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 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. The fintech claims with its simple user interface, teenagers and parents can complete their onboarding 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. There is an option to order NFC-enabled physical prepaid card for offline transactions on the payment of a one-time subscription fees.
Fyp's India’s first Holographic Card for Teenagers 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, Founder and CEO of Fyp, said, “The idea behind the development of Fyp is to bridge the financial literacy gap among teenagers. Our aim is to make this concept as a part of the school curriculum.”
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. 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.”
Anita Pai, COO, Yes Bank, said, “Yes Bank has collaborated with Fyp to create a platform that offers the convenience of digital banking for all practical needs. The 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.
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.
Pockket Payment Technologies which owns Fyp brand is the brainchild of ex-ITC Employee - Kapil Banwari. The fintech venture is working towards the creation of innovative payments solutions and NEO Banking products, specifically catering the teenager segment. The company was founded in January 2021 and is based out of Gurgaon.
