Gurgaon-based fintech startup Fyp recently launched a unique payments app along with a prepaid card for teenagers, in association with Yes Bank and Visa. The company is targeting teenagers as their core userbase.
The aim behind building this app is to help teenagers learn financial management and concepts at an early age that will give them exposure to digital payments and banking. With its simple user interface, teenagers and parents can complete their onboarding journey within 60 seconds with the help of Aadhaar cards for KYC.
There are built-in safety features like both children and parents get Fyp virtual prepaid card to do all online transactions. There is an option to order an NFC-enabled physical prepaid card for offline transactions on the payment of a one-time subscription fee. The card is secured numberless 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 the lack of awareness of the banking system and financial instruments. We at Fyp are focused on growing financially responsible kids by giving them 360- degree exposure to financial management concepts from an early stage. Our aim is to make this concept 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 endeavour 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.”