Indian prepaid card providers are targeting teens through gamified learning

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In recent years prepaid card penetration has increased significantly in India. With rapid digital transformation in payment methods, Indian prepaid card providers are also investing in new product developments to widen their target market and expand market shares. Additionally, Indian fintech firms are injecting financial literacy among consumers through the introduction of customized prepaid cards.

In March 2022, Tijoree launched a prepaid card targeting Indian teenagers. Since this demographic segment has less financial awareness and insights regarding the management of finances, this product which lies at the intersection of fintech and ed-tech, seeks to empower this mobile-first generation.

Tijoree’s solution has features that offer the user information regarding how much money to save every month, allocation of resources between necessity and luxury, utilization of rewards, and loyalty points, to name a few. Apart from this, the prepaid card can be used in physical stores (contactless and numberless) and can also be linked with a digital wallet on the app for online transactions.

Notably, the fintech intends to create awareness among this demographic segment about investing in the financial markets. For this, Tijoree provides a stock market simulator for the users. This would help the user to trade in virtual stocks, mutual funds, and cryptocurrencies. The fintech introduced a new concept of “leagues” where the user will be able to compete against his friends on the simulator. Tijoree, also provided a set of financial study modules for the same. Importantly, the simulator and learning platform can be accessed by the user through the app.

Another fintech that introduced a prepaid debit card keeping these teenagers in mind is Pencilton. In January 2022, Pencilton launched PencilCard, a RuPay debit card. It is brought into the market in partnership with Transcorp and thus, will work as a National Common Mobility Card.

PencilCard will enable the young generation to start with online & offline payments to the metro card and bus card - an all-in-one card. From retail shopping, offline, online shopping, and also travels payments for tolls and parking which may come in the future, can be easily be completed through the card. Notably, this card has already started functioning as a metro card in Delhi and as a bus card in Goa. One can even store seasonal tickets & monthly passes on the card.

Moreover, through the Pencilton app, the users can load money, block/unblock cards, set limits, set savings targets, access to saving in a ‘digital piggy bank,’ and thereby activate the card. Interestingly, the app provides gamified learning involving pocket money through interaction among the users. Also, the fintech designed quizzes and exercises at various levels pushing the youngsters to earn PencilPoints together with learning about money.

To know more and gain a deeper understanding of the prepaid card market in India, click here.