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Fi's 0 Forex Debit Card

Fi, positioned as 'one app for all things money' , offers savings a/c as the core product on top of which sit various value add features that users would not get when opening a savinsg a/c with a traditional bank. One of the primary such features is the 0 Forex Debit Card that can be used for all international payments.

Core value proposition of Fi 0 Forex Card:

• 0 forex fees [general fees charged by other cards are in the range fo 2-3.5%]
• Lowest ATM withdrawal fee - ₹100
• Not restrained by credit limit, transactions are linked to money in savings account
• No credit checks, no credit application hassles.
• Since it is a debit card, the product in itself is not gated and can be used by anyone.

Usage Condition:

• Minimum balance of ₹50,000 to avail 0 forex benefits and free debit card
• Minimum balance of ₹25,000 to avail 0 forex upto ₹50,000 and free debit card

If Fi weren't there, how would users transact internationally?

• Forex cards
• Credit cards (with or without 0 forex)
• Forex cash

Problems with current solutions:

1. High forex markup (in case of non-0 forex CC) and cross currency conversion fee (forex cards)
2. High ATM withdrawal fee
3. Other unknown, creeping charges- Inactivity charges, Reload charges, Late payment interest
4. Ease of access
5. Poor conversion rate for cash at airports and foreign countries [note: Fi 0 forex card does not compete for wallet share with cash]

Category Benchmarking:

Competitive benchmarking:

ICP

Research notes here

User Goals

Customer Journey Map

(PDF in case image is not readable)

Onboarding Teardown

Onboarding teardown of Fi from Play Store till a user activates their card

Activation Hypothesis

Objective: Retain users to make payments throughout their use case (travel) with Fi's 0 forex debit card

Hypothesis 1: User adds minimum ₹50,000 at the time of onboarding (during onboarding balance addition) are more likely to use the card for international spends

Reasoning:

• To avail 0 forex on the card, user needs to have minimum balance of ₹50,000.
• High likelihood of a user that is downloading Fi because of referral or word of mouth to be aware of the ₹50,000 condition to avail 0 forex. Given reassurance from peers or relatives, this step may not daunt these users.
• On contrary, a user that has intent to use 0 forex card but not aware of ₹50,000 condition, may not add this amount right at onboarding due to lack of trust.

Hypothesis 2: User adds minimum ₹50,000 to savings account within 7 days of reaching Fi app home (onboarding process completed) are more likely to use the card for international spends

Reasoning:

• To avail 0 forex on the card, user needs to have minimum balance of ₹50,000.
• For a user planning to travel and make use of 0 forex, this will be the first step.
• Why not ₹25,000? While a user does get 0 forex benefits at ₹25,000 as well, it is limited in quantum. For our selected ICP's use case - International Travel - data shows that users prefer to keep ₹50,000 balance and enjoy 'unlimited', 'hassle free' benefits

Hypothesis 3: User that makes 1 international transaction of minimum ₹1000 within 7 days of onboarding using digital card is more likely to retain and use their card throughout the trip

Reasoning:

• Data shows that for a decent chunk of users, the first international transaction is an ecommerce transaction, not POS or ATM
• From user research, while users didn't explicitly call out timeline on whether this was the first transaction, they did mention doing a international payment before actually travelling
• The user behaviour here could be of testing the card to make sure they could trust it to support during their travel

Hypothesis 4: User that toggles international settings on within 4 days of onboarding is more likely to retain card for their trip

Reasoning:

• The fact that for any card, international settings are by default 'off' and you need to toggle them on is established and users expect the same when they onboard on Fi. With this expectation, any user attempting international transactions would toggle settings on.
• User calls also threw light on the fact that among the first things user did was check debit card page, order card and turn international settings on (order of actions doesn't remain the same for most users).
• Overlap between international settings on and international transaction usage (at least 1 transaction) is also decent (>50%)

Hypothesis 5: Users that order a FREE debit card within 3 days of onboarding are more likely to retain

Reasoning:

• Presence of physical card is necessary for the use case of international travel
• Data shows that international usage is pre-dominantly by users who hold a physical debit card
• Why Free?
• • Free debit card and 0 forex are combined benefits of minimum balance >₹25,000
  • Users call reflects that want to avail 0 forex add money, get the free debit card, use it on their trip and then might withdraw pending money
  • Data also shows that overlap between users who use debit card for international travel use, and users who maintain ≥₹25,000 balance(and inadvertently get a free debit card) is high

Hypothesis 6: Users who click on banner 0 forex messaging with 2 days of onboarding are more likely to retain

Reasoning:

• Users who click on the banner with 0 forex messaging might be keen to understand more about 0 forex benefits for upcoming planned spends
• Banner click is an intent signal that could point to onboarding with the intent of using 0 forex card
• Banner click where CTA is more educational or informational would require limited user commitment and can help gauge user intent

Metrics to Track:

1. % of new users who transact internationally within 21 days & 30 days
2. % of users who select savings a/c during onboarding intent collection screen who add ₹50000 balance at further downstream balance within 7 days
3. D7, D14, D30 Balance Addition(min ₹25k) to Card Order Rate
4. Funnel Rate of Debit Card Order
5. Card order rate to Card Activation Rate
6. Card Activation to First International Transaction Rate
7. Time taken from Card Activation Rate to First International Transaction
8. International Transactions per Active card
9. International Spends per Active card
10. QoQ, YoY user level retention