YPAY has recently issued a smartcard that helps students adopt and conveniently manage digital payment for purchases like books, stationaries, school fees and canteen etc. The young fintech company is supporting children and young teenagers in becoming financially literate and learning to budget.
In an interaction with Dr Navneet Gupta, Founder of YPAY, MyBigPlunge discusses the smartcard and how it can instill money smartness in children:
What is the YPAY Smart Card? How does it work?
YPay is a young fintech start-up that provides a digital payment platform that assists teenagers with budgeting. It has an infinite number of uses and allows children to make digital payments. It also comes with an app that allows parents to keep track of their children’s progress while they learn about money management in a safe and supervised environment. The technique for using the card is really simple. On the YPay app, parents can create an account and complete the KYC. Customers can then begin topping up their cards and trading with them.
How is it different from its competitors?
The placement of our brand is the most important thing that sets us apart from the competition. Other firms are focusing on urban youth, whereas we are focusing on smaller areas and helping everyone have access to digital money. YPay is India’s first digital payment system for youth, with the goal of reaching as many people as possible.
What powers the smart card? Is blockchain technology involved?
We are not currently utilising blockchain technology since existing solutions do not necessitate its use. However, as the business evolves, it may be used for data facilitation and payments in the future. Without a question, the potential is enormous.
How can it instill money or financial friendliness in teenagers?
Through its smart card, YPay assists teenagers in budgeting. The young fintech company is supporting children and young teenagers in becoming financially literate and learning to budget. Parents who have completed KYC can quickly top up the card, set spending limits, and track card activity through the app.
Will parents be able to instill the value of money or proper usage of money through this smart card?
Parents can establish a limit on their children’s weekly or monthly pocket money, allowing them to spend it as they see fit. This teaches a child how to manage money. It will assist kids in financial planning from a young age and guide them in proper money management. If the parents do not set a spending limit for their children, they may not understand the value of money. Furthermore, because the cards are limitless, parents do not have to be concerned about theft or loss.
How can teenagers use this?
The parents need to do nothing other than register an account on the YPay mobile app and complete their KYC. The reason behind this is that KYC can only be completed by people who are at least 18 years old. Once approved, the card can be ordered instantly from the app and topped up by the parents. The card can then be used like any other debit card by the child. Kids no longer need to take cash around with them, reducing the risk of losing money. Parental supervision is critical not only for parents to be aware of their children’s spending, but also for youngsters to learn how they could have managed their finances better.
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What is YPAY’s outlook till 2025 in the Indian market?
For the future, we aim to help teenagers to become financially literate. With our products and services, we aim to make the process of digitization easier for everyone. Not only this, we plan to include the teenagers as well in this process which will make youngsters associate even more with us.
The YPAY android application has already seen over 50K downloads on Google Playstore. The brand has tie-up with RuPay, and Yes Bank to facilitate cards. The startup aims to have over 100K users within the next two months. It already has 300+ brand partners on board and expects to take this number up to 500 by the end of the fiscal 2021.
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