Tuesday, October 20, 2020

Zeta’s Fusion to Power FamPay’s Cashless Payments for Gen Z in Indian Market

Zeta, India’s leading banking tech company, today announced that its embeddable banking API-based marketplace called ‘Fusion’ will power FamPay’s neo banking solution for Gen Z.

FamPay, India’s first neobank for teenagers, enables its prebanked segment of  users to pay online and offline through their own UPI ID and a numberless prepaid card. The company will integrate Fusion’s card issuance capability and dynamic PIN solution to offer Indian teens an effortless and delightful payments experience. The dynamic ‘Super PIN’ which is part of Zeta’s Access Control Server offering will provide security to all transactions.

Fusion through its API-based marketplace offers all the components needed to build a financial product easily making it a hassle-free process.

Speaking about the association, Murali Nair, President-Banking at Zeta said, “We are excited to partner with FamPay and look forward to supporting them in redefining the GenZ spending segment. The banking ecosystem is fairly complex and building a compliant and secure financial product can be quite time-consuming. But with Fusion’s embeddable banking solution, FamPay will have the advantage to integrate easily with all the fintech components it needs to build its products and go-to-market significantly faster.”

“Partnering with Zeta has given a significant boost to our tech innovation efforts. We had pioneered numberless cards in India by reconfiguring the card supply chain with NPCI, and now with Zeta’s Super PIN feature, the card also enables contactless offline payments in the new normal. While our focus remains on providing teens with the best of digital payments and financial literacy, along with maintaining the GenZ vibe, Zeta is helping us take care of the heavy-lifting in terms of payments and security,” says Kush Taneja, Co-Founder, FamPay.

“It’s great to witness that digital payments are being accepted well among the Gen-Z population – which has a true potential to enrich the digital payment ecosystem. We are glad to be associated with FamPay and Zeta in offering seamless digital finance management experience to young teens of the country. We believe the UPI based FamPay and RuPay powered FamCard will provide a new dimension to behavioral change among teenagers’ in terms of on-boarding into digital payments and financial independence. We, at NCPI are optimistic about seeing an uptick in this exciting new customer segment that is all set to propel India towards a cash-lite economy”, says Praveena Rai, COO of National Payments Corporation of India.

Fusion is Zeta’s API-based marketplace solution that makes embeddable banking an easy possibility for banks and fintechs. It brings together the entire financial ecosystem in one place offering API-based integrations right from banks to card networks, mobile networks to push servers and more. Fusion can

help fintechs and banks build and deploy products such as prepaid accounts, loan accounts, wallets, forex cards, and much more, all compliant with RBI’s regulations and data security norms.

About Zeta

Zeta® is a leading banking tech company  providing technologically advanced solutions for banks and fintechs. It provides a full-stack, cloud-native API first platform including a digital core and a payment engine for issuance of credit, debit, and prepaid products that enable legacy banks and new-age fintech institutions to launch modern retail and corporate fintech products. Co-founded by Bhavin Turakhia (CEO) and Ramki Gaddipati (CTO), Zeta currently provides its platform and products in India, Asia, Europe, and LATAM. In India, Zeta has entered a strategic partnership with Sodexo to provide employee benefits such as meals and gifts to corporates. Zeta is a SOC 2, ISO 27001, ISO 9008, PCI DSS certified company. Zeta has over 450 employees and clocks over 1 million transactions per day.

To know more about Zeta, log on to www.zeta.tech  or follow Zeta on Twitter,  Facebook, and LinkedIn.

About FamPay

FamPay is India’s first neobank for teenagers and their families. It was founded in 2019 by Indian Institute of Technology (IIT) Roorkee Graduates, Kush Taneja and Sambhav Jain while still in college, which makes them the youngest fintech entrepreneurs in India today. In March 2020, FamPay raised seed funding of US $4.7Mn from Y Combinator, Venture Highway, Sequoia India and Global Founders Capital (GFC). Neeraj Arora, ex-WhatsApp, Twitch cofounder Kevin Lin, Robinhood cofounder Vladimir Tenev, CRED founder Kunal Shah, Pine Labs CEO Amrish Rau also participated in the round.

With FamPay and its numberless card, minors can successfully make online (UPI & P2P) and offline payments without the need to set up a bank account. FamPay aims to drive the smart generation of teens (Gen-Z) from cash to digital through a family-friendly app. 

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