Fintech startup Fyp on Monday said it has launched a unique payments application along with a prepaid card for teenagers, in association with YES Bank and Visa.
In a statement, the firm said that the aim behind building the app is to help teenagers learn financial management and concepts at an early age. It added that this will give teenagers exposure to digital payments and banking.
Teenagers can complete the onboarding process within 60 seconds with the help of Aadhaar card for KYC.
Fyp app has unique gamification features where parents can help their children learn money management concepts. Using the "Missions" feature, parents can assign tasks and daily chores to their kids to help them build good financial habits, the statement said. Both children and parents get Fyp virtual prepaid card to perform online transactions.
There is also an option to order an NFC-enabled physical prepaid card for offline transactions on payment of one-time subscription fees.
The Gurgaon-based firm has also come up with India's first holographic card for teenagers. It is a secured numberless card that comes with a one-tap block feature on Fyp app.
Commenting on the launch, Kapil Banwari, founder and CEO of Fyp, said, "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, "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."
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