Y Combinator-backed fintech startup FamPay, on Thursday (July 16), launched FamCard, a numberless card to allow teenagers to independently transact online with minimal intervention from parents.
However, the card requires top-ups from an adult but lets children spend it the way they want, under supervision. This relieves parents from giving children physical cash or their debit/credit card, and gives a sense of financial freedom to teens. FamPay believes that such an offering can efficiently teach children about financial management.
