Jupiter app
Has anyone used Jupiter app, and got some benefit out of it? Their app screenshots on Play store are not at all clear, why should I join it?
DepressedPanda
Stealth
a year ago
It's a Neobank like Fi Money. They are partnered with federal Bank.
They don't have branches like normal banks do which is their main selling point i.e. no physical documentation or branch visits required.
They offer services like normal banks including FD, credit cards, UPI.
The difference between a traditional bank and these Neobank is that they are basically a fintech and not a bank, so they iterate rather quickly and make products / features that could be hit or miss like buying virtual gold, mutual fund analysis, spending analysis, saving pots, transaction tagging, CIBIL analysis and next up could be features making use of Account aggregator framework and / or ONDC.
But at the end of the day they are still a vc funded fintech and need to make money. So now you have a customer base who uses your services and you know their spending habits and in some cases salary too. You can use this data to target them with personalized loans. So that's another thing they do.
Why should you use a Neobank?
If you love tech and fintech product and (in my usecase) would also love to have a separate bank account that you can use for your daily UPI transaction so it doesn't spoil your original bank account statement.
Other than that don't keep much money into it
Source: I have worked in couple of Indian fintechs.
i was forced to create an account of Jupiter because my company had some kind of partnership.
so I do have an account but I don't use it much. if you have any specific questions I could check and answer them
BrownRabbi47
Stealth
a year ago
does it add any value?
not really. i end up moving the funds to my traditional account periodically anyway.
i guess there are a few features like buying gold and creating FDs if you're into that
AliveYouth71
Stealth
a year ago
Nope. No real use
CaptainLazzo
Stealth
a year ago
I use Fi Money. I believe it's similar to that. There's nothing new honestly except for the great UX in the app and their fancy looking card. Rewards are useless for most part. It won't make any difference. You're not missing out
In use Jupiter just for UPI. Helps me put some distance between my actual bank account and UPI
AnonUser
Stealth
a year ago
It’s just a good UI on a federal bank account .
Stay away company will shut in sometime
BrownRabbi47
Stealth
a year ago
yeah, just wanted to explore if I'm missing something
BrownRabbi47
Stealth
a year ago
IDK, difficult to justify for a company valued close to $700M
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