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Fintech Apps Are Becoming the New Piggy Bank for Indian Teens



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Satya Siba Nayak, 15, makes use of a debit card to pay for YouTube Premium and Netflix, to obtain apps from Google Play, and to pay for issues when he is out with pals. Signing up for an app referred to as FamPay enabled Nayak to have his personal card for making offline and on-line funds.

“My dad doesn’t live with us as he works in Karnataka and my mom wasn’t used to Google Pay and stuff, so I was researching about a solution to make cashless transactions,” the category 10 pupil advised Gadgets 360.

He stated that asking for one-time passwords (OTPs) earlier was fairly an eyebrow raiser for his mother and father, however along with his devoted account on FamPay, he would not must hassle them anymore.

Young Indians like Nayak say that money allowances from their mother and father are neither handy nor all the time possible. For many mother and father, pay as you go wallets had been a very good possibility to offer their youngsters extra freedom, whereas permitting them to set limits too. Now, a brand new wave of fintech platforms are constructing out full-fledged debit programmes for youngsters, and seeing transactions value crores every month. But alongside the rise within the quantity and worth of transactions going down by these platforms, the expansion of apps being an final monetary supply for teenagers can also be elevating issues.

The final buyer

Before going for FamPay, Nayak used to make transactions utilizing the money he was getting from his mother and father within the type of pocket cash. He additionally usually used debit playing cards from his mother and father for putting on-line orders. But the convenience of getting his personal card has elevated Nayak’s spending (on-line and offline) to Rs. 2,500 a month.

FamPay is simply one of many common new-age banking apps (generally generally known as neobanks) in India which are meant for teenagers and youths. Other common apps within the class embrace Junio, launched in May this 12 months by former Paytm executives, and Walrus, which was launched in 2019.

Junio permits mother and father to load cash to their youngsters’ pay as you go card utilizing its cellular app
Photo Credit: Junio


Sourojyoti Barman is one other one of many lively customers of FamPay. Barman (17) signed up on the app in January with the only goal of getting his personal card for making transactions as a substitute of counting on the options opted by his mother and father.

Just like Nayak, Barman is spending about Rs. 2,500 on a month-to-month foundation by FamPay. He, nonetheless, seen that his total spendings declined from Rs. 3,000 a month that he had previous to getting the FamPay card as a result of he receives restricted cash on this account, in contrast to the limitless entry he used to get from the Google Pay account of his father.

New-age platforms vs conventional banks

In the primary quarter of 2021, FamPay reached 13,50,142 registered customers and 38,44,609 transactions, the corporate stated. Junio, then again, stated it dealt with 6,50,000 transactions value Rs. 30 crores since launch by a consumer base of over 2,50,000 customers. Junio additionally stated that it processed 2,00,000 transactions value Rs. 10 crores simply in October.

As conventional banks do not enable teenagers to have their standalone financial institution accounts sans a mother or father or guardian, platforms together with FamPay and Junio attempt to fill in that hole. As such, you do not want your mother and father’ consent to create an account, nor do they should have their very own account with these apps, nor are paperwork equivalent to delivery certificates requested for.

All you must do is to obtain the app on a tool, confirm your cellphone quantity, and register by submitting private info, equivalent to their full identify and full handle. Once the registration kind is stuffed on the devoted app, the platforms have a know-your-customer (KYC) requirement that the mother and father want to finish by importing a authorities issued ID card.

The apps additionally cost a payment to enroll. FamPay expenses a one-time payment of Rs. 299 for its common card, or Rs. 599 for the premium card. The principal distinction is rewards and tie-ups like Zomato Pro, and personalisation of the cardboard.

fampay famcard models comparison image FamPay

FamPay presents two distinct pay as you go card choices to youngsters
Photo Credit: FamPay


Junio, then again, has a single Rs. 99 signup payment. The firm provides that in return of the signup payment, customers get a scratch card, which has cashback as much as Rs.1,000.

These apps additionally give mother and father the flexibility to control the spendings of their youngsters by devoted analytics and dashboards. At the identical time, mother and father can cease any transactions from their finish or obtain notifications for each new fee their youngsters make by the app.

Although apps together with FamPay and Junio are designed to be a platform for youngsters, they do not need to stay an answer solely till their prospects turn out to be adults. The purpose of those new gamers is to emerge because the one-stop banking answer for these teenagers as soon as they full their adolescence section.

“If we open a bank account, if we are happy with it, we don’t go and change,” stated Shankar Nath, Co-Founder of Junio. “So, we want to become that and catching children at the age of 12–13 and making a relationship with them through our app is what we are looking after.”

Key variations between conventional banks and fintech apps for teenagers

Characteristics Traditional Bank New-age fintech apps
Parents’ consent is should Yes No
Access to spending analytics No Yes
Immediate Payment Service (IMPS) help Yes (But for a restricted quantity) No
Bank account of oldsters is obligatory Yes (normally) No
Need paperwork together with delivery certificates Yes (normally) No
Transactional quantity is proscribed Yes No
Recognised by RBI Yes No
UPI help No Yes


Concerns over focusing on minors

David Monahan, Campaign Manager for Boston, Massachusetts-based kids-focussed watchdog group Fairplay, famous that pay as you go playing cards focusing on youngsters raised vital issues in regards to the delicate knowledge that corporations had been compiling about youngsters’ spending habits and whom they had been sharing it.

When requested about knowledge sharing, which can also be recommended within the privateness coverage listed on the corporate’s website, Junio stated that it didn’t share consumer knowledge with any third events.

FamPay, then again, stated that it takes consumer consent for knowledge sharing.

“As part of our co-branding arrangement with our banking partner and other allied services, we are required to share KYC and other data to enable the bank and ancillary service providers to authenticate users in order for them to commence transactions on our platform. We have processes in place to ensure consent is obtained for such data sharing once the user becomes a part of our ecosystem only,” the corporate stated.

Monahan additionally acknowledged that beneath the guise of selling monetary literacy, these platforms had been really designed to get even youthful youngsters within the behavior of constructing purchases with out regard to whether or not they might afford or want issues.

“They’re also building brand loyalty for certain banks and brands when children are young and impressionable,” he added.

Kazim Rizvi, Founding Director of public-policy think-tank The Dialogue, agrees with the issues raised by Monahan and identified that these teen platforms had been additionally accumulating biometric knowledge of minors that required the next diploma of safety.

“These apps aim at sub-18-year-olds and their parents. This raises questions on valid consent, to the usage of services and the financial system broadly. It goes without saying that such an endeavour inevitably collects swathes of data,” he stated.

Some market consultants additionally imagine that regulatory management must be in place as minors are thought-about because the target market by these platforms, however the Reserve Bank of India would not have any particular norms for these younger prospects.

However, Raghav Aggarwal, a Principal Consultant who analyses fintech technique and offers engagements at PwC, in his private capability, advised Gadgets 360 that regulating these platforms and recognising them as a person financial institution would contain lots of capital necessities.

“As soon as you recognise an institution as an individual bank there are a lot more compliances, there are a lot more capital requirements which kind of come into the picture, which would block a lot of capital or would require expensive capital from these neobanks, and instead of channeling into let’s say the innovation, technology, customer acquisition, they would have to park that money in form of in form of compliances,” he stated.

Aiming to turn out to be teenagers’ financial institution for all times

For Fintech apps, the objective is not simply to play a component within the lives of children, however to turn out to be part of their persevering with lives.

“That is why we call ourselves FamPay and not just a teenage payments app,” stated Kush Taneja, Co-Founder of FamPay. “We want to stay with them, we want to include them in the entire financial ecosystem, and we want to grow with them.”

Ankit Gera, Co-Founder of Junio, advised Gadgets 360 that one of many ongoing developments was to offer credit score on UPI by the app.

“Because kirana stores in your neighbourhood may not have a swipe machine. So, we are building a feature where you can scan and pay. We are about to give credits on that payment mode because those are like small payments of 100 rupees,” he stated.

Junio can also be planning to finally provide faculty, schooling, and private loans that will be given to customers after they attain the age of 18. In the short-run, the corporate is in talks with fast-moving shopper items (FMCG) manufacturers to run numerous presents on its platform.

What is attracting youngsters?

Nath of Junio advised Gadgets 360 that he and his accomplice Gera took Greenlight (a common app within the US) as a reference mannequin for his or her app.

“Children nowadays are the CTO of the household, almost because they’re, in many cases, far more savvy than their parents digitally,” stated Nath, who previously labored as Chief Marketing Officer and Senior Vice President at Paytm. “So our entire approach was essentially motivated by the fact that if a child is transacting digitally, he or she should be having his own payment instruments, under supervision, of course.”

While Google Pay and PhonePe compete with large cashbacks and rewards to get individuals to enroll, the workforce at FamPay stated that children aren’t on the lookout for the identical type of presents.

“Kids don’t come to our platform for rewards,” stated FamPay’s Taneja. “When they pick something, they don’t pick because of the reward, they pick because they feel that emotional connection, the brand value, the value prop and that aesthetic are much more higher than just rewards.”

FamPay additionally presents the flexibility to let teenage customers talk with buyer brokers on its platform utilizing GIFs, memes, even voice notes. There are doodles on FamPay’s FamCard Me to offer a personalised really feel to younger prospects.

fampay famcard me doodle image FamPay  FamCard Me  FamCard

FamCard Me lets youngsters have doodles on their pay as you go playing cards to get a personalised really feel
Photo Credit: FamPay


“What happens is once teens get a card, they want to flash it out,” defined Taneja. “They want to showcase it to their friends, they want to put it on Instagram, and they want to get that feeling.”

FamPay is in plans to carry fantasy characters on its playing cards to bolster personalisation. Taneja indicated the fantasy characters may very well be from Disney and will come at the price of FamCoins. The prospects we talked to are extra taken with making funds with out OTPs than customising their playing cards, although.

“You could really get creative with FamCard Me and have seen great designs, but for the Rs. 600, I don’t think I would take that,” stated Nayak. “If they would give some discount I may reconsider.”

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AI Can Help Reduce Backlog of Pending Cases: Law Minister Kiren Rijiju



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Law Minister Kiren Rijiju on Saturday stated synthetic intelligence may assist in “surprising ways” to make sure sustainable justice supply and scale back backlog of pending instances.

Addressing the concluding session of a Supreme Court-organised two-day Constitution Day occasion, he stated synthetic intelligence (AI) may also help in implementing court docket administration instruments like case circulate administration, case administration clearance charges, on-line info of case legal guidelines, and automatic algorithm-based help system, which might all add to the effectivity of judicial functioning.

Since courts in India are already present process a transformational change by going digital, the rising area of AI may assist in shocking methods to make sure sustainable justice supply and scale back backlog of pending instances, the minister stated.

He stated machines, after all, can not substitute human judges, however they might help judges within the decision-making course of by giving calculated and unbiased opinions.

Synchronisation of AI with human knowledge may also help convey velocity to supply of justice, Rijiju stated.

President Ram Nath Kovind, Chief Justice of India N V Ramana, judges of the Supreme Court and excessive courts, amongst others, had been current on the occasion.

Referring to considerations over pending instances in several courts, the minister stated adequacy of judicial infrastructure is crucial for discount of pendency and backlog of instances in courts.

The current authorities, Rijiju stated, is delicate to the wants of offering effectively outfitted judicial infrastructure to the subordinate judiciary to facilitate administration of justice in a fashion that enables simple and well timed supply of justice to all.

The authorities is dedicated to investing most doable assets for constructing the subsequent technology high quality infrastructure in order that they grow to be engines of financial progress, he famous.

The position of the judiciary within the adjudication of infrastructure disputes and protecting the bigger nationwide pursuits in thoughts is essential for the circulate of the developmental trajectory and total venture prices, he stated.

Referring to the choice dispute decision mechanism to decrease the burden of courts, Rijiju stated the central authorities has been taking varied coverage initiatives for promotion and strengthening of the mechanism, via amendments in present legal guidelines. As a continuation of this train, bringing a standalone regulation on mediation is into account, he advised the gathering.

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Oppo Enco X, Enco Air, Enco Play Earbuds Getting Updated With New Features



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Oppo Enco X, Enco Air, and Enco Play true wi-fi stereo (TWS) earbuds are getting a software program replace in December that can convey options out there on the Enco Free 2 and Enco Free 2i. One of the largest additions would be the Double-Tap Camera Control that can let customers seize photographs or document a video by double-tapping the earbuds. Oppo Enco Free 2 are additionally receiving a brand new software program model that can convey dual-connectivity help to allow you to pair the earbuds with two units concurrently.

As introduced on Weibo, the software program replace for the Oppo Enco X, Enco Air, Enco Play, and the Enco Free 2 can be launched in China on December 1. It might take a while to succeed in customers across the globe, although.

The replace will allow the Enco X, Enco Air, and Enco Play with the Double-Tap Camera Control function that debuted on the Enco Free 2 earlier this yr. It permits customers to document movies or seize a bunch image or a selfie by double tapping the earbuds.

Oppo has made Double-Tap Camera Control as a function particularly for its units which are working on no less than ColorOS 11.3. Users have to open the default digicam app on their telephone to entry the gesture management.

Alongside Double-Tap Camera Control, the Oppo Enco X earbuds will obtain the Personalised Sound Boost function that was out there on the Enco Free 2. It makes use of a software program algorithm to regulate the audio playback based mostly in your ears’ sensitivity.

The Personalised Sound Boost function works with telephones which are working on ColorOS, Android 6.0 and later, and iOS. For non-ColorOS telephones, it is advisable to set up the HeyTap app to allow the personalised therapy.

Oppo can also be updating the Enco Free 2 earbuds that had been launched in May. The replace designed for the brand new Enco mannequin will convey dual-connectivity help that’s already out there on the newly launched Enco Free 2i. It can be enabled by default and can permit customers to attach as much as units with the earbuds.

The function works with each ColorOS and non-ColorOS units, although the latter require the HeyTap app. The proprietary app can also be the supply for getting the firmware replace on all Enco earbuds.

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Vivo Y32 Specifications Suggested by TENAA Certification



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Vivo Y32 has purportedly surfaced on China’s TENAA with a appear and feel much like that of Vivo Y33s. The new Vivo cellphone seems to have a waterdrop-style show notch and multi-camera setup on the again. It additionally appears to have a gradient end, which is a standard attribute amongst all price range and mid-range Vivo telephones. Vivo Y32 could also be positioned as a price range 4G cellphone by the Chinese firm. Although particulars about its launch are but to be revealed, the mannequin might be a part of the prevailing Vivo Y collection within the coming future. Some of its specs are additionally listed on the Chinese certification website to recommend its {hardware} forward of the formal launch.

The TENAA itemizing exhibits the Vivo cellphone with a mannequin quantity V2158A. This is believed to be related to the Vivo Y32 mannequin.

To give some particulars concerning the design, the net itemizing exhibits the cellphone by a few of its early pictures. The entrance of the cellphone exhibits its waterdrop-style notch, whereas the again view exhibits its multi-camera setup. The positioning and the design of the rear digital camera module is notably fairly much like what we’ve got on Vivo Y33s that was launched in India in August.

Vivo Y32 specs (anticipated)

The TENAA itemizing has additionally included some specs of the cellphone. It exhibits that Vivo Y32 runs on Android 11 and has a 6.51-inch HD+ (1,600×720 pixels) TFT show and is powered by an octa-core SoC, together with 4GB, 6GB, and 8GB RAM choices. The cellphone additionally has 64GB, 128GB, and 256GB of onboard storage fashions.

Vivo appears to have supplied a twin rear digital camera setup on the cellphone. Some experiences thought-about it as a triple rear digital camera module, although the again picture and the specs on the TENAA itemizing aren’t clearly confirming any such particulars. Gadgets 360 was additionally not in a position to independently confirm the reported data.

The digital camera setup on the Vivo cellphone is listed with a 13-megapixel major digital camera sensor on the again, together with a 2-megapixel secondary sensor. The TENAA itemizing additionally exhibits that there’s an 8-megapixel selfie digital camera sensor on the entrance.

Further, the smartphone seems to have a 4,910mAh battery and has two color choices. It measures 165.01×75.20×9.19mm and weighs 204.75 grams, as per the itemizing.

Vivo has not but supplied any particulars concerning the Vivo Y32. However, the cellphone with the identical V2158A mannequin quantity reportedly acquired a go-ahead from the China Compulsory Certification (3C) simply earlier this month. We can, subsequently, safely anticipate another certification our bodies to listing the smartphone within the coming days.

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Jagmeet Singh writes about shopper expertise for Gadgets 360, out of New Delhi. Jagmeet is a senior reporter for Gadgets 360, and has regularly written about apps, laptop safety, Internet companies, and telecom developments. Jagmeet is offered on Twitter at @JagmeetS13 or Email at [email protected] Please ship in your leads and suggestions.

Xiaomi to Open Car Plant in Beijing With Annual Output of 300,000 Vehicles, Government Says

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