Financepeer launches UVA card to drive financial independence among youths

The program intends to create cash-free campuses by enabling the institutes, parents, and students to pay and receive fees.

Financepeer has raised $31 million fund in Series B round in April this year
Financepeer has raised $31 million fund in Series B round in April this year

Edu-fintech startups Financepeer has launched UVA card which is numberless prepaid photo ID card for students, parents, and institutes to make day-to-day transactions easy and hassle-free. UVA Card, technologically backed by Visa, is an innovative approach to digitise the financial system in educational institutes across India.

The program intends to create cash-free campuses by enabling institutes, parents, and students to pay and receive fees, withdraw cash, do e-commerce transactions and be able to make payments effortlessly at any retail outlets that use point of sale (POS) terminals.

“We are working towards bringing a revolution in edu-fintech space through technology and at the same time creating impact at the bottom of the pyramid, via increasing access to quality education. Our recent funding and collaboration with industry stalwarts have given renewed strength and a new purpose to our mission. In view of this, we are launching a numberless dual interface product which is a photo ID card to make cashless transactions easy for students, parents and institutes with just a tap. To make electronic payments safer and hassle-free for our students, these Visa cards have been designed with EMV chips,” Rohit Gajbhiye, CEO and founder, Financepeer, said.

“As a network working for everyone, Visa is committed to expanding financial access and inclusion across diverse demographics. We are delighted to collaborate with Financepeer as they launch the UVA Card, an innovative, prepaid card solution that not just works as a photo ID and payment instrument but aids financial discipline. The UVA card has been designed specifically keeping in mind the unique spending needs of students and their guardians, and is a decisive step towards building a cashless economy among young consumers, Sujai Raina, head of Business Development, Visa India said.”

Furthermore, Financepeer has planned to expand its reach to remote areas and has witnessed 10x growth in the last year. The company has partnered with more than 10,000 educational institutions to deliver affordable fee financing products, edu-tech content, and fee payment solutions.

Read also: Ad-hoc teachers to mark attendance, asks Kalindi College; receives opposition from DUTA

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Most Read In Education 2
Photos