A Product Case Study

Encourage kids to take over

household spends on FamPay
Somya Dwivedi
Senior SWE, HSBC
Company Overview
FamPay offers prepaid card and UPI payments for teenagers. Up
until now, only adults (age 18+) could make digital payments using
online/mobile banking or payments apps. With FamPay and its
numberless prepaid card plus their UPI ID, minors (below 18) can
successfully make online and offline payments without the need to
set up a bank account.

Some stats:

➢ FamPay total registered users (Q1 2021) : 1.35 million (Now

~10 million)
➢ 3.8 million transactions in Q1 2021
Problem Statement
Goal : Devise a product strategy of how should one go about getting kids on
FamPay to form this new habit of taking over household spends. Understand
both from a kid + parent perspective of how this shift can happen from these
transactions being a parent driven activity to a kid driven activity in India.

Why to solve this?

● With the mission to raise a financially aware and independent generation of kids,
FamPay wants to instill the fact that the kids are incharge of their own payments
and can also help out others in their family.
● There are a lot of household transactions that happen on a regular basis like
Mobile Recharges, eCommerce, Food delivery as well as Bill Payments like
electricity, DTH, Broadband, etc. which kids can learn to manage.
● FamPay wants to see how their users in the age group of 13 to 21 years can start
making household payments and in this process become more financially aware,
and independent and also help out their parents.
● This would also help the kids as the more they transact, the more FamCoins they
earn (our reward currency) which they can use to cashbacks, offers and
participate in giveaways for iPhones and other big prizes.
Why is it not solved yet?
Based on the research studies the average Indian spends major part of
their income on Food and beverages, Transport, Bills, Clothing &
footwear. After interacting with parents and teenagers below were the
concerns raised as of why the kids are not involved in household
transactions -

● Majority of parents think their kids will overspend, buy

unnecessary things, and they have to spend additional time
educating kids on household expenses.
● Whereas, teenagers say they want to help their parents but are
unaware of what all payments their parents do and when?

Assuming teenagers already use FamPay, our main goal is to indulge

them in taking up the charge for household transactions
User Persona Research

Name Karan Sharma Mr. and Mrs. Sharma

Child of age 16 Parents of Karan (Age 45+)

Demography Tech Savvy Working professionals
Has a lot of free time Have too many household transactions to manage

Wants to gain financial knowledge Wants their kid to be financially literate

User Needs
Wants to help parents to reduce their workload Want their child to know where and how much to
Wants to be more responsible spend along with saving

Does not have a bank account but has FamPay Difficult to trust children with bill payments as they
User Frustration Parents don't trust them for more responsibilities might forget
A lot of resources on managing finances but unable to Unable to see/track their child's expenditure
apply in practice Large amount payments by child would be risky
Problem Breakdown (Goal)
The problem statement can be further broken down as:

● Awareness: Understand the transaction kid can help in/manage on their own
● Acquisition: Creating accountability on kids to make household transactions
● Activation: Make the user experience easy to search and transact
Awareness
● Retention: Maximize the average transaction each kid does

Acquisition
We can look at the following broad household categories:

● eCommerce transactions (fashion, electronics, etc.) Activation

● More frequent ones like Food ordering and Groceries
● Bill payments (Electricity, Broadband, DTH, Water, Gas, Mobile Recharges, etc.)
● Movie tickets and planning family vacations Retention
 Awareness

Household Transactions
Family Member Transaction Type Category Frequency Can a kid pay for same?

Dad Electricity Bill Bill Payment Monthly YES

Broadband and DTH Bill Payment Monthly YES

Water Bill, Gas Bill Bill Payment Monthly YES

NO
School and Tuition fees Fees Payment Yearly 1. Amount is huge
2. Dad needs to show bills in his name for taxes
NO
1. Amount is huge
Family vacation Tour and Travel Quarterly
2. It needs a lot more planning related to
security, budget, travel

Mom Grocery Grocery Monthly YES

eCommerce shopping eCommerce Quarterly YES

Elder sister Mobile Recharges Bill Payment Monthly YES

Food ordering Food Weekly YES

eCommerce shopping eCommerce Quarterly YES

Movie tickets Entertainment Monthly YES

 Acquisition

Onboarding as Family CFO FOR KIDS

Considering the kids already use FamPay, we want them to get on-boarded as Family
CFO (Chief Financial Officer) to create accountability on kids to make household
transactions. We need to increase the transaction limit as per the category.

Why?

● This will help kids to understand more about managing finances as they will
experience what kind of expenses are there in household transactions

● When kid will be able to manage most of the household transactions, this will
in-turn reduce the workload of adults

● For kids being the Family CFO will act as a status and give them more power
and responsibility
 Acquisition

Onboarding as Stakeholder FOR PARENTS

Parents need to keep a track on child's expenditure. At certain times there may be
situations where the kid may need help and approval of parents, thus parents/adult
family members can be on-boarded as Stakeholders.

Why?

● This will help them know how their child is handling the household expenses
and is becoming financially literate

● Being a Stakeholder, family member can see the complete dashboard on

where and how much the kid is spending, how many bills are pending, how
much saved etc.
 Activation

Features - Family CFO

As a Family CFO, kid would be responsible for transactions in below categories:

● Bill Payment
● Food
● eCommerce
● Entertainment

This new service will have the below features:

1. Set reminders for bill payments. The kid will get notification when the deadline is near like "2 days to
go for electricity bill payment"
2. Set auto payment for fixed bills. For recurring transaction with fixed amount like water bill, wifi and
mobile recharge can be automated
3. Order Grocery List items. The kid can check the list of items created by Stakeholders and find them on
FamStore or use FamCard for offline grocery shopping and complete the checklist
4. FamStore will link to more brands. Kids will be able to find most of their favorite brands on FamStore
for eCommerce shopping
5. Order Instant food list items. The kid can check the list of food items created by Stakeholders and
order them from food delivery apps like Swiggy, Zomato etc.
6. Cashback and coupons on every household transaction
 Activation

Features - Stakeholder
As a Stakeholder, parent/guardian would be able to access below features:

1. Create categories for bills. Parents can add what all bills need to be paid by the kid and
where (any specific website/ offline)
2. Create fixed bills budget. For recurring transaction with fixed amount like water bill, wifi
and mobile recharge, parents can add fixed budget
3. Create grocery list with brand and quantity. Stakeholders can add all the grocery items to
this list and raise a request tagging "Grocery" for Family CFO to get it
4. Share product link which they need. For eCommerce related shopping, stakeholders can
specify the product or share the product link and raise a request tagging "eCommerce"
5. Create food list. Stakeholders can add all the food items to this list and raise a request
tagging "Food" for Family CFO to order it
6. Dashboard view and set approval permission. Parents will have access to view a detail
category wise report on kid's spendings and will be able to set transaction limit, approval
permission and other restrictions as and when necessary
 Activation

Flow of the new product strategy

Pay / transact as needed to
complete the goal

Check pending requests by

Stakeholders

As a Family CFO Check any pending Bill

(for kid) payment from calendar

Request to stakeholder to add

more more money if the bill
exceeds transaction limit
Login to FamPay App

Check payments done by kid

As a
Approve or decline the request to
Stakeholder
increase transaction limit
(for parent)
Create new goal/ category to
transact in for the kid with budget
 Retention

How to improve engagement?

Become A Family CFO now and pay for things

To improve user engagement and retain the kids and parents, below strategies will be
helpful

1. Moment marketing through nudges and push notifications

2. Cashback and coupons after achieving a set goal and overcoming threshold
number of household transactions
3. Exclusive giveaways and contests to engage kids more on the platform
4. FAQ section to help them understand more about finances
5. Additional FamCoins when they don't miss the bill payment deadline
MoSCoW Prioritization
Category Feature for Family CFO Feature for Stakeholder MoSCoW

Set reminders for bill payments

Bill Payment
(Calendar view)
Create categories for bills Must Have

Bill Payment Set auto payment for fixed bills Create fixed bills budget Should Have

Create grocery list with brand

Grocery Order Grocery List items
and quantity
Could Have

Share product link which they

eCommerce FamStore links to more brands
need
Should Have

Food Order Instant food list items Create food list Could Have

Cashback and coupons on every Dashboard view and set approval

All
household transaction permission
Must Have
 North Star Metric
Category Feature for Family CFO Impact*

Set reminders for bill payments

"Our main focus will be to increase Bill Payment
(Calendar view) 70 %
the number of household
transaction that a kid does on a Bill Payment Set auto payment for fixed bills 70 %
monthly basis"
Grocery Order Grocery List items 40 %

eCommerce FamStore links to more brands 60 %

Food Order Instant food list items 60 %

Cashback and coupons on every

All
household transaction 80%

Impact* = Number of household transactions a kid does wrt parent in a month (% is based on the response received by users about the feature)
THANK YOU