresh when listening to songs with my cup of positivi-tea. Then, I spend the rest of the available time with my family.</p><h2 class="heading-node" id="ab60">Anything that your colleagues don’t know about you?</h2><p class="text-node" id="mbjyk7qyu">I’m very affectionate to people around me and also a silent person at times. I always write poems, but most people don’t know that. I love to sing; when I was in school, I took part in music competitions where I write my lyrics with existing tunes. In 10th grade, I rewrote the ‘Edho oru paatu’ song to lyrics referring to my school memories and got first place in the competition.</p><h2 class="heading-node" id="481b">Anything else you want to share with M2P?</h2><p class="text-node" id="3e7e">I think that every one of us together here makes M2P a family, and I consider M2P to be my second home since I started my career here. I feel grateful for all my experiences and the knowledge I learned from everyone, as they have constantly motivated me throughout my career. M2P has helped me move forward to give out my best.</p><p class="text-node" id="hrhylbq85"><a class="link" href="https://m2pfintech.com/newsletter/"><strong><em>Subscribe</em></strong></a><strong><em>&nbsp;to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.</em></strong> </p><p class="text-node" id="i3p6i5ts7"><strong><em>Follow us on&nbsp;</em></strong><a class="link" href="https://www.linkedin.com/company/m2pfintech/mycompany/"><strong><em>LinkedIn</em></strong></a><strong><em>&nbsp;and&nbsp;</em></strong><a class="link" href="https://twitter.com/m2pfintech"><strong><em>Twitter</em></strong></a><strong><em>&nbsp;for insightful fintech tales curated for curious minds like you.</em></strong></p>