Top 7 Best Neobank App for Teenagers in India 2022, Free Debit Card for Students, Neo bank for students, neo bank list in india, Best neo bank in India, what is a neobank, What is the meaning of neobank?, Which are the neobanks in India?, neobank meaning, Neo banks apps for students / Teenagers: Akudo App, Y Pay App, FamPay App, OmniCard App, Streak App, Muvin App, Junio App.
The term neobanking relates to new-age banking, or how the industry’s future is shaping up. To put it another way, Neobanking is a digital banking experience in which the bank’s entire service offering is virtual, including customer onboarding to the most basic banking services.
What is a Neobank?
A neobank is a virtual bank that works purely digitally. Neobanks offer a slew of advantages, with the client experience taking centre stage. It’s no secret that you, me, and everybody fear going to the bank, whether it’s for a major or small transaction.
While modern banks have come a long way in terms of giving a positive customer experience, there will still be gaps, particularly in corporate banking.
This takes us to today’s article: India’s top and future neobanks app for teenagers / Debit card for teens. Handpicked for 2022!
Akudo App – Payments for Teenagers
The country’s first learning-focused neobank for teenagers is Akudo, which means “Peaceful Wealth.” The neobanking app caters to the young audience and is now on a mission to provide financial independence to teenagers.
Teenagers may acquire a personalised prepaid card to use anywhere, all while being supervised by their parents. The neobank allows parents to keep track of their children’s spending to avoid overspending.
Furthermore, the website encourages youngsters to develop a saving habit by providing attractive rewards in a gamified environment.
Downloads: More than 5 lakh downloads
Rating: 4.0 star
Ratings: More than 2 thousand ratings.
Features of Akudo App
- Teenagers can get a customized VISA prepaid debit card (Shop offline anywhere & online on Amazon, Nykaa, Swiggy & many more).
- If you share your personal connection with others, they can pay you money.
- Make a list of jobs and chores for your child to complete, and then reward them for completing them.
- Send money to your friends with a single tap; use UPI to pay for things in stores.
- A dedicated Savings option which allows you to put money aside for the items you’ve always desired.
Pros and Cons of Akudo App
- Earn rewards & cashback
- Organize your child’s expenses in a more efficient manner.
- With KYC, you and your child can be onboarded in just 2 minutes.
- Sometimes it creates problems in adding money in akudo account. It shows a failed transaction.
Y pay App
The YPay Card is a game-changing new way to manage your money. All of these issues can be solved by using the YPay smart card.
It provides safety, stability, plus financial freedom to children in a controlled manner, as desired by the parents and the institute. Bringing Generations Together.
Downloads: More than 1 lakh downloads.
Rating: 3.4 star
Ratings: More than 2 lakh reviews
Features of Y Pay App
- You can transfer money to your child at any time and from any location.
- By sending the desired amount through their YPay account, parents should set limitations and regulate their child’s expenses.
- By tracking your child’s expenses, you can experience true transparency and also manage the funds.
- Through actual experience, parents could assist their children in becoming independently wealthy.
Pros and cons of Y Pay App
- RuPay can be used in any location that accepts it.
- Physical documents are not required.
- All of the advantages of a debit card, but without the inconvenience of opening a bank account.
- There is a customer support issue.
FamPay App – Card Payments for Teens
FamPay is the first neobanking app for teenagers in the country. Teens under the supervision of their parents can use this neobank to make payments. FamCard is a safe, countless card co-branded with IDFC First Bank.
FamPay facilitates payments along a variety of sites, including Amazon, Netflix, Zomato, Swiggy, and others. FamPay’s aim is to empower teens to begin financial independence at a young age and to help them to make good financial & financial choices. Presently, the neobank has over 2 million users.
FamPay Downloads: More than 10 lakh downloads.
FamPay Rating: 4.2 star
FamPay Reviews: More than 1 lakh reviews.
Features of FamPay App
- Parents can deposit money into a prepaid account for their children.
- Control payment limitations and keep track of your child’s spending.
- Make a free account with no obligations.
- An account with a service that is completely free.
- Through hands-on experience plus gamified challenges within the app.
Pros and Cons of FamPay App
- For parents, the most convenient payment app.
- FamPay is the safest app for teens to use to make payments, so it adheres to strict criteria, which is why you or your child must both complete KYC verification before you can use the service fully.
- For its users, FamPay offers the highest level of security.
- There are no UPI options.
OmniCard App – Cool Card for Young
OmniCard is a new-age payment network for young people that aspires to improve their lives by empowering them. It provides the most lucrative, secure, yet simple method of payment.
The Reserve Bank of India has granted OmniCard a licence, making it India’s first Omnichannel payment platform.
OmniCard features a cutting-edge mobile app as well as card durability. The OmniCard, which is powered by RuPay, allows young people to pay ethically and intelligently. It features creative card designs and long-lasting payment experience.
Downloads: More than 1 lakh downloads.
Rating: 4.5 star
Reviews: More than 2 thousand reviews.
Features of OmniCard App
- From your OmniCard app, you can complete your KYC and onboarding completely digitally.
- With each transaction, keep records of your money and keep an account of it.
- Create a monthly spending limit.
- To take advantage of unique brand discounts and benefits, earn and redeem from OMNIs.
Pros and Cons of OmniCard App
- Discover a fresh new look featuring improved navigation as well as a sleeker interface.
- Save money while shopping with incredible deals and get the most out of your money.
- OmniCard provides a safe, secure, and trustworthy payment method.
- Sometimes you will face problems in payment transactions.
Streak App Review
Streak is a cutting-edge digital banking platform built for the future. Streak is designed to teach every teen about money. Streak assists teenagers aged 11 to 18 in obtaining their own unique pre-paid card and learning how to effectively spend and manage their money.
Teens and parents who use the Streak app have their own personalised interfaces that are designed to meet their needs. Teens may use Streak to transact, save, earn, and be rewarded as their parents could monitor their financial behaviour.
Downloads: More than 1 thousand downloads.
Reviews: Rated for 3 stars.
Features of Streak App
- Teens could earn Streak Coins by transacting using their Streak card. They can use Streak Coins to get great prizes.
- Streak allows your kid to save money for their goals while also keeping track of their accomplishments.
- Earning allowance is becoming more appealing. Assign responsibilities to your teen’s pocket money. Make running errands enjoyable and rewarding.
- Give your teen a personalised card as well as a customised, transparent, but safe banking experience.
Pros and Cons of Streak App
- Receive transaction insights in real time.
- Keep track of your income and expenses.
- Organize and manage your tasks. Teach your children the importance of earning money.
- Sometimes it lags and it could be a little faster.
Muvin App Review
Muvin is a digital bank aimed at young people. While the Fintech industry in India has swiftly transformed payment methods for the adult population, our youth have been left behind!
A high percentage of Bharat’s young people still use cash for transactions and save in piggy banks. This is something that muvin wants to improve.
Providing clever kids with the smarter solutions they require. Muvin would assist young people in becoming familiar with banking and finance from an early age. We propose muvin’s smart bank for the young, with easy-to-use scholastic experiences!
Downloads: More than 50 thousand downloads
Rating: 4.5 star
Reviews: More than 293 reviews.
Features of Muvin App
- Get a personalised muvinCard to be used for online and offline transactions.
- As you use the muvin app, begin to study and enhance your financial knowledge.
- To assist your youngster understand budgeting, set transaction restrictions.
- Simple and easy sign-up process.
Pros and Cons of Muvin App
- At your fingertips, you can block or change the pin on your muvinCard.
- With the help of the best pocket money app, your child may learn about banking and finance from a young ages.
- Get a personalised muvinCard to use for online and offline transactions.
- Sometimes it happens when you add a wallet to the parent id it shows the wrong identity.
Junio App – Children’s Pocket Money App
Junio is your child’s own smart card that can be used to pay for both offline and online purchases. Your child will learn how to earn, spend, and save with Junio card as you keep a watch on their actions.
It’s easy to order, but there’s no need to go through a full KYC process for the physical card. The Junio card could be promptly topped up and therefore is ready for use by your child.
Downloads: More than 5 lakh downloads.
Reviews: More than 6 thousand reviews
Features of Junio App
- When the card is used, you’ll receive real-time alerts.
- Purchase online, in-store, and anywhere else that accepts Mastercard.
- You can deposit funds into your child’s account at any time and from any location.
Pros and Cons of Junio App
- Order a Junio card and send money right away.
- Automate the transfer of credits into the card at predetermined times.
- Receive notifications about your child’s spending.
- Customer service is note good.
The best prepaid card for kids teaches your child responsible money management while also allowing you to monitor their expenditures to see if they’re on track. Prepaid cards can help children save money, but they are not a substitute for a savings account. To determine the best banking solution for your family, evaluate kids’ savings accounts and prepaid debit cards.
So, In this article we learnt about Neo banks apps for students / Teenagers: Akudo App, Y Pay App, FamPay App, OmniCard App, Streak App, Muvin App, Junio App. Also Top 7 Best Neobank App for Teenagers in India 2022, Free Debit Card for Students, Neo bank for students, neo bank list in india, Best neo bank in India, what is a neobank, What is the meaning of neobank?, Which are the neobanks in India?,