Financepeer launches UVA, an innovative numberless dual-interface card for students

Bombay: In a bid to create cashless campuses, Financepeer, one of India’s leading edu-fintech startups, has unveiled its latest offering – the UVA card, powered by Visa. Financepeer’s UVA card program will be their no-number prepaid photo ID card for students, parents and institutes to facilitate hassle-free day-to-day transactions.

The UVA card, technologically backed by Visa, is an innovative approach to digitizing the financial system in educational institutions across India. The program aims to create cashless campuses by enabling institutes, parents and students to pay and receive fees, withdraw cash, conduct e-commerce transactions and be able to Make payments effortlessly at any point of sale that uses Point of Sale (POS) kiosks. UVA cards are contactless prepaid cards that can promote financial independence for young adults. This card helps get extended credits, makes hassle-free payments and teaches young people how to save and spend money wisely, in addition to offering various rewards and discounts.

Mr. Rohit Gajbhiye, CEO and Founder of Financepeer, said, “We strive to bring a revolution in the Edu-fintech space through technology and at the same time create an impact at the bottom of the pyramid, increasing access to quality education. Our recent funding and collaboration with industry stalwarts has given renewed strength and purpose to our mission. In this perspective, we are launching a numberless dual-interface product which is a photo ID card to facilitate cashless transactions for students, parents and institutes with just a touch. To make electronic payments more secure and hassle-free for our students, these Visa cards have been designed with EMV chips.”

Mr. Sujai Raina, Head of Business Development, Visa India, said, “As a network working for everyone, Visa is committed to expanding financial access and inclusion across diverse demographic groups. We are delighted to partner with Financepeer to launch the UVA Card, an innovative prepaid card solution that not only functions as a photo ID and payment instrument, but aids in financial discipline. The UVA Card was designed specifically with the unique spending needs of students and their guardians in mind, and is a major step towards building a cashless economy among young consumers.

Financepeer is gearing up to expand its reach to remote areas and has seen 10x growth in the past year. The company has partnered with over 10,000 educational institutions with a pan-India footprint, to provide affordable fee financing products, Edu-tech content and fee payment solutions. Founded in 2017 by seasoned IIT/IIM/Stanford alumni, Mr. Rohit Gajbhiye, Mr. Sunit Gajbhiye, Mr. Naveesh Reddy and Mr. Debi Prasad Baral, Financepeer is one of the earliest players in this space intended for both offline and online education providers, including preschools, K-12, colleges, universities, offline test prep, ed-tech and skills.

The launch of the UVA card underscores its strong foundation as a technology-driven education finance company, giving learners the freedom to pursue their dreams in line with its focus on innovation and enabling a new rising India through easy access to education. With a vision to enable inclusion through education globally, Financepeer is committed to facilitating access to education and fostering the growth of educational institutions and learners worldwide.

“Financepeer raised US$31 million in a Series B funding round in April this year. We are working to improve our technology platform and offerings, expand and strengthening our partnerships with educational institutions and deepening reach in rural areas to enable more students, especially female students, to easily access quality education,” added Mr. Gajbhiye while speaking to the media here at Famous Studio.

Education finance is one of the fastest growing segments as it is a deeply underserved sector that enables the aspirations of learners across India. Due to the inherently high social collateral, this segment’s loan portfolio has been among the best performing, despite the macro shocks caused by the COVID-19 pandemic.