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Jupiter Money launches ‘Magic Spends’ Feature to Transforms Millennial Saving Habits

Jupiter Money

Fintech startup Jupiter Money has introduced a feature called ‘Magic Spends’, designed to empower millennials in their saving and investment endeavors.

In response to the growing trend of online purchases among young consumers, particularly through ecommerce and food delivery platforms, Jupiter Money’s latest offering integrates investment opportunities seamlessly into everyday transactions made through its mobile application. Aptly named ‘Magic Spends’, this feature channels a predetermined portion of each transaction made within the Jupiter app into investments in digital gold and mutual funds.

Based in Bengaluru, Jupiter Money announced that users can initiate their Magic Spends journey by specifying a custom investment amount, with a minimum starting point of Rs 10 per transaction. Moreover, users have the flexibility to set maximum investment limits, thereby defining their monthly investment goals. Crucially, users retain full control over their investments, with the ability to pause, cancel, or redeem them at any time.

Magic Spends operates seamlessly with UPI (United Payments Interface) and debit cards linked to users’ Federal Bank accounts within the Jupiter app ecosystem. Notably, Jupiter Money also facilitates savings account openings with Federal Bank and supports UPI-based payments through its platform.

According to data from the National Payments Corporation of India (NPCI), Jupiter app transactions totaled approximately 6 million in April 2024, underscoring the platform’s growing popularity and utility among users. Last year, Jupiter Money obtained a non-banking financing license, further solidifying its position in the fintech landscape.

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