Jupiter.Money- A Review – Know the Facts
Jupiter Money is a Neo bank created with Generation Z and millennials in mind. Because you know how much people adore millennial money, I felt compelled to discuss Jupiter.
Before we get into Jupiter, you need know what a Neo bank is and how it differs from the typical banks we use.
A Neo bank is a digital bank that does not have any physical existence. It lacks branches, documentation, physical verification, and the ability to process cash transactions.
Not precisely, but quite comparable to the digital savings banks available in the United States, such as Ally Savings or Capital 360 Savings.
Money from Jupiter
Jupiter Money is being developed by a group of experienced individuals.
Jitendra Gupta, the company’s CEO, founded Citrus Pay, which he sold for $130 million in 2016. Anupam Bagchi, who formerly worked at Standard Chartered and Axis Bank, is another significant figure connected with the Jupiter Money Project. Anupam was the Vice President of Axis Bank’s Digital Banking Division.
So this isn’t a group of amateurs attempting to provide financial services. They know what they’re doing, and thus far, the future appears to be bright.
You may join the queue to obtain early access to Jupiter Bank when it launches, as well as a higher cashback % for the first three months.
Here are some of the important qualities Jupiter is projected to have right now:
• Access to a free savings account (No charges whatsoever).
• VISA debit card, which is free.
• All transactions are eligible for cashback.
• Use of the UPI protocol.
Jupiter is still in its early stages of development. The Road Map may be found here.
Here are a few basics about Jupiter:
Jupiter isn’t a bank in and of itself. The RBI has not granted it a banking license. Rather, it is relying on the Federal Bank’s infrastructure and institutional underpinning. Every new Neo bank in India appears to be choosing Federal Bank. Maybe it’s because they have low commission rates and easy-to-follow laws.
This implies that when you deposit money into your Jupiter account, it is deposited and regulated at Federal Bank.
Your money is also guaranteed by the RBI and stored secure at Federal Bank. The RBI insures up to 5 lakh INR.
VISA is in charge of regulating, issuing, and settling payments to merchants made with your debit card. VISA also handles your complaints, chargebacks, and anything else.
Jupiter provides a debit card as well as an ATM card, allowing you to withdraw money, deal with local retailers, and purchase online. I believe you’ll receive a PayWave card, similar to an ICICI debit card, with the ability to set transaction limits.
You’ll be able to manage the card, including blocking it, setting a transaction limit, freezing it when necessary, and so on.
Also worth noting is that their parent firm has produced two products, both of which I expect to be integrated into Jupiter at some time.
Bullet App is the first, while Mutual Funds Portfolio Analyzer is the second.
You may utilize UPI payments as a credit line and pay the bill later with the Bullet App. That is, you may buy a cup of coffee from a retailer and pay for it with your Bullet UPI credit line, eliminating the need to spend cash.
The Mutual Funds Portfolio Analyzer allows you to keep track of all of your funds in one spot, and Jupiter’s A.I. provides you with a free portfolio analysis. It can show you which funds provide you the best returns, where you’re losing money, which funds are on sale, and which funds are volatile, among other things.
Many financial applications have this tool; CRED, INDMoney, and ETMoney, for example, recently included a mutual fund portfolio analyzer.
Returning to Jupiter Bank, they want to roll out a slew of new features in the following months.
• Friction fee 2FA – It appears that modest transactions will not require an OTP/Pin. The information from your biometric lock will be utilised.
• There is no charge for any transaction.
• Smart savings options, presumably similar to ICICI’s iWish, might be improved.
• Online buying with virtual cards.
• Wallet with a quick overdraft.
• IFTTT integration (I have a feeling this won’t happen).
• Reward yourself for saving money, automate your savings, and set objectives for yourself.
• Tax-filing with an app.
And there’s more. There’s a Jupiter community where you may post your wild Jupiter ideas.
As I already stated, the crew behind it is extremely dedicated. As a result, there’s a good potential that this community-based initiative will turn into a fantastic banking app designed by and for the next generation.
One of the members offered a one-of-a-kind debit card unboxing experience, which they accepted and are working on today.
Here’s a taste of what’s to come:
The majority of individuals desire Jupiter Money:
• The procedure for creating a digital account
• A zero-balance account with a free debit card for life.
• No overdraft fees, transaction fees, or a clever app that doubles as a cost tracker.
• Allows you to earn rewards on every transaction you make.
• Expense analysis that isn’t in the form of a spreadsheet
• Free IMPS (Unless you’re a high-tier client, most banks charge a fee.) Even though I’m a Premier Classic Banking member, HDFC charges me a fee)
• Quick 24×7 chat service • And a millennial-centric approach to the app’s feel, style, and straightforward UI.
Have you tried the mobile apps from the Bank of Baroda or the Central Bank?
God’s blessings. This translates to a win-win situation for all users.
So, do you think you should join up for Jupiter?
Jupiter is a great option. There are no sign-up fees, or any fees, for that matter. However, you must realize that it is not a bank and should not be used as such.
For day-to-day transactions, you may securely utilize Jupiter as an intermediate savings account. Using Jupiter and its debit card will ensure that you do not squander all of your savings account funds.
Additionally, the cost tracker will assist you in determining where you are overpaying and how you may reduce it.
Jupiter, on the other hand, isn’t the first. In India, Fi Money already has a Neo banking service up and running. And there isn’t a better cost and income tracker on the market than Wallet from BudgetBakers.
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