The Fintech Industry has discovered a very fresh and promising consumer base of children and teenagers in India. This is a very new-age approach by the fintech industry and one that’s producing much-needed, progressive results for the young generation of India. The age demographic for this novel consumer base is under 18 years of age. 

Vital Financial and Life Skills to be inculcated through Kids Fintech products

• Growing wealth

• Money Management

• Pocket money tracking

• Expenditure tracking

• Savings and Compound Interest Rates

• Financial literacy and independence

Market opportunity

The current market opportunity for children and teenagers is huge in fintech. Young adults and kids in India make up for 41% of the total Indian population. The market has newly been discovered and new entrants are only just cropping up. 

Fintech’s approach towards Kids’ Money Management

Fintech start-ups are approaching Kids Money Management through Gamification and AI (artificial intelligence) driven insights. They are using creative ways to garner children’s interest towards expense and savings tracking. 

By also involving parents into the solution, fintech products are firmly placing the safety net around kids’ money management.

What the Fintech industry stands to gain from Kids’ business

The Fintech industry is showing keen interest towards the kids’ business since they have identified several long-term benefits to the industry:

• • Increase in the user pool

By roping in children who constitute a major chunk of the Indian population, the fintech industry will gain a spike in its consumer base. 

• • Easier to enforce regulations and compliance

By onboarding the young demographic early on into financial services, it will be fairly easy for the fintech industry to enforce regulations and compliance. 

• • Strengthening online security

By raising awareness among kids and teens who are most vulnerable to cyber-attacks, online security and protection against payment data breach and scams can be strengthened. 

Who is Slice?

Slice is an Indian Fintech Start-Up headquartered in Bangalore, Karnataka. Led by Rajan Bajaj, the Founder and Chief Executive of Slice, they are taking on the credit card business of Indian banks. The company’s target customers are millennials and the Gen Z population of India in the average age demographic of 23 years who have inadequate credit worthiness or a non-existent credit score. Some of the services offered by Slice include bill payments, expense management, and a rewards system. Slice is a credit card-based utility payments start-up, and they provide their customers, credit limits through their own balance sheets. Slice recently raised $20 M in a funding round backed by Blume Ventures and Gunosy Capital.

What is the Slice Super Card?

The Slice Super Card is a Visa credit card for Indian youth. The USP of this card is that it’s a lifetime free card without annual fees, hidden charges, or joining fees unlike a traditional credit card offered by a bank.

Idea behind the Product

Slice’s super card is a product that’s being positioned as one of the best ‘credit card challengers’ in India. Slice’s super card has shown the potential to change the upcoming generation’s perception of credit cards. It’s been hailed as the ‘best way for millennials and Gen Z to make payments.

When the founder of Slice interacted with his friends, he learned that although credit cards are useful financial tools, they found them too complicated to use. That is the moment when the ‘Super Card’ product was conceptualised. It was built to simplify credit card usage and make it more accessible to the Indian youth.

Credit card usage in India

There is a huge disparity between the circulation numbers of credit and debit cards in India. While the number of debit cards in circulation has long crossed the 1 billion-mark, credit cards are still averaging in the 50 million.