Fintech Startup FYP has launched a shared payment application with prepaid cards for teenagers in relationships with banks and visas.
The purpose behind this application is to help adolescents study financial management and concepts at an early age and give them exposure to digital and banking payments.
Users can do KYC with aadhaar cards both children and parents get a virtual FYP prepaid card to make online transactions.
There is an option to order a physical prepaid card that supports NFC for offline transactions on one-time subscription fee payment.
FYP is a holographic card.
This is a card without a guaranteed number equipped with a block one feature tap on the FYP application.
The FYP application is said to include gamification features where parents can help their children to learn the concept of money management.
Kapil Banwari, Founder and CEO, FYP, said, “The idea behind the development of FYP is to bridge the financial literacy gap among adolescents.
Often people struggle to manage personal finance when they start with their work, given the lack of awareness of the banking system and financial instruments .
We are in FYP focused on the growth of children who are financially responsible by giving them exposure to concepts of financial management 360 degrees from the beginning.
our goal is to make this concept as part of the school curriculum.
We have witnessed the involvement of phenomenal users 100k + on application Within 10 days launches mainly from Tier 2 and Tier 3 cities.
“