Bengaluru, India, Jul 29th, 2021- After the successful launch of their numberless FamCard, FamPay has launched India’s first Visa Prepaid Card for teenagers with personalized doodles on it. The card will allow teens to make NFC-enabled contactless payments on the Visa network in India. The card will be available in two different designs - the FamCard and FamCard Me. Teens will be able to design their own card to reflect their personality, playing with names, fonts and doodles.
With FamPay, teens can make online and offline payments using the FamCard and the FamPay App. The launch of FamCard Me marks yet another innovation in the fintech and card industry, being the first ever doodle card in India. FamPay crossed 2 million registered users within 8 months of its launch and recently raised a Series A funding of $38 Million with Elevation Capital and Sequoia Capital as lead investors.
“If there's trustworthiness and style in a product, it's very hard for GenZ to resist it. After launching India's first numberless card, we decided to up our game in terms of innovation and personalization. Our new series of FamCards powered by Visa would be the most rewarding, sleek, and secure cards in the market for teens”, says Kush Taneja, Co-founder, FamPay.
The FamCard Me will be the first doodle card in India. It will also be the first time Visa forays into numberless cards. Teens can select from a range of 200+ doodles and signature fonts to create unique designs on their FamCard Me. They can also choose to put any name on the card, making it their own card, their own design. Added benefits of the card include 4x rewards on every spend, complimentary subscriptions of teen popular brands and exclusive Visa specific offers.
TR Ramachandran, Group Country Manager, India and South Asia, Visa said, “We are delighted to partner with FamPay as they seek to innovatively solve for digital payments for young adults and teenagers who are digital natives, adept at using novel payment methods with ease. These youngsters today are seeking user experiences that are unique and personalized, with card products they can identify with. FamCard Me caters to this growing segment of discerning consumers and we see strong potential in the Indian market. These innovative, numberless payment cards with personalized doodles will appeal to a generation that is seeking the best of innovation and convenience for its payment experience.”
Explaining why FamPay chose doodles for their new FamCard Me, FamPay Co-founder, Sambav Jain says, “We’ve had a user-first approach since day one. Our team is closely connected with our teen community to understand their lifestyle and what they love the most. As GenZs are super unique and quirky - we wanted them to express their story through their card and hence chose doodles. We are calling it the FamCard "Me" as it's not just personalised, it is their personality.”
FamPay rolled out their virtual Visa Cards in May 2021, and more than 2,00,000 users have adopted it in just the first few weeks. Starting today, teens can order the FamCard once their account is set up on the FamPay app. In addition to being doodled and personalized, the FamCard Me also gives exclusive offers and subscriptions to its teen users, the details of which can be found on famcard.me. They can immediately start using their virtual FamCard for online payments, while they wait for their physical cards to arrive. For every card sale, FamPay has pledged a meal for a child in partnership with Feeding India by Zomato. They have also tied up with Give India Foundation to contribute towards Covid-19 relief initiatives, for every card purchased.
FamPay invests heavily in research and product design to ensure a teen’s personal finance journey is smooth sailing. With a number of in-app elements, their goal is to gamify and make the process interactive and fun. Like all other FamPay offerings, the FamCard and the FamCard Me are designed with style while keeping in mind the security of teens.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
FamPay is India's first online and offline card payments for teenagers. With FamPay and its numberless prepaid card, minors can successfully make online and offline payments without the need to set up a bank account. FamPay is a marketing and distribution partner of IDFC FIRST Bank Prepaid Card. We aim to raise a new, financially aware generation of Indians who understand the fundamentals of personal finance and are capable of making decisions in their best long term interest.
FamPay was founded in 2019 by Indian Institute of Technology (IIT) Roorkee Graduates, Kush Taneja and Sambhav Jain while still in college, which makes them the youngest fintech entrepreneurs in India today. They have also been featured on the Forbes 30 under 30 Asia 2021 list. In June 2021, FamPay raised one of India’s biggest Series A funding round of $38 Million with Elevation Capital and Sequoia Capital as lead investors. In March 2020, FamPay raised seed funding of US $4.7Mn from Y Combinator, Venture Highway, Sequoia India and Global Founders Capital (GFC). Neeraj Arora, ex-WhatsApp, Twitch cofounder Kevin Lin, Robinhood cofounder Vladimir Tenev, CRED founder Kunal Shah, Pine Labs CEO Amrish Rau also participated in the round.
For more information, visit www.fampay.in
To know more about FamCard Me, visit famcard.me