Neobank is a buzzword of current times. Neobanks are fintechs that offer financial solutions through the use of technology and without the use of traditional branch networks. Most of the Neobanks offer solutions to adults and one section which remains ignored is teenagers or Generation Z. These are mostly tech-savvy kids but have no bank accounts and hence are deprived of the transition to a cashless society.
Well, the situation is going to change as FamPay, India’s first Neobank for teenagers has brought in an innovative product to address the need of teenagers & their families.
What is FamPay?
FamPay is India’s first payment app for teenagers & their families. FamPay enables teenagers above the age of 10 years & up to the age of 18 years to make payments using digital modes without opening a bank account.
FamPay is founded by Kush Taneja & Sambhav Jain, graduates from IIT Roorkee, and is headquartered in Banglore. In March 2020, the founders raised seed funding of $4.70 million. The founders felt the need of educating teenagers about digital payments and personal finance which is of utmost importance to move to a cashless society. Teenagers, despite having access to the latest technologies, are dependent on cash for making payments.
How does FamPay Work?
Teenagers above the age of 10 years & up to the age of 18 years can create an account with FamPay to receive money from their family. The teenagers can use the account to make digital payments through UPI or FamCard. They can also send & receive money from their friends.
How I can open an account on FamPay?
Now comes the most important part i.e. to join the fast-growing community of FamPay users. The FamPay app already has 50000+ downloads on Google play store. The opening of the account on FamPay is as easy as it can be. Here is what you need to do to open an account on FamPay.
Step 2: Enter your Name & Date of birth in the app along with the FamPay referral code (if any). You’ll be allowed to proceed only if you qualify the age criteria i.e. if your age is between 10 years to 18 years.
Step 3: Next step is to invite your parents to the FamPay app through the app only. Your parents are required to download the FamPay app and complete the Step1 & Step2.
Step 4: Once your parent completes the KYC which is Aadhar based, you may complete yours and can activate the account to enjoy the convenience of the digital world.
What is FamPool?
Once you have successfully activated your account you can create a “Family” by selecting members of your family. The adults who complete the minimum KYC first becomes the owner of the family. FamPool as the name suggests is a shared account of the family. The adults of the family can add money to the account and all the members can use the money for payments. The transactions in the FamPool account are visible to all the members.
A teenager can request the money from adults in the FamPool account and once approved the amount is transferred to the personal account of teenagers.
What is FamCard & Its Features?
FamCard is an innovative product specifically designed keeping in mind the users of cards i.e. the teenagers. It is a “Numberless” debit card that can be used to do online as well as offline transactions. The card can also be accessed from the FarmPay app.
FamCard can be used for online purchases by using details of the card which are stored in the FamPay app. The same card can be used to make payments from FamPool as well as from personal accounts.
FamCard Charges: As per the FamPay Referral program teens can get the FamCard worth Rs. 500 free without any charges. The referral offer is available through the FamPay app.
Is it Safe to use FamPay?
FamPay has teamed up with the National Payment Corporation of India (NPCI). NPCI is an “Umbrella Organisation” to supervise retail payment & settlement in India & works under the supervision of Reserve Bank of India & Indian Bank’s Association. Further, the FamPay card is registered on the RuPay network and is launched in partnership with IDFC First Bank. FamPay is also backed by many Marquee Investors.
Hence, the app can be considered safe for use and can be used to make payments securely.
What are the benefits/features of FamPay?
Promote digital payments: The app helps in promoting digital payments by inculcating the cashless payment habits in teenagers. It enables GenZ, which is most tech-savvy, to be a part of the transition to a cashless society. The teenagers get unique UPI ID which can be used to transfer money, make payments, etc.
Parental Control: The parents can track where the teens are spending money from the FamPool account. Further parents can add the child’s pocket money to their account from where they can spend as per requirement.
Innovative Security Features: FamPay has introduced innovative security features keeping in view the target users i.e. teenagers.
The FamCard is a Numberless card that can be used to make online as well as offline payments. As FamCard contains no numbers, there is no threat of compromise of sensitive information in case of loss of the card or if it gets stolen. The card can be blocked from the FamPay app as well. The card also has a “Flash Pin” feature where a unique PIN is generated for every transaction through the FamPay app. The FamPay app can be protected with a device lock by PIN, fingerprint, etc. The FamPay card can be ordered from the FamPay app.
Social Feeds: Another feature of the app is social feeds where teens can share their spending with friends or can react to updates by friends.
Money Management: The app used different tasks to make teens learn money management & financial awareness. The teens can participate in tasks and can win cashback to increase balance in the account.
The teenagers have mostly been ignored by the traditional banking system & FamPay offers a solution by making them part of the ecosystem. The app shall help to inculcate digital payment habits and in improving the financial awareness of teenagers and hence is a must-try.
To follow and know the latest updates, links to Social media profiles of FamPay are as under:
FamPay Linkedin – https://in.linkedin.com/company/fampay
FamPay Twitter – https://twitter.com/fampayindia
FamPay Instagram – https://www.instagram.com/fampay.in/
FamPay Facebook – https://www.facebook.com/fampay.in/
FamPay Customer Care Email ID – email@example.com
FamPay Helpline number – +918041673070