LivQuik, a Digital-first Prepaid Payment Instrument issuer offering nimble payment capabilities across enterprise, issuing and acquiring today announced its partnership with Coupl to issue India’s first neobanking experience designed exclusively to meet the payment needs of couples. Coupl simplifies financial management for young couples by providing an easy to set-up joint account linked to mobile app, the offering also comes with two linked RuPay cards under a co-branded arrangement with Coupl.
The mobile banking app facilitates seamless bill payments for utilities, including electricity, broadband, gas, water, and rent, among others, through the Bharat BillPay system. Additionally, it offers a comprehensive suite of analytics features to assist users in tracking their shared expenses, such as monthly expense tracking, card-specific tracking, and category-wise expense monitoring.
Coupl is built in partnership with LivQuik, RuPay and Bharat BillPay.
Speaking on the announcement, Srinivas Sarkar, Co-Founder and CEO, Coupl, says “India’s financial landscape has evolved, but traditional banking has not kept pace. Conventional joint accounts are still predominantly accessible only to married couples and immediate family members. Coupl breaks away from this norm, allowing any couple, regardless of their marital status, to open a joint account. Our app defies traditional gender norms, enabling anyone to establish a joint account with their partner. We’re very happy to partner with LivQuik to bring this product to life and are confident about a long-standing relationship.”
“The co-branded partnership with LivQuik aligns perfectly with our goal of revolutionising the joint banking ecosystem in India. Together, we have co-created a neobank that is truly unique and has the potential to greatly assist millions of Indian couples in effectively managing their shared expenses,” says Kushagra Manglik, Co-Founder and COO, Coupl.
Rajesh Wadhwa, CEO, LivQuik, says “Today’s millennial audience demands a 100% digital onboarding experience. With Coupl, you can open a joint account in under 60 seconds via the Coupl mobile app. In the post-pandemic world, neobanks represent the future for younger generations and we are happy to partner with Coupl as the issuer for this innovative product.”
Since the soft launch two weeks ago, the Coupl app has witnessed remarkable growth, with a 60% increase in wallet users week-on-week and a staggering 400% surge in transaction volume during the same period. 47% are married couples, while 53% are unmarried couples as per the app’s user base.
Coupl doesn’t stop at simplifying shared expenses. It also offers relevant rewards and cashbacks from relevant brands, ranging from cinemas to travel. With Coupl, couples can bid farewell to the hassles of splitting, tracking, and settling shared expenses. Instead, they can begin the month by pooling their resources into a shared account and enjoy hassle-free spending from this consolidated fund.