Fino Payments Bank has announced its collaboration with Sequoia Capital-backed fintech Hubble to launch India’s first spending account. This innovative offering allows customers to conveniently park their funds, make purchases across various categories such as food ordering, shopping, travel, and entertainment, and save up to 10 percent on all transactions made through the account.
A Unique and Rewarding Solution:
Fino Payments Bank aims to revolutionize the way individuals manage their finances with the introduction of the spending account. By integrating this account with their existing digital savings account operated through the FinoPay mobile app, customers gain access to a range of benefits and savings opportunities.
Efficient Expense Tracking:
One of the key features of the spending account is its integration with over 50 renowned brands partnered with Hubble. Users can easily monitor their spending across different categories, allowing for better budgeting and expense management. This functionality empowers individuals to take control of their financial habits while simultaneously providing them with valuable insights into their consumption patterns.
Generous Savings Potential:
The collaboration between Fino Payments Bank and Hubble presents an exciting opportunity for customers to enjoy significant savings on their purchases. By leveraging the spending account, users can accumulate savings of up to ₹20,000 per year. This impressive figure demonstrates the potential financial impact of this innovative solution, allowing customers to maximize their hard-earned money.
Competitive Interest Rates:
In addition to the attractive savings potential, customers who park their funds in the spending account also benefit from an interest rate of 2.75 percent per annum. This feature enhances the appeal of the account, as it offers customers a secure and convenient way to earn passive income on their deposited funds.
Positive Industry Response:
Mayank Bishnoi, Co-founder of Hubble, expressed enthusiasm for the initiative, highlighting the significance of providing individuals with an account tailored specifically for managing their lifestyle expenses. With a majority of people utilizing their own funds through UPI or debit cards for day-to-day spending, the collaboration between Fino Payments Bank and Hubble fulfills a pressing need in the market. By offering a comprehensive solution for budgeting and spend management, the initiative not only helps customers stay in control of their finances but also rewards them for their spending habits.