#WealthTech / Indian start-up Payzello combines debit, credit and forex into one card

Combining debit, credit and forex capabilities into one card, Payzello’s app will allow users to switch between them – the default being credit.

Whilst challenger rivals like Jupiter focus on the white-collar segment, Payzello will focus on the graduates from middle-class families. It also requires a lower deposit minimum than Jupiter, starting at INR 5,000 ($67).

There are some 260 million students in India, according to a 2018 World Education Services (WES) report.

[Founder:] “Banks give them a debit card and thinks their job is done… “You don’t get guidance to invest properly. There’s no wealth management service for the masses or middle-class families, because they’re seen as lower-generating revenue customers [by incumbents] and therefore ignored.”

The long-term vision at Payzello is to combine a number of banking services into one… This includes a savings account, spend management, lending via its credit capability, and abroad spending through a foreign exchange setting.

The start-up’s technology can analyse the transaction codes of payments made and deduct it from the right card – hence automating expenses in the process.

Alongside its hybrid card, Payzello has also spent the last two years building a chatbot. “You can use it for basics like asking it to tell your balance, or transfer money” … But in the future, the founder envisions it acting much like a wealth management helper – or robo-adviser. Customers will be able to ask what the best funds are, or which investments have the highest returns, for example.