FamPay
company on 1 show · 13 statements across 1 episodes · said 16 times in 2 episodes since 2021
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the Neon Show 16
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13 statements about FamPay, every show
Sambhav Jain: Physical payment cards do not need printed card numbers
“So we're like, can we remove this? And because anyway, when I'm transacting online with the physical card, I don't need numbers. I just need my pin. I'm swiping the card and for shopping online, I just need the numbers. So we can push the numbers on the app th…”
Sambhav Jain: FamPay sees heavy grocery transactions delegated to teens by parents
“We have a lot of grocery transactions happening through family. So what moms do is moms just fund their kids account and they just tell them, okay, you, they might be sending lists on WhatsApp or whatever, and kids end up buying the whole grocery for the house…”
Sambhav Jain: Teenagers act as household CTOs influencing major family purchases
“Teenagers may not be the decision makers at home, but they are the decision influencers. So just. Look at any purchase that that is made in home, right? Be it a TV, a car, phone, refrigerator, or anything. Parents go to their kids and ask like which one to buy…”
FamPay operates as a parent-KYC prepaid wallet rather than a bank account
“It's not a bank account. It's kind of a wallet. It's a prepaid account. So you come and it completes the KYC. The parent completes the KYC, but the kid gets an independent account. Where parents can load in money. They can fund this account and the kid can sta…”
FamPay monetizes via physical card sales and transaction interchange fees
“So currently we own through every sale of cards. So the physical card is not given for free. And we earn interchange on every card transaction. So for every card transaction we earn.”
FamPay reached 2 million users, adding 1.5 million in one quarter
“No, it's so 1.5 mil was just in the last quarter. It's a two million plus overall.”
Jain: FamPay ran zero Facebook or Instagram ads until 50,000 users
“When we reached our first, for first 40, 50,000 Consumers. We did not do any advertising on Facebook or Instagram. And after that, we actually started with performance.”
Jain: School students make better brand ambassadors than college students
“And what's unique with school kids is that like probably college students might not feel great about being a brand ambassador for a company, but while you're in school, because the exposure is so less, it feels very unique that you're working closely with the …”
FamPay originally targeted a $25M to $30M Series A before expanding
“And on the quantum, we were actually not planning to raise such a big round. We were planning to really raise a little lesser, close to our 25 to 30. Million round, but it just happened that when we started having conversations it everything that we were just …”
FamPay had over 1M registered users when Elevation committed in March
“So when Elevation committed, it was back in March, we had just had a million plus registered users on the platform.”
FamPay grew 100% month-on-month for 8 to 10 months post-launch
“So, so when we launched in August, 2020, after launching in his first numberless card we, for the first eight to 10 months, we were actually growing a hundred percent month on month.”