Last week, FamPay, a neo-bank, introduced India's first numberless card targeting teenagers as its customer base that can be used by teenagers to make payments independently.
The Ikigai Law team acted for FamPay and the team was led by Partner Aparajita Srivastava along with Senior Associate Aman Taneja and Associate Ratul Roshan.
The team advised FamPay on regulatory aspects of the product, KYC, data privacy, and its contracts with the banking and technology partners.
FamPay has collaborated with National Payments Corporation of India (NPCI) to make this ‘first in India’ numberless card. The card has been launched in partnership with IDFC Bank and is accepted across the RuPay payment network of merchants.
FamPay had raised $4.7 million in seed funding in March 2020 from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital, as well as angel investors including Kunal Shah, founder of CRED.