Amid the Corona epidemic lockdown, Ankit instilled the habit of initiating online transactions in children through the June app. It was an app where kids could spend online, but the power to pay was with the parents. For each transaction, the matrix itself had to enter the OTP. News18 spoke with Ankit Gaira, co-founder of the Junio app. Here are selected excerpts from his conversation.
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Question: How did the founders come up with a unique concept like a smart card for children’s pocket money?
answer : Children initiated many transactions online, but the power of payment was held by the parents. Children did not have a dedicated means of making payments and parents did not have the necessary tools to pay money to their children without tension while monitoring them for digital transactions. All these things helped us to arrive at such a concept.
Question: How does it work?
answer : In simple words, June is a way for parents to give their children pocket money digitally. For children, there are many payment tools such as cards, UPI, QR code scanner, etc., which can be used both online and offline. Parents can apply for the card on the June app by paying a subscription fee of Rs 99. The Junio card is similar to a debit card and works in a similar way, but without the hassle of opening a bank account. It can be recharged by parents.
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Question: How has the path been since this idea was coined until launching it now?
answer : June as an idea was conceived in October 2020. We launched it a few months later, in March (2021). We understood that such a concept was always needed in the form of June. Meanwhile, the change in Kovid’s behavior further increased this demand. We believe that in addition to e-learning and games, the idea of becoming the owner of their own payments and transactions will come to the child’s mind in the future.
Question: How can financial education be instilled in children through fintechs like June?
answer : Our platform focuses on the basics of financial education, earning and managing money. Parents can assign chores to kids on the app and pay kids some money upon completion. June’s app also teaches children the basics of money by promoting interactive activities so they understand how difficult it is to earn. It is important that children are taught good financial behavior a little earlier.
Question: What are the challenges and opportunities faced in the last year?
answer : Digital has expanded significantly during the pandemic and has become the most common mode of transaction. Just as demonetization pushed people into large-scale digital payments, the pandemic has fueled education technology, online shopping, and even large-scale transactions. Generation Z, which has always been very digitally inclined, has become more digital in the last 12 months.
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Question: What could be the future of fintech for children?
answer : The future of fintech for children is promising. In the initial stage, when children learn to plan their finances as well as other simple and essential banking tasks, it gives them a good start and prepares them for the future. On the business side, fintech makes an important promise to children by attracting more and more digitally aware kids. It’s like a greenfield right now. In addition, it has more interest from investors and the additional funding provides more help for product development, distribution, marketing, etc.
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Question: What did you learn from Paytm?
answer : At Paytm, we realized that there is great power in collaboration. We work with over 100 brands on consumer promotions in the form of Paytm cash redemption. It’s a win for all, not a zero sum game. One of the biggest perks of being a part of the Paytm journey is that we’ve seen a massive one up close. Unless one is part of this journey, one cannot even imagine the scale. We have seen developments and we have seen how a brand name, such as Paytm or Google, can be taken as an example. For this, many elements must come together, such as branding, development, technology and relationships. But they still don’t guarantee success. For the same input, sometimes the outputs can be very different. But what it does do is increase the chances that we will be better. Past experience helps us see opportunities that could possibly grow in the future. Another important takeaway from Paytm is that there is no substitute for a strong technology and product. Uptime plays a big role and the transaction success rate should be close to 100 percent. Otherwise users will skip it.
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PUBLISHED FOR THE FIRST TIME : April 20, 2021, 06:03 IST