[App Friday] Jupiter offers good neo-banking services but is riddled with problems

Neo-banking startups are using apps to deliver financial services to their users, and this industry is booming in the wake of the pandemic amid increased digitalization. As more and more people become more comfortable with online transactions and gain financial literacy, they are looking for better banking services. This is where the neobanks come in to fill the void.

“Neobanks have found untapped opportunities in various customer segments, including people living in Level II and III areas as well as digital millennials,” says a PwC report released in September 2021.

To exploit millennials, as well as small and medium-sized businesses, many startups have introduced neobanking and credit disbursement tools. These include the Fi.Money banking solution based in Bengaluru, NIYO SOLUTIONS, which is backed by Prime Venture Partners, and Open led by Suman Gandham.

Another such startup is backed by Sequoia Capital India Jupiter, which was founded by Jitendra Gupta. He founded Citrus Pay and sold it to Prosus-owned PayU for $ 130 million in 2016, which was the biggest fintech release at the time.

After the release, the entrepreneur wanted to do more in the startup ecosystem.

“There was this feeling that I hadn’t created anything big and impactful even after being in the startup ecosystem for 10 years. I felt restless, ”he said Your story in a previous interview.

So, he founded neo-banking startup Jupiter in 2019 and officially launched his fully digital banking app in October this year, having been in beta since June 2021. The app, which primarily targets millennials, currently has over 500,000 downloads with a rating of 4.6 on the Google Play Store.

How it works?

Managed by Amica Financial Technologies Pvt Ltd., Jupiter can be downloaded from the Play Store or the Apple App Store. Once downloaded, the application asks for your phone number linked to your Aadhar card. You will receive an original invitation from Jupiter, which looks like a boarding pass, inviting you to enter the world of Jupiter.

The app also asks for a lot of permissions, including location access, sending and viewing SMS messages and calls, etc.

Jitendra Gupta, founder of Jupiter, has already founded Citrus Pay and sold it to Prosus-owned PayU for $ 130 million in 2016, which was the biggest fintech release at the time.

Jupiter partnered with Federal Bank where a user basically opens an account while using the neobanking app. To open the bank account, the app also has a step for eKYC, where you need to enter your PAN card number and then Aadhar card.

Once these details are verified, the account is activated and starts working almost immediately as claimed by the app. Jupiter has an orange and white user interface, with your name appearing on the highest bar, and has a Christmas greeting since the festival is just around the corner. Jupiter also integrates all of your other bank accounts and reflects your total balance on the top of the screen.

The neo-banking app also almost instantly provides you with a virtual card to make online payments. A physical card can also be ordered, which is delivered in about a week to 10 days.

The app also allows users to take screenshots for security reasons. Depositing money and making payments is also very easy. To deposit money, you just need to click on the deposit money button and it connects it to your other account, which has UPI (Unified Payments Interface) enabled. Payments can be made by clicking on a barcode icon, which continues to move up and down at the bottom center of the screen.

The neo-banking app also almost instantly provides you with a virtual card to make online payments. A physical card can also be ordered, which is delivered in about a week to 10 days.

Your spending is also recorded and divided into different categories, also with some analysis on your spending habits and how much money has been spent.

It also offers ‘hoods’ where you can set different financial goals, such as saving for education or travel. Setting up these jars requires video verification, which this writer was unable to accomplish due to some glitches in the app.

Verdict

Overall, Jupiter is an extremely useful app. It was this writer’s first neobanking experience and things have generally gone well. The best feature of the app is financial analysis, which provides users with information about mutual funds and gold investments, among others.

But Jupiter is not perfect. The app had many issues even when this writer was trying to log in. Sometimes there is a delay and the physical card has not been able to complete a transaction once.

If the app doesn’t open and you don’t have money with you, you can’t make any transactions, making you dependent on other apps, physical bank cards, or cash withdrawals. .

Comments are closed.