Reshab AgarwalNeowise Technologies co-founded by Rohit Ramachandran and Siddarth Padmanabhan, launches Gimi in India, a Neobank targeting Gen-Z and has joined hands with Gimi AB in Sweden to market and launch the brand in the country. The app is now LIVE on playstore and app store and is currently available in its freemium version enabling parents and children to manage chores, allowances and also deliver learning modules.
An indispensable tool for 1.2 Million users in the European Union, Stockholm-based, Gimi (www.gimitheapp.com) – the free-to-use Neobank that helps kids learn how to earn, save, and manage money – is now available in India. Launched in Scandinavia in 2015, the app has been developed using scientific methods in order to prepare young people (aged seven and over) for life’s financial challenges.
Rohit Ramchandran (on the left), Siddarth Padmanabhan (on the right)
“The Indian education system is known to be among the most competitive and high-pressure academic setups in the world. For a country that seems to place a lot of emphasis on education, the concept of financial education and financial literacy is surprisingly still an alien concept. As the country rides a digital wave that has seen India become the second largest online market in the world (560 million internet users), home to one of the fastest growing digital payment ecosystems in the world and has 37% of its population below the age of 24, awareness around financial literacy is the need of the hour.” Said, Rohit Ramachandran, Co-Founder & CEO, Gimi India.
Siddarth Padmanabhan, Co-Founder & CRO, Gimi India, further adds, “We aspire for Gimi, as a digital banking application, to act as every Indian child’s first bank account. Through the medium of a teenager friendly smartphone application, kids will be introduced to the concept of digital payments, saving, and investing. We are confident of achieving this by rolling out two versions of the application – a parent’s version (used to configure the kid’s version and maintain oversight over the kid’s financial transactions) and a kid’s version (which will act as a full-fledged payments application). The kid’s payment experience will be backed with a prepaid card and the application will support India specific payment channels like UPI.”
How The Gimi App Works
Once a user has downloaded the Gimi app and created an account, they can choose their role: parent or child. In the freemium version, children do not use actual money, as they are provided with a virtual piggy bank (to document and log their real-world earnings). Here they can calculate the money that they should expect for completed chores and be shown the value of their allowance (and when it is next due). Gimi India aims to have the premium version of the App launched by mid-2021 which has all financial features enabled, such as the Gimi Card, UPI functionality, and enhanced learning modules.
The app also introduces children to the ideas of overdrafts and interest rates, teaching them how, in theory, leaving money in a savings account might accrue interest. The app doesn’t only educate the children, but also provides parents with a step-by-step guide on what the recommended allowance for their child should be, and how to raise important talking points such as interest rates and savings.
Parents using the app can set a weekly or monthly allowance or suggest chores for their kids to accept in exchange for receiving pocket money. In turn, children can set themselves savings goals for ‘dream’ purchases such as the latest video game or toy.
Security
Security is an essential element of the Gimi platform. To that end, all Gimi data is protected with 256-bit encryption and is never stored on a user’s phone, tablet, or computer. If a child registers as a user but does not connect to a parent within seven days their account and personal data are deleted.
I believe the idea of the app and the outlook of its founders is great. This makes it perfect for the market of India. What is your take on the importance of financial education and the idea of the Gimi app? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.