Introduction
The Indian payment industry has witnessed a seismic shift in recent years, driven by technological advancements, a surge in digital adoption, and evolving consumer needs. At the forefront of this transformation is Mswipe, a pioneer in providing payment solutions tailored to the diverse needs of businesses across the country. In an engaging conversation with Indian Startup Times, Nayantara Bhargava, Chief Business Officer of Mswipe, shared her journey, insights into the payment landscape, and how Mswipe is carving its path toward innovation and inclusivity.
Career Journey and Professional Achievements
Reflecting on her career trajectory, Nayantara described her initial roles at Kotak, where she laid a strong foundation in finance, followed by her stint at CASHe. At CASHe, her innovative offerings, such as job loss insurance, played a pivotal role in achieving profitability, showcasing her ability to merge creativity with strategy. Moving to Mswipe, Nayantara successfully overhauled customer acquisition strategies, significantly reducing costs while driving higher revenue.
At Mswipe, she leverages her extensive experience to lead the company in addressing the dynamic needs of a rapidly evolving market. “The payment industry is not just about transactions; it’s about building trust, ensuring security, and creating an ecosystem that fosters growth for our clients,” she explained.
Trends in Payment Solutions
Nayantara shared insights into the evolving trends that Mswipe is focusing on, including the rise of UPI (Unified Payments Interface) and soundboxes for retail and B2B transactions. With plans to deploy one million soundboxes in the next three years, Mswipe is capitalizing on these advancements to maintain its competitive edge.
“The shift is evident, with approximately 10% of the market share in retail POS, and with continuous evolution in the space to meet customer convenience, we are positioning ourselves to meet these demands through innovative solutions,” Nayantara emphasized.
Competitive Strategies and Technological Investments
Mswipe’s strategy for staying ahead revolves around investing in in-house technology and prioritizing customer retention. Nayantara highlighted the importance of proprietary devices and robust post-sales support. “What sets us apart is our ability to offer payment as a service as one single stack from hardwear to switch, a model that leverages our well-developed platforms,” she noted.
Mswipe has built a terminal telemetry platform for remote diagnostics of device network performance. This is beneficial especially in the rural areas as you can pre-empt network issues by giving the right network partner. Mswipe offers multiple customer support channels, including WhatsApp bots and toll-free numbers to enhance accessibility and engagement. Additionally, it has over 600 field personnel across the country including in the smallest towns and villages of India to bridge the gap in case of any support thats needed.
Balancing Work and Life
Beyond her professional commitments, Nayantara is a firm believer in maintaining a balanced life. “Physical exercise is my anchor. It keeps me energized and focused. I also set strict boundaries for work, ensuring I switch off by 9 PM to recharge for the next day,” she shared.
Her disciplined routine, shaped by her upbringing and diverse interests, has been instrumental in her ability to juggle the demands of her role while maintaining personal well-being.
Innovations in Fraud Prevention and Customer Engagement
Mswipe’s emphasis on security is evident through its AI based Fraud Risk Management (FRM) system, which has achieved a record of not losing any chargebacks in the past four years by detecting and managing fraud before settlement. Nayantara also underscored the importance of customer feedback, citing examples where suggestions have led to product improvements, such as localizing sound files and assigning dedicated relationship managers.
Overcoming Challenges and Looking Ahead
Discussing the challenges she faced, Nayantara spoke candidly about adapting to the payments sector and the importance of unlearning outdated practices to embrace innovation. She believes that as a leader, embodying the culture she wishes to instill is key to inspiring her team.
Looking ahead, Mswipe is committed to reaching one million satisfied customers and expanding its geographical footprint, especially in underserved regions. “Our focus is on creating impactful partnerships with banks and other fintechs for leveraging technology to empower businesses,” she remarked.
Personal Insights and Aspirations
On a lighter note, Nayantara revealed her love for animals, mentioning her dog Simba and her previous pet guinea pig. Her passion for growth extends beyond professional aspirations, as she envisions stepping into broader leadership roles in the future.
Conclusion
As Mswipe continues to redefine the payment ecosystem, Nayantara Bhargava’s leadership and vision are pivotal to the company’s success. With a focus on innovation, inclusivity, and customer-centricity, Mswipe is well on its way to becoming a leader in digital payments, both in India and beyond.
For Nayantara, the journey is as important as the destination, and her dedication to driving growth while maintaining a personal touch makes her a role model in the industry.
