The modern world is rapydly changing and we need to adapt every day to the financial innovations around us. Our primary goal in this project was to democratise access to the modern financial system. We wanted to work towards this goal by first bringing financial access to kids. Just as with other habits, we felt that teaching them about prudent financial behavior early on would enable them for future success.

In recent years, a lot of product trends are being driven by teen-specific consumer behavior. Our aim is to allow children to explore their interests while also developing a sense of financial responsibility. This requires us to put more control in their hands but we also need to be confident of protecting them from potential fraud.


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Submission Instructions

Note that our GitHub repo is private. It is hosted in the GitHub organisation created by the organisers of the Rapyd Hackathon. Please get an invite to join the organization to be able to access the code.

What it does

FamWallet is a Telegram-based virtual assistant that provides parents with smart tools to help raise fin-savvy kids. Parents can issue prepaid Mastercard® cards for each child with their allowance, reward them for completing household chores & closely monitor their spending patterns and advice them accordingly. They can do all of this from a familiar conversational interface that they use everyday: their Family Telegram Group!

How we built it

We leveraged Rapyd APIs to provide a minimal-code experience in our project. The primary heavy-lifting is done by the Rapyd FinTech products: Rapyd Wallet, Rapyd Collect and Rapyd Issuing. Potentially, we even hope to use capabilities like Rapyd Protect to protect the issued cards from misuse while retaining the ability to limit transactions based on transaction amounts, countries or even Merchant Category Codes (MCCs).

For each family, we onboard them using Rapyd IDV to achieve the required compliance specific to their location. Once that is done, we provision separate wallets for kids, using Rapyd Wallet and issue cards for those wallets using Rapyd Issuing. Since the wallets are linked to the issued cards, parents can both closely monitor and place limits on their wards' spending.

Challenges we ran into

Choosing the Interface

One of our early challenges was to simplify the user journey as much as possible. Various options are possible to interface with a user: SMS, email, web-app, mobile website or native mobile app. We didn't want to introduce additional friction of installing a new app, adding authentication, and verifying user intent each-time the user wanted to take an action. So, to solve this challenge, we decided to go with a native Telegram bot - this allowed us to directly integrate with something that the user is already familiar with. The Telegram bot platform also gave us great programmatic control to interface with the user, without worrying about the problems listed earlier.

Standard FinTech features

The Rapyd APIs were a great compliment to our programming style. At each stage in our project, we were running into separate roadblocks to share details with our users. For example, we needed a page to collect KYC details for compliance. We found that Rapyd even has a hosted page for this purpose. Similarly, to share issued cards, we required a safe way to show them to the specific cardholder - again the hosted pages by Rapyd gave us this option out of the box.

Accomplishments that we're proud of

We are proud of realising our vision within a least friction environment. Our onboarding user journey is kept minimal, interactive, and tailor-made for ease-of-use. By leveraging on existing Telegram bot architectures, we were able to effectively communicate with our users - without having the need to educate them about a separate app or website. Also, the combination of solid backend APIs to process transactions, with interactive hosted pages at the right junctures enabled us to only redirect the users at essential touch points (and not unnecessarily).

What we learned

We learnt a lot about the various challenging problems within the FinTech space. We were surprised with the specific number of steps that need to be carried out even for relatively basic transactions like funding a card to make online purchases. Fortunately, a lot of the details were solved using the Rapyd APIs and we were able to concentrate on refining our product experience.

Over time, through our interactions with others on the Rapyd Hackathon Slack Channel, we also developed a better understanding of existing products and ways to fine-tune our own vision and mission.

What's next for FamWallet


  • Pre-approvals: Allow kids to request for approval for big purchases (defined by parent) beforehand. Use Rapyd's custom remote authorization server capability to only authorize charges beyond the set threshold if an equivalent pre-approval exists for the same.
  • Family Wallet: Work with Rapyd to see if they can introduce family wallets just like company wallets. It will be helpful to have multiple contacts (parents + children) associated with the same family wallet that needs only one individual to do IDV for activation.


As detailed earlier, our aim is to enable a more efficient workflow for people's financial requirements. Towards that goal, we plan to expand our offering across other focused verticals too. We envision additional products such as BizWallet - to allow companies to issue spending cards to their employees and SaveWallet - to allow individuals to automate savings with every transaction they make.

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