Fampay is a financial technology company it's headquarter is in Bengaluru, India. Fampay was founded in 2019 by IIT Roorkee graduates Kush Taneja and Shambhav Jain. The Fampay company offers a family-oriented cashless payment application enabling teenagers to receive money from their parents and spend it digitally without opening bank account. It's like a debit card that enables teenagers to make payment.
Fampay a teenager focused payments app has raised a $4.7 million in seed funding from Y Combinator, sequoia India, Venture Highway, Global Founders Capital. Fampay plans to use these funds to improve its technology, build there engineering team and accelerate growth.
Today most of the product that is built in are mainly focused on adults and there is nothing out there for teenagers between the age of 12–18 years. According to an estimate 250 million+ teenagers in India belongs to the age group of 12–18 of which 20 million have smartphone. They are still reliant on getting cash for their expenses from their parents. While the digital payments is growing readily. The ‘teenagers’ are unable to pay directly for the services.
Problem with the cash is that parents can't have any visibility on expenses done by their child but with the Fampay parents can send money on app to their kid with control and supervision over the amount of money their kid spend. With the Fampay and it's numberless card teenagers can do online and offline payment through their unique UPI ID without the need of setting up Bank account.
Fampay offers a combination of parental control and independence for teenagers. Fampay allow parents to create Fampool account which is a group account for the family. It will enable parents to track where money is spent from account. Moreover, teen also get their own wallet. This will be their personal on the app from where they can spend independently without asking their parent every time. Users can also maintain zero balance. They will not be charged for low balance.
Teenagers will be rewarded with cashback on achieving a certain amount of savings, winners will get a chance to double their savings.
Fampay Card has no number on it's physical card. The card number and other details such as expiry date, CVV number are stored inside the Fampay app instead of being printed on the physical card that we get from the banks. Users don't need to fear about card information getting revealed to anyone in case it lost or stolen and the Fampay card can be blocked, paused and controlled at fingertips on the app.
Fampay card has a special features that is Flash PIN, which is generated for every transaction. Fampay users can just flash this PIN for offline payment, without the need of entering the PIN by themselves on POS machines.
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