FamPay is an Indian startup that focuses on the teenagers of India aged from 11 to 17 years.
Like BHIM, PhonePe, Paytm, and other UPI apps, FamPay gives teenagers an opportunity to do online transactions for teenagers without the interference of parents.
To begin using it, the teen has to verify himself and add a parent to his account. Both verifications for the teen and his/her parent (KYC) require only the Adhaar card.
The verification is done by sending an OTP (One Time Password) to the mobile number linked with the Adhaar card.
Main Features:
1. No bank account required
2. Only the Adhaar card of the teen is required for KYC.
3. Discount Offers on various other services like mobile recharge, food orders, e-shopping, etc.
4. Rewards on spending at e-commerce stores like Flipkart, Amazon, etc.
5. Fampool: It's something similar to a Facebook group. But as an add-on feature, you have an option to deposit some money in the group (called Fampool).
6. Secure transactions and app lock.
7. Chat support for teenagers to resolve uncommon or unknown/new problems faced by them in the app.
Famcard:
Another cool feature the startup offers is a RuPay prepaid debit card exclusively for teenagers.
It's a numberless card with the FamPay and RuPay logo on it. Behind the card is the caption 'issued by IDFC First Bank' since FamPay is supported by IDFC First Bank. Plus, you can have your original or nickname printed on it.
This card can be used in the local online store for the purchase of an item with the same procedure of payment of any other card.
Teens also get their own UPI id through which they can receive money. And remember, this UPI id just works as efficiently and the same as your UPI id in your BHIM app!
What to do if you lose your Famcard?
There is nothing much to worry about. If you think you simply cannot find it, or it has managed to fall in the wrong hands, with a click of a button you can just permanently block your FamCard. But on the contrary, I recommend that this is the last thing you should be doing.
Since first of all this is a numberless card. Meaning even if the card is misplaced or stolen, its of no use until someone else knows the number and its 3-digit password (CVV).
The second point is that you just have to order a new card once you block your current one.
About the FamPay team:
The founders of FamPay are Kush Taneja and Sambhav Jain. The main team members mentioned by them are Aayush Gupta, Anchit Shukla, Chirag Maheshwari, and Harjot Singh Oberai.
Fund Raised:
As per the latest updates, a total investment of about 4.8 million dollars is raised by the startup.
Popular investment companies that have funded the startup include Y Combinator, Venture Highway, GFC (Global Founders Capital), and Sequoia.
Are FamPay transactions well protected?
As mentioned above, the company has assured teenagers that their money is safe in the hands of the startup.
One of the features launched by the startup is the auto-lock option. In this, the teen can either manually set up a lock to his app, or after reaching a definite amount in his mobile wallet, the app sends a message saying "You're rich!" and enables lock by itself.
The lock is the same one you set up for your phone access.
Other Features of FamPay:
1. Teenfluencer:
A program where the teens from 11-17 years can promote the products of the startup on popular social networks by sharing their referral link. Upon adding a new customer via their referral link, teens get special rewards.
2. Fampreneurs:
India's first Internship program for students of classes 9 to 12. The startup says that this program has an aim to foster innovation, confidence, and creativity among teens through real-time problem-solving verticals giving them a headstart in their careers.
3. FamJam:
A virtual teen fest conducted by the startup exclusively for teen customers. The last fest conducted was on 28th and 29th of November 2020 by the name 'FamJam 2.0'.
How to get started with FamPay?
The Setup process is very simple:
1. Download the Fampay app from the Play Store/App Store.
2. Sign Up choosing the option whether you are a teen or a parent
3. Enter your personal Adhaar number
4. You will receive an OTP to the mobile number linked to your Adhaar card (Final step for completing KYC)
5. Enter the OTP and click continue
Jobs at FamPay:
FamPay is a startup that has witnessed a lot of growth in the recent span of time. Hence, they have a ton of job posts to be offered. Below is a list of all the posts offered by them in different fields. For further information (location, what work to do, requirements, etc.), you can visit the link we have provided for each post:
Creative Team:
1. Brand manager
Location: Bengaluru / Location: Bengaluru
Engineering:
1. Android engineer / Location: Bengaluru
2. Backend engineer / Location: Bengaluru
3. Data Analyst / Location: Bengaluru
4. DevOps engineer / Location: Bengaluru
Finance:
1. Financial accountant / Location: Bengaluru
Internship:
1. Backend Engineering Intern / Location: Bengaluru
2. Creative communications Intern / Location: Bengaluru
3. Customer love Intern / Location: Bengaluru
4. Growth Intern / Location: Bengaluru
5. iOS Engineering Intern / Location: Bengaluru
6. Motion graphics and animation Intern / Location: Bengaluru
7. Product design team Intern / Location: Bengaluru
8. Talent acquisition Intern / Location: Bengaluru
9. Video editor Intern / Location: Bengaluru
Leadership:
1. Engineering lead / Location: Bengaluru
2. Founders' office / Location: Bengaluru
3. Legal and compliance manager / Location: Bengaluru
4. Product design / Location: Bengaluru
Operations:
1. Executive - Customer love / Location: Bengaluru
Product:
1. Quality assurance manager / Location: Bengaluru
User Growth:
1. Performance marketer / Location: Bengaluru
2. Product marketer / Location: Bengaluru
Other Opportunities...
Location: Bengaluru
(This is the information as displayed by the company on their website. We don't guarantee that in the future all the information above will remain as it is. You can check out the company's website for more info by clicking the link here)
Conclusion:
FamPay is indeed appearing to be one of the most successful startups that quenches the thirst of teenagers who want to do online transactions by themselves without the interference of parents.
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