FamPay has launched India’s first number less card for teenagers, FamCard The company claims that the card is just like a debit card that teenagers can use to make payments independently without troubling their parents for cash or debit/credit cards.
FamPay has launched India’s first number less card for teenagers, ‘FamCard’. The company claims that the card is just like a debit card that teenagers can use to make payments. With this card, the teenagers can make payments independently without troubling their parents for cash or debit/credit cards. FamPay worked with NPCI (National Payments Corporation of India.) to make India’s first numberless card a reality. The numberless card is launched in partnership with IDFC Bank and is accepted across the RuPay payment network of merchants.
As per the co-founder of the company, Sambhav Jain, months into the pandemic, people have become more cautious about using cash. Digital payments have become the ‘new normal’ but none of the apps gives the pre-banked segment of minors access to digital payments, making them totally dependent on cash or their parents’ cards for the last mile of completing a transaction. He further added that since the launch of FamCard, the company received high demand and it crossed 30K+ downloads so far.
Dilip Asbe, MD and CEO, NCPI, stated that with FamPay’s numberless card, the young entrepreneurs are thinking beyond traditional ways of banking and bringing true innovation in payments. The power of RuPay and UPI coming together to offer an innovative consumer solution. This thoughtful initiative will ensure that the habit of going cash-light is being inculcated at an early age.
How does the card works?
The card can be used either online or offline, as it has UPI, P2P and card payment options. Parents can send money to their children on the app, which can later be used by the kids to make payments through the FamCard; similar to a debit card. A bank account is not required to use the FamCard.
Is FamCard safe?
Yes, as per the company, it is safe to use FamCard. Every online transaction is protected with device lock and to make a payment one needs to unlock their device either with pattern lock, PIN, Face ID or fingerprint. Also, the card has no numbers on it– it is a numberless card. For offline transactions, the card has Flash PIN, generated for every transaction. The Flash PIN can be used to make offline payments.
Thus, there’s no fear of card details getting disclosed in case it is lost or stolen. The card can also be blocked, paused and managed through the FamPay app, as per the claims made by the company.
How to avail of the FamCard?
To avail of the FamCard, the user needs to set up an account on the FamPay app, followed by KYC of both parents and kids. KYC can be done online. The account on the FamPay app is zero balance with no hidden or transaction charges.
What is a FamPool account?
The FamPay app provides its users with a feature called FamPool account. This feature helps the family to track the money and can cut off the unnecessary expenses for the coming months.
How to download FamPay App?
1- Head to Google Play Store (Android Users) or App Store (iOS users) and search FamPay.
2- Now install the app on your device.
3- Once the app is downloaded, open the app.
4- Click on get started and enter your mobile number. Fill in the OTP you’ve received.
5- Once your phone number is verified, click on continue, enter the credentials as asked and you are good to go.
It is important to note that FamPay is only for teenagers, i.e., less than 18 years of age.
In 2019, two IIT graduates– Kush Taneja and Sambhav Jain– founded FamPay app. The app is available for both Android and iOS platforms. The company is headquartered in Banglore, India. In March 2020, the app raised $4.7 million in seed funding from Y Combinator, Venture Highway, Sequoia India, and Global Founders Capital, as well as angel investors including Neeraj Arora, ex-WhatsApp and Kunal Shah, Founder of CRED, amongst others.