With the surge in e-commerce and development in digital fee know-how, a majority of children at the moment are preferring to buy on-line. Ed-fintech startup Akudo analysed spending habits of over 1 lakh randomly chosen teenagers between the ages of 11 and 19, and famous that Amazon and Swiggy emerged as most well-liked on-line buying and meals ordering apps, respectively, whereas Myntra witnessed a whopping 150 per cent improve in gross sales through the End of Reason sale.
“For the first time since the advent of digital payments in India, teen spending can be monitored and analysed with the help of teenage neobanks,” stated Akudo, a fintech startup that goals to construct an ecosystem of guardians and kids the place teenagers could make monetary choices in a secure and managed atmosphere.
In the leisure and journey segments, a complete of 4 per cent transactions occurred on ride-hailing functions, with Ola rising as probably the most most well-liked mode of transportation.
Among the customers who ordered playing cards, based on the info reviewed by Akudo, 51 per cent of transactions befell digitally, whereas 49 per cent occurred offline, whereas 6 per cent of the transactions have been on academic platforms akin to Byjus, Khan Academy, Unacademy and extra.
Backed by main traders akin to Y-combinator, JAFCO Asia, Incubate India, and angel traders like Lalit Keshre, Co-founder, Groww to call just a few, Akudo is pioneering studying first banking in India by introducing teenagers to banking and serving to them construct wholesome spending and saving habits.
Currently having 1 million registered customers, Akudo goals to succeed in greater than 5 million households by the tip of 2022 with an elevated deal with constructing open monetary communication amongst mother and father and kids.
Akudo additionally has a gamified financial savings and objectives characteristic that noticed a 30 per cent improve in utilization since 2021. The software helps youngsters begin their journey to monetary independence by means of their pay as you go Visa card accompanied by family-friendly controls and oversight.
Commenting on these insights, Lavika Aggarwal, Co-founder, Akudo, stated, “ As you can see, there’s not much difference between the adoption of cards and digital payments amongst teens. They prefer a combination of both means which allows them the freedom to choose and instill a sense of independence and responsibility. A personal prepaid card is also very convenient and attractive for a teenager.”
“We also discovered from our findings that while Kolkata, Delhi, Mumbai emerged as top cities witnessing demand for prepaid debit cards, Patna, Lucknow, Jaipur were the other top tier 2 and tier 3 cities on the platform. Interestingly, Tier 1 and Tier 2 adoption so far are at par,” Aggarwal additional stated.
Source: www.financialexpress.com”