With over half a billion internet subscribers, India is one of the largest and fastest-growing markets for digital consumers. As digital capabilities improve and connectivity becomes omnipresent, technology is poised to quickly and radically change nearly every sector of India’s economy. That is likely to create significant economic value and change the nature of work for tens of millions of Indians.
During the covid times, many teens have endured and adapted despite the challenges faced by families. And while some adults may repeat the refrain of this being a “lost year,” teens tell us how they’ve risen to challenges during a period that has them spending more time with family and less with friends and teachers.
Learning outside of traditional classrooms and spending so much time isolated led many teens to gain more self-awareness. They have learned about how to manage their money, financial responsibilities etc. Pocket money is firmly implanted in our memories as the first taste of financial independence and responsibility for many of us. It is, thus, our first glance of what it feels like to be independent “Individuals” in the world, making decisions of our consensus, yet reflecting to make sure that those conclusions are following the truths of the external world.
35% of teens learned about money and finances from social media and 34% from websites and online articles. According to a survey, watching content is what 66% of teenagers do most on social outlets, and social media encourages 90% of their financial decisions.
The Covid-19 pandemic has changed the shape of the payment ecosystem, with digital payment becoming the most sought after model among the youth. Teens prefer online payment to other modes due to ease in making payments, rewards and payment incentives offered by various portals such as UPI.
According to the survey, 84% of Indian teens running towards online shopping, food, clothes, and gadgets are the top things that are being purchased.
With teens or “digital natives” setting the approach for digital payments, financial organisations are eyeing new opportunities to develop products and services for the youth.
Fyp has come up to appeal to young India, and offer digital wallet and prepaid card, allowing teens to do online transactions without setting up bank accounts or asking parents for OTPs.
UPI – Unified Payments Interface
UPI’s full form is Unified Payments Interface. The first big step India took to achieve a cashless economy was the introduction of the Unified Payment Interface. With the help of this feature, your phone can be used as a virtual debit card. You can also send and receive money with the help of UPI.
What is UPI Transaction?
UPI is a payment system that allows its customers to link more than one bank account in a single phone app and make fund transfers without providing an IFSC code or account number.
UPI – Benefits to the Ecosystem customers
Benefits of UPI:
- There is a universal application for one transaction
- Unique Identifier
- This is a single click Two Factor authentication
- It is more secure and safer
- It enables easy transactions
- Payment basis Single
Is there UPI in Fyp?
Fyp is a digital bank for teens, empowering them with financial literacy and ease of secured financial transactions. So, the question arises that is there UPI in Fyp? Well, UPI is coming to Fyp very soon.
With Fyp, teens can learn budgeting, saving, and making wiser expenditure decisions. In addition, the Fyp card allows teens to shop offline with a swipe, pay online and transfer or ask for money easily. So, no more worrying about asking or lending out cash for everything or financial safety.
Even though UPI is not present currently on Fyp but it is coming super soon, meanwhile you can pay easily using virtual debit card for online transactions and physical debit card for offline transactions. Fyp not only empowers teenagers of India to progress towards “Digital Payments”, it also educates them about the financial world with blogs and videos that are present in Fyp app.
Apart from this, the app gives teenagers financial control and help them to track their expenses. With this tracking, teenagers can understand that where they are overspending and where they need to save.
Teenagers can save a good chunk of their pocket money by shopping through Fyp. Fyp offers amazing cashbacks and rewards on every transaction.
There is no charge to use Fyp, which means that the registration is free, and you don’t need to spend any money on it. You have to do your KYC before entering into the app. However, one will have to pay(one time) the only cost to buy the physical debit card. If you want to spend money from the Fyp UPI app or debit card, you will have to transfer your money to the app first. However, the app does not charge any service fee from its customers.
What are the benefits of Fyp?
- Budget your finances.
- Personalized Cashbacks on the basis of your preferences.
- Have your personalized debit card.
- Fyp app also has blogs and short informative videos so that teenagers can read to improve their knowledge.
- Teenagers can spend on OTT, recharges, food, online shopping, travel and much more with Fyp payment app and debit card.
We know that you all are curious to know “When UPI is coming on Fyp”. The team at Fyp is working super hard to bring UPI payments in the app. Until then, enjoy the effortless and quick payments from your virtual debit card as well as flex the cool Fyp card for offline payments. All you need to do is download the Fyp app from Play Store/App store and register yourself on the Fyp app. Once you enter your details, you will have your account. You can then start spending money on things you need. You can also buy Fyp debit card through the app by paying a small fee.