Over 300 million adults (age 18+) in India pay digitally, but 250 million minors (age 11-18) can not, despite having smartphones, internet and being tech savvy. Minors are still forced to use cash or use their parents debit/credit cards for payments. Over 80% of teens love shopping online but 67% of them are forced to use cash and 52% use parents cards/ payment apps.
FamPay is solving this problem by helping teens make payments online/offline independently under their parents supervision, without the need of a bank account. As part of our mission, we are raising 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 is India’s first neobank for teenagers and their families. With FamPay and its numberless card, minors can successfully make online (UPI & P2P) and offline payments without the need to set up a bank account.
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