FAM PAY was India’s first Neo-bank for teenagers was founded by Kush Taneja and Sambhav Jain in 2019, graduates from IIT Roorkee. Two weeks before they launched a numberless card called FAM CARD.
HOW DOES FAM PAY WORK:
It offers complete independence to the teenagers but also allows their parents to control the expenditure through the Fam pool account, all the transactions of each family member are recorded in that group account.
For the teenagers, they also get their wallets so they can make payments without any interference. There will be no charges and costs for having zero balance in the account.
It also allows teenagers to share their recent purchases on their app and their friends can react to the updates. The teenagers who saved up a lot of money can get rewarded and win certain cash backs through gamification so that managing money is a bit more fun.
WORKING OF FAM CARD:
Fam pay collaborated with NPCI to make a numberless card in partnership with IDFC and Rupay brokers. Teenagers can make their transactions online and offline relieving their parents the burden of providing cash or debit card.
Fam card does not have any details such as expiry date, number, CVV on the physical card, all the necessary details are inside the fam pay app which can only be retrieved from the face id, lock pattern, pin.
Keeping in mind, the current scenario of COVID-19 it has also introduced ‘FLASH PIN’ which will be generated differently in every transaction. They can show it to the person for no contact transaction.
They earn their revenue on the basis of the interchange fee on every card payment.
FAM CARD will surely become teenagers go to brand for all the purchases.