Fyp, a Gurgaon-based fintech startup recently launched a unique payments app accompanying with a prepaid card for teenagers, in partnership with Yes Bank and Visa.
According to Fyp, the purpose behind building this app is to encourage teenagers to learn financial management and concepts at an early age that will give them exposure to digital payments and banking. It comes with a simple user interface, teenagers and parents can finish their onboarding journey within 60 seconds with the help of Aadhaar cards for KYC. Both children and parents get Fyp virtual prepaid cards to do all online transactions. Moreover, there is a choice to order an NFC-enabled physical prepaid card for offline transactions on the payment of one-time subscription fees.
Fyp is making heads turn with India’s first Holographic Card for Teenagers, designed especially for teenagers with added security. It is a secured numberless card that comes with a one-tap block feature on the Fyp app, in case the card gets misplaced, making it a more secure and safe product for teenagers.
Kapil Banwari, the Founder and CEO of Fyp, said, “The idea behind the development of Fyp is to bridge the financial literacy gap among teenagers. Often people struggle to manage personal finances when they start with their job, considering lack of awareness of banking system and financial instruments. We at Fyp are focused towards growing financially responsible kids by giving them 360- degree exposure of financial management concept from an early stage. Our aim is to make this concept as a part of the school curriculum. We have witnessed a phenomenal engagement of 100K+ users on the app within 10 days of launch especially from Tier 2 and Tier 3 cities.”
Arvind Ronta, Head – Products, India and South Asia, Visa said, “Fintechs in India are innovating for the new-age customer, more niche segments and different use cases. We are pleased to partner with Fyp to power one such innovation – India’s first Holographic card. With its unique, numberless card face and holographic patterns, youngsters can make secure card payments in style. The easy onboarding and app interface also gives them quick access to a virtual prepaid Visa card without having to wait for the physical card to reach them.”
Commenting on the development, Anita Pai, COO, YES BANK, said, “In its endeavor to make banking easy and accessible for all, including teenagers, YES BANK has collaborated with Fyp to create a platform that offers the convenience of digital banking for all practical needs. YES BANK’s API-backed phone wallets would allow customers to transact quickly and securely. Designed particularly for the convenience of students, the reloadable cards will give them access to a spectrum of digital services – allowing them to shop online, thereby minimizing the need to physically handle cash.”
Fyp app includes unique gamification features where parents can help their children to learn money management concepts. One of the most interesting features of the app is “Missions” where parents can assign tasks & daily chores to their kids to help them build good financial habits in children and make them learn the value of money.
Cashless transactions have gained more footage in India over the past few years, and the recent pandemic has accelerated this growth. According to Compound Annual Growth Rate (CAGR), the share of real-time payments volume in overall electronic transactions will exceed 50 per cent in India by 2024.