,Tweens and teens, mercurial denizens of the twilight zone, come packaged with a

crucial special instruction\xe2\x80\x94handle with care. Including matters of

money. Especially matters of money.\xc2\xa0It\xe2\x80\x99s an instruction ignored
at one\xe2\x80\x99s own peril.\xc2\xa0For parents and guardians, it\xe2\x80\x99s a
conundrum at many levels. Should they give their 11-18 year olds pocket money? How
much? How? When? Should they monitor the spending? When should the purse strings be
loosened? Or tightened?\xc2\xa0No right or wrong answers here. Families discover
their own equilibrium, through trial and error. To improvise Tolstoy\xe2\x80\x99s
famous quote, every family is unique in its own way.\xc2\xa0Sashwata\xe2\x80\x99s
story today is about a startup that helps families navigate this tricky
intersection of young people and money.\xc2\xa0Three-year-old FamPay offers Gen-Z
and Gen-Alpha folks the financial autonomy they seek. It does this with pocket-
money smart cards\xe2\x80\x94essentially app-based prepaid cards that come with UPI
IDs too.\xc2\xa0New-tech but with a simple-enough premise. Parents load money\xe2\
x80\x94up to Rs 10,000 a month\xe2\x80\x94on these cards, and kids\xc2\xa0 spend it
as they like. There are nudges to save too, with reward points and such. From the
design to the features to the marketing, the teenage-target audience is kept up,
front, and centre. This differentiator compared to offerings by a few banks seems
to have clicked: the app has over 10 million downloads on Google Play Store.\xc2\
xa0But does convenience come at a cost? Is the card leading to increased spending?
Will it lead to increased borrowings in the future? For FamPay, is there even a
viable business model?\xc2\xa0Sashwata speaks to the various stakeholders\xe2\x80\
x94young people, their parents, money experts, psychologists, and the company\xe2\
x80\x94to bring the answers in today\xe2\x80\x99s charming story. https://the-
ken.com/what-is-your-teenager-doing-with-a-prepaid-card/ https://the-ken.com/what-
is-your-teenager-doing-with-a-prepaid-card/?
utm_source=daily_story&utm_medium=email&utm_campaign=daily_newsletter (11-minute
read)Thanks,Anandanand@the-ken.com mailto:anand@the-ken.comExplore more from The
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KandhariPublished: 25th Nov, 2022PODCAST: First Principles Amrish Rau of Pine Labs
talks about the differences between being a founder and CEO
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utm_source=morning_email&utm_medium=email&utm_campaign=footer_fp Building to exit
and building to last, and corporate versus startup culture.Host: Rohin
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