“Every startup begins with a story about an unimagined future.”
Our founders were just two engineering students from IIT Roorkee, aged 21, just 3 years ahead of their teenage lives, when they decided to break the box rather just than thinking out of it. Instead of following the conventional idea of applying for campus placements, they decided to do something which interests them, they decided to differentiate between wealth and money. In January 2019, Sambhav Jain and Kush Taneja thought of starting FamPay for the first time. And ever since, the journey has been nothing short of a rollercoaster ride.
The idea they had in mind was to generate financial literacy and the audience they were targeting were the teenagers of our country, a section which caters for about 250 Million of the net population but had no means to make payments digitally, a section which was ignored in the vision of a digital India.
One might now wonder, why teenagers?
Well the answer simply put is, if not them then who else? We teach young kids the basics of math and science ever since their day 1 at school. We think of them to be smart enough by age 10 to engage in social studies but we wait for them to be 18 to shower upon them the sudden load of financial management. To have a future of financially responsible citizens, one must lay down the foundation for that at a very young age.
The teenagers of today, or as we call them, the GenZ, are way ahead of the millennials in a lot of aspects. They are technologically advanced, and thoroughly involved in all the technological decisions made in a household, from buying things off an e-commerce site to buying a new television or laptop for the household. But the moment it comes to payment, they are pushed back to rely on hard money.
FamPay is the game changer for these teens, and we have been able to get 50k downloads till date!
What worked for us
Welcome to the Fam, Welcome to the Community!
At FamPay, our aim is not to widen the User Base, instead it is to bring in more users to our community. A teenager which uses FamPay isn’t only granted the feature to make digital payments but is also exposed to an experience which adds on to them as a whole. We aim at nurturing teenagers to grow into financially literate, responsible and learned adults. Our aim is to create a sense of belonging amongst the company and the users, and ensures that we take constant insights from everyone using the app to get better day by day!
Save the streak
While in this lockdown the spendings had initially dropped, savings increased.We at FamPay decided to make use of this opportunity to educate our users about the vitality of saving enough with a fun twist. We started a 10 day savings challenge where each user is asked to deposit more than at least 10 rupees daily for 10 days in a row. On finishing the challenge, the teenager gets a chance to spin a wheel which has exciting cashback rewards!
Another major win for us this lockdown was the launch of our product, the FamCard. It is India’s first numberless card which we have made solely for the teenagers, or as we like to call them, the GenZ. It enables the teens to make digital payments at online and offline stores, and while all this is happening, the parents can spectate and monitor all of their child’s spending. FamCard is one of its kind and is providing the teenagers what no one else has offered so far and that is the chance to be financially responsible! We have managed to reach a lot of teenagers with our idea and received lots of love and support in return. We aim to make FamCard a lifestyle!
Plans for the future
While FamPay is always aiming at improving the user experience and user base by bringing in new features or events, there are two very different and exciting ideas that are going to come up soon! The first aims at improving user experience and for that FamPay has concentrated on gamifying the app more, the details of which are a secret and we suggest you to wait until it rolls out! The second aims at increasing the FamSize and for that we are targeting ways to create a better and bigger referral network.
User is Priority!
Whatever FamPay is and has the potential to be lies in the hands of its users. FamPay has proved to be unique with their ideas, features they offer and most of all their product, the FamCard. Making digital payments is a lifestyle change Indians are adopting throughout the country. All Indians, except the teenagers, have already begun to ride this wave and now with FamPay, teenagers have also started exploring digital payments in this habit-building age of theirs. From providing the teenagers the experience of holding a bank account under their parents’ supervision and FamPay’s security, to teaching these teenagers the importance of being financially literate through their content on various social media platforms, the app has received 50k downloads. And though, there is a long way to go, we are excited to have reached halfway on 100k!
50K down, 50K more to go!