The SME usage makes sense, the parent-child part has been solved by StartUps like FamPay and Walrus
I have hardly used my Debit card in the past few years. I am totally relying on Credit cards for their attractive offers and buy now - Pay later feature.
Also, UPI is a go after it picks its pace with attractive cashback in the form of scratch cards. (gamification)
Debit Card Features I would like to see are,
-Paperless Instant onboarding and activation.
-Reward points for top spends
-No joining and Annual Maintenance Fees.
-Virtual Card
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Biometric card with fingerprint authentication
Similar to master card biometric card
Are you talking about this, looks pretty interesting (apart from the fact that it adds one more device that need me to charge batteries!)
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I don’t think it requires charging but the only problem is initially you need to visit the bank or activation center as your data will be stored on card not database
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My dream card should be
- metallic (it will prevent bending and it will increase durability to stay in your wallet and it will become crown of the wallet)
- good looking I feel proud to other for swipe (who looks my card feel jealous about my card and ask me from where you got your card😂).
- it should act as a credit card there should a option to take loan (it will help me in my month end and I will help me to invest in IPO and I can used in emergency .)
- offer and cashback on major ecommerce platforms (like flipkart and Amazon )
- it should have contactless payments option
- I should desing my card (like walrus is providing for desing the card)
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Welcome to the community @Satyabrat. This is a great answer on what an ideal card should be doing for you.
Are the items in the list ordered in a high priority to low priority order? Just curious on what you consider more important than others
I want only 2 features in any debit card.
- I can create virtual cards for online payments.
- customizable cards.
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Hey welcome Shubham to the community!
Customizable in the sense designing the look and feel of your card?
What are your use cases for a virtual card?
Would be great if it would be metal debit card for long term use.
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Please don’t make it metallic, it feels more like a hype, rather than serving any real purpose. Also, metallic cards are heavy and adds too much weight to wallet to carry around.
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There’s an app called Finin that provides this feature.
Some ideas and comments extending the exciting discussions above:
- personally my debit card usage has gone down considerably since UPI came into the scene; ATM cash withdrawal is the primary use case now, all other swipes on credit card
- parent-child card that @Naman_Garg suggested: like this one; also a smart way to get multiple users into the ecosystem with a ‘parent’ product champion
- paperless onboarding: this is a MUST. Extending this to say paperless maintenance across lifetime, and a fully functional self-service app
- metallic card: not in favour, unless it can be ultra-light like @Backpackerbaba also points out
- smart save feature: connect to direct liquid MFs to swipe and save/withdraw
- build within Jupiter or connect with an existing player who does direct MFs without commissions (ex: Kuvera) for helping users start investing
- international card specific: cover all features that NiYo Global card has got right (0% markup, lock/unlock card, set/reset PIN from app); educate: how to reduce any international currency conversion fees
- fundamental card features that have now become tablestakes: unlimited ATM withdrawals, contactless payments, universal acceptance
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Multiple people have made this request. Interesting!
Can you elaborate in a few more lines about how this could operate?
- debit/credit option to switch within the app?
- pre-program or make certain payments default to one of the formats?
Hey Anil, welcome to the community
Pranay had suggested something on the lines that is covered as part of the 2nd point you suggested
Though, there is a product in the market which uses dual chips on a single card for a debit vs credit card function, more here:
https://community.jupiter.money/t/one-debit-card-feature-you-cant-live-without/30/66?u=sneh.baxi
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Thanks @sneh.baxi. It’s easier now to understand.
The looks I can get over, but I anticipate some issues with functionality and design
- Customers making inadvertent mistakes by slotting in the wrong side
- could solve this by allowing customer to switch payment mode later in their app, like how you can post-payment make certain credit card purchases switch to EMI
- if above point is possible, then one can do away with two chips altogether and associated issues
- to avoid the above mistake, having two different PINs may seem like a solution to avoid inadvertent errors, but this is also a hassle, as you can imagine
The Japanese have a term for fool-proofing these type of human errors with a lean and clean design: Poka Yoke. Think power sockets and adapter pins. Or the small cut on top of a sim-card and the sim-card slot to ensure the card can only go in one way.
2-in-1 card sounds like a useful idea because who doesn’t like to declutter? Important that the design and functionality are also seamless and error-free.
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Pay in installments (Promise to pay)
Numberless cards. It is a new revolution in card security if we lose it. It has contactless feature, chip/pin feature and invisible magnetic stripe. These cards will work on user profile basis which is linked to card. Pin/chip feature is a 6 digit spot generated number which is valid for 30secs. Spot pin generation is a safety technique no one can beat this.
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Biometric will fail sometimes 
. We cannot rely on this feature because in case of emergencies finger prints wont work. Usually we are humans and we get sweat on fingers in that case biometric will not read our finger prints. It leads to drop of transaction.
You always have the option of using PIN just like your phone