NiyoX – a 2-in-1 wealth plus savings account by digital banking fintech - Niyo, has launched ‘Invest the Change’ which allows users to convert their spare change into investments.
It aims to inculcate a habit of saving and investing among the Indian millennials by making it simple and fun. Users can spend as they do currently while Niyo makes it easy to use spend behaviour for promoting investments, it said in a press release.
NiyoX’s feature ‘Invest the Change’ allows users to round up all their spends (food order, cab fares, subscriptions, fund transfers etc.) made with NiyoX to the next 10, 50, or 100 and invest the spare change into a mutual fund of their choice.
All debits from the account count as spends - these include transactions made in-person at a store, online, via UPI, or even via fund transfers. The spare change that gets collected each time a user spends, keeps accumulating and when it crosses Rs100, it gets auto-invested in a pre-selected mutual fund of user’s choice
The Invest the Change (ITC) feature is designed to jumpstart and promote regular saving and investing for the new and small investors who are yet to build the habit or do not feel ready to make larger investments on a regular basis. Users who have been actively making regular investments for a long time believe that ‘Invest The Change’ is a great way to maximize their savings.
Vinay Bagri, Co-founder & CEO, Niyo said, “We understand that many millennials procrastinate investments because of time and effort needed to get going and hence have designed the product for those who love spending but often forget to save."
Ankur Choudary, VP Product at Niyo Money said, “We designed the product in such a way that any NiyoX customer opting for ITC can spend guilt-free as with every spend they would be setting aside their spare change for investments. There are no commitments whatsoever and customers can withdraw their saved money any time they want while enjoying returns higher than their savings account.”
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