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FamPay Card and App for Payment | FamPay Founder, Net worth, Benefits
- FamPay is a mobile bank for teenagers in India that allows them to make UPI and P2P payments without a bank account
- The FamPay app lets parents send money to their kids under 18 years old with their supervision
- It was founded in 2019 by Kush Taneja and Sambhav Jain, and aimed to raise a financially aware generation in India
- In March 2020, FamPay raised $4.7Mn in seed funding from Y Combinator, Venture Highway, Sequoia India, and GFC
- FamPay card is India's first numberless card that offers extra security for pre-banked teenagers and is accepted for both online and offline payments
- The FamCard is prepaid, which needs parents to add money to their FamPay account and teenagers can use it to spend that money with their supervision
- Contactless payments are enabled through the use of a dynamic Flash PIN generated for each transaction
- FamPay collaborated with NPCI to bring India’s first numberless card into reality
- FamPay is a neobank that aims to provide a secure, convenient, and fun way for Indian teenagers to manage their money
- Famcard and app is designed for the teenagers to make their money management fun and engaging
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