In a collaboration with the Federal Bank Google Pay launches its first neobank Fi

Google pay is a user friendly digital wallet . It offers a multitude of options  to its users to recharge mobile phones ,shop online , send money home, and for direct bank to bank transfers. The founders of google pay are Sujith Narayanan and Sumit Gwalani.

 

On 21st April 2021 Googlepay in collaboration with Federal bank launched Fi,a neobank for salaried generation Z of India.

 

Neobanks 

 

Neobank is an entirely online bank with no physical branches.It offers only digital financial services.As a direct bank,neo bank reaches its customers with mobile first solutions. Neobanks are predicted to have 98 million users by 2024.

 

Neobanks are becoming popular due to their hassle free no-contact banking.They also provide attractive fees saving and effective expense monitoring.The free account creation and user personalization are few amongst the many features that are drawing users close to this new way of banking.

 

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Neobanks are the future of the banking industry; they  provide a  lucrative and sustainable business model for the Fintech industry.

 

There are 213 neobanks in the world ,Chime (USA) valued at US$14.5 billion .NuBank (Brazil)valued at US$10 billion and Tinkoff(Russia)valued at US$6.5 billion are three of the world’s most valued neobanks.

 

According to an estimate 76.9 million Americans are planning to shift to neobanking as it is  hassle free compared to traditional banking.

 

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Fi’s application for android which is currently in beta mode was released on Wednesday.Its application for iOs users will be released soon.

 

The application offers features such as AskFi and Fit Rules which automatically saves and pays.It also provides the option to save reminders for future payment dates.The best thing is users can create a zero balance account and there are no signup costs.

According to Et Times,Narayanan CEO and co-founder of Fi said”We are excited to introduce the future of banking in India. It will reinvent the way digital first millennials perceive and interact with their money.Fi aims to be a partner of generation Z in their money transformation journey.