FamPay Card and App for Payment | FamPay Founder, Net worth, Benefits

FamPay is one of the first mobile banks for teenagers in India. With FamPay Solutions Private Limited, teens can make UPI, P2P, and FamPay card payments without a bank account. It also lets parents send money to their kids under the age of 18, which they can use safely anytime, anywhere, with their parents' oversight.

All about FamPay

Know everything about FamPay card and app, ideas and story, founder, funding news, benefits and more.

It aims to make payments easy and enjoyable for kids. Founded by IIT Roorkee graduates and supported by top global investors around the world, they are on a to help over 250 million Indian teenagers on a smooth and fun-filled journey from cash to digital. Their goal is to raise a financially aware generation who understands the basics of personal finance and is capable of making decisions in the future.

Know more about the UPI Apps For Secure Online Payments.

FamPay was founded in 2019 by two alumni of  IIT Roorkee. In the initial days, they created a mobile app to reduce food wastage in canteens but later shifted to creating a platform for teenagers to spend money under the guidance of their parents. The FamPay company platform allows teens to make cashless transactions both offline and online.

The FamPay App is a family-focused digital payments app where parents transfer money to their children, allowing teenagers to spend money under their parents' supervision. Teenagers can share their spending details with friends and comment on updates through the  FamPay app. Which also Uses gamification to make money management fun. It easily became popular among both teenagers and their parents. Its mission is to build a new, financially aware generation of Indians who understand the basics of personal finance and can make decisions in their long-term interest.

FamPay Funding News

In March 2020, FamPay raised $4.7Mn in seed funding from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital (GFC).

Fampay launches namaspay UPI payment app for foreign travellers in India.

How does the FamPay card work?

The FamCard works like a debit card. It's prepaid, so you need to add money to your FamPay account (or have your parents add it for you) and then you can use the card to spend that money both online and offline. 

Benefits of a Fampay card?

FamPay allows you to make payments seamlessly using your own UPI ID and card. Know more benefits benefits of a FamPay card and app.

India's first Numberless Card:

FamPay's (FamCard) is India’s first Numberless Card designed for teenagers to make online and offline payments independently. Parents don't need to give them cash or their credit/debit card, and teens can even personalize their own cards.

Extra security for the pre-banked segment of teenagers

Since the FamCard has no numbers on the physical card, it's highly secure. Card details (like the number, expiry date, and CVV) are safely stored within the FamPay app instead of being printed on the card. This way, if the card is lost or stolen, no sensitive information is exposed and users can be paused, blocked, and managed at the fingertips of the app. Access to card details in the app is protected by device security options such as fingerprint, face ID, pattern lock, or PIN.

Contactless Payments enabled:

The FamCard also includes a unique “Flash PIN”, which is dynamic and is generated for every transaction. Teens can simply show this PIN for every transaction. Teens can simply show this PIN to their cashier for offline payments, so they don't need to enter it on the POS machines.

Specially designed to make teens happy: To appeal to GenZ, any product must align with their vibe. The FamCard’s design is minimalist and sleek, and it is a vertical card that matches their aesthetic. Plus, teens can personalize it to make it uniquely theirs.

Trusted by leading partners:

FamPay collaborated with NPCI to bring India’s first numberless card a reality. Together, They tackled the complex backend and supply chain challenges needed to realize this pioneering effort.

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Conclusion 

FamPay is a Neobank, where that provides a secure, convenient, and fun way for Indian teenagers to manage their money under their parent's mentorship. It offers various types of unique features such as numberless security, Flash PIN, and making it safe for teens.