Teenagers Can Now Pay Online Without Bank A/C! India’s 1st Numberless Card Launched
FamPay is India’s first neo-bank or payment app that offers cashless facilities for teenagers. Now it has launched the first numberless card, FamCard.
The FamCard is similar to a debit card that minors can use to make UPI and P2P (online) and offline payments without the need to set up a bank account.
Read on to find out more…
What Is FamPay?
FamPay was founded by IIT Roorkee graduates, Kush Taneja and Sambhav Jain in 2019. The payment app is available on both Google Play Store and Apple Store.
FamPay aims to push cashless transactions for teenagers’ and their parents’ convenience. The app also has a social feed where friends can share their expenditure and react to updates.
Sambhav Jain, Co-founder of FamPay, said, “Digital payment has become the new normal, but none of the apps give the pre-banked segment of minors access to digital payments, making them dependent on cash or their parents’ cards.”
About The FamCard!
The card has no numbers on it as all the details are saved on the app. In other words, teenagers don’t need to refer to the physical card during online transactions. Also in case of theft or the card gets lost, there is no fear of information theft. If the card does get lost or gets stolen, it can be paused, blocked and managed through the app.
The FamCard has been launched in partnership with IDFC Bank.
It is accepted across the RuPay payment network of merchants.
The Key Features of the FamCard:
- The account is zero balance.
- No hidden charges or transaction costs.
- Every transaction is protected with device locks like fingerprint, face ID, pattern lock or PIN.
- Flash PIN is generated for offline transactions.
- Unique UPI generated to access UPI Payments Network
Benefits of FamCard:
- Removes the teenagers’ dependency on parents.
- Does not impact their financial security.
- Parents can send money to their kids on the app .
- Parents can control the amount their kids spend.
- A FamPool account, a group account for the family, can be created.
- The account can track where the money is spent.
- Teenagers get financial independence as they can spend without asking parents.