FamPay - An Indian FinTech's Journey to Make Teenagers Part of the Digital Payment Ecosystem
| Case Code: LDEN167 Case Length: 8 Pages Period: 2019-2020 Pub Date: 2021 Teaching Note: Available |
Price: Rs.300 Organization : FamPay Inc. Industry : Cards & Payments Countries : India Themes: Entrepreneurship, Entrepreneurial Strategy, Starting New Ventures, Digital Ecosystem |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In July 2020, FamPay Inc. (FamPay), a Bengaluru, India-based fintech start-up, launched a numberless card called FamCard aimed at teenagers. The card was a prepaid debit card that could be used by teenagers to make payments without having a bank account. This was expected to reduce their dependence on parents for physical cash and/or using their parents’ debit/credit card. FamPay was born out of the vision of its founders to provide cashless convenience to teenagers and their families. The aim was to include the pre-banked teenage population of India in the digital payment ecosystem. There were an estimated 250 million plus teenagers in India and 20 million had smartphones. But teenagers mostly used the cash given by their parents for financial transactions. The FamPay founders identified this as a problem area and wanted to create a platform that could provide teenagers digital financial access and the freedom to spend money responsibly under the supervision of their parents. The platform could also be used by the family for their day-to-day financial transactions...
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