SPONSORED CONTENT

Jar, a micro-savings app, gains popularity as 9 million users invest spare money in digital gold

July 21, 2022 00:20 IST | ANI Press Release
Tennis player James Blake
Jar, a micro-savings app, gains popularity as 9 million users invest spare money in digital gold

New Delhi [India], July 21 (ANI/PNN): Jar, the country's first micro-savings app to use UPI autopay, has gained popularity with over 9 million users saving money from online transactions and pre-set daily savings into digital gold.

How it Works:

Jar app is like a digital piggy bank. It links to your bank account and detects and rounds off daily transactions to the nearest 10 to generate spare change for each of your expenses. For example, suppose you have done a mobile recharge for Rs.98 online. In that case, the Jar app will round it off to the nearest 10, i.e. Rs.100. The app then takes that spare change of Rs. 2 (100-98) from your bank account (attached to your UPI Id) and automatically invests this in Digital Gold.

The amount is invested in 99.9 per cent pure gold, fully secured in world-class vaults and insured by top banks in India.

Nishchay AG, co-founder and CEO, said, "Positioning a system of savings that is as familiar as ordering food or delivering packages minimizes the learning curve and consequent barriers to adoption. Additionally, pairing this ease-of-use with investments in a trusted asset class further diminishes cognitive burden typically associated with first-time financial planning."

(https://www.myjar.app) Jar, valued at USD 200 million, has raised USD 32 million in Tiger Global-led Series-A funding. They are also backed by a clutch of high-profile investors, including Arkam Ventures, Tribe Capital, WEH Ventures, and angels including Kunal Shah (founder of CRED), Shaan Puri (formerly with Twitch), Ali Moiz (founder of Stonks), Vivekananda Hallekere (co-founder of Bounce), Alvin Tse (of Xiaomi) and Kunal Khattar (managing partner at AdvantEdge).

According to a Dinero Neobank 2022 survey, 64 per cent of young Indians are unsure who to trust when investing in financial instruments. 59 per cent of respondents said it was difficult to find trustworthy low-risk opportunities, while 35 per cent said they relied on familiar, safe options like mutual funds. This is due, in part, to the effort required to understand and choose among various financial products, a lack of trust in the process, and, as a result, an increased perception of risk.

"It occurred to us when setting up Jar that even as tech-savvy entrepreneurs, we had given little thought to savings and investments," said Mishab Ashraf, co-founder and chief product officer. "So, with this platform, we are attempting to instil a financial habit in individuals, particularly among India's youth. This discipline is forming as we see a 40 per cent increase in user investments monthly. And 99 per cent of our 9 million users are investing in any asset class for the first time."

While recording 170,000 transactions daily, Jar has begun developing many other financial instruments that will work in tandem with savings and gold-backed investments to create an ecosystem of low-risk, simple-to-use products.

For more information, visit (https://www.myjar.app)

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

 

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor