5 Top Neo banks for Teenagers in India (2022)

Banks are changing at a dizzying speed as a result of technological advancements. Customers' expectations and behaviours have shifted as a result of the increased use of this technology. The modern customer seeks ease, transparency, low prices, and excellent service. Businesses and operating methods of all scales are adapting to these developments as well. And India has been a part of this major trend, especially when it comes to the Neo banking segments. 

What is Neo Banking?

Neobanking is a virtual banking experience in which the bank's entire service offering is virtual, from customer onboarding to the most basic banking services. A neobank is a virtual bank that works entirely online. 

In simple terms, Neo bank is the new age of banking influenced by changing landscape of banking on a global scale.

Here are the top 5 Neo Banks in 2022

1. Akudo - 

Akudo, which means "Peaceful Wealth," is the country's first learning-focused neobank for teenagers. The neo banking app from Akudo caters to a younger demographic and is currently on a mission to provide youngsters financial independence in a gamified setup and also rewards teens for being better at money management. According to Business Standards, it has recently registered more than 1 million members on its platform and is being loved by teens and even parents across India.

2. Y Pay App - 

The YPay Card is a revolutionary new method of money management. Using the YPay smart card. It provides teens with safety, stability, and financial freedom in a controlled environment, as sought by both the parents and the institute. Bringing Generations Together is a project that aims to bring people from different generations together

3. Walrus

By gamifying their savings, this neobank is poised to take the "Instagram Generation" by storm and plant the seed of financial inclusion in their daily lives. To get started, the app is exclusively available on Google Play and requires digital KYC verification. Parents can put money into their children's Walrus accounts using net banking, debit cards, or UPI payments.

4. Fampay

FamPay is the country's first neo banking app for teenagers. This neobank can be used to make payments by teenagers under the supervision of their parents. FamCard is a secure, limitless card from IDFC First Bank.

5. Junio

Junio is your child's own smart card, which can be used to make purchases both in-store and online. With the Junio card, your child will learn how to earn, spend, and save while you keep an eye on them.

The best-prepaid card for kids educates your child about money management while also allowing you to keep track of their spending to make sure they're on track. It's been getting easier and easier to locate an appropriate financial app for kids of all ages. All you need is to pick the most suitable one for you and get going.