Money & Banking

Now, a pocket money app to help in parenting financially-responsible kids

Our Bureau New Delhi | Updated on September 20, 2021

Fintech start-up Fyp launches payments app along with India’s first holographic card for teenagers

You as a parent can now help your children learn financial management concepts at an early age that will give them exposure to digital payments and banking. Gurgaon-based fintech start-up Fyp has launched a unique payments app along with a prepaid card for teenagers, in association with YES Bank and Visa.

The prepaid card is India’s first Holographic card designed especially for teenagers with added security. It is a secured numberless card that comes with one tap block feature on the Fyp app, in case the card gets misplaced, making it a more safe product for teenagers.

‘Missions’ feature

Fyp app Include unique gamification features where parents can help their children learn money management concepts. One of the most interesting features of the app is “Missions” where parents can assign tasks and daily chores to their kids to help them build good financial habits and children and make them loan value of money.

Kapil Banwari, 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 focus towards growing financially responsible kids by giving them 360° exposure of financial management concept from an early stage. Our aim is to make this concept as part of the school curriculum. We have witnessed a phenomenal engagement of hundred K plus users on the app within 10 days of the 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.”

NFC-enabled card

With simple user interface, teenagers and parents can complete their on boarding journey within 60 seconds with the help of Aadhaar cards for KYC. Both children and parents get Fyp virtual prepaid card to do all online transactions. Moreover, there is an option to order NFC-enabled physical prepaid card for offline transactions on the payment of a one-time subscription fee.

Published on September 20, 2021

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