FamPay, India’s first Neobank for teenagers, in partnership with IDFC First Bank launched India’s 1st numberless card, FamCard. FamPay with National Payments Corporation of India(NPCI) developed this card. This card is accepted across the RuPay payment network of merchants. It is similar to a debit card which enables teenagers to transact in a cashless manner.
- Teenagers can use the card independently without the intervention of the parents.
- In addition to the card, teens are provided with their own unique Unified Payment Interface(UPI) ID.
Highlights of Famcard
Offers a combination of parental control and independence for teens
It allows the parent to create a FamPool account which is a group account for the family. Through this account parents will be able to track where the money is spent from this account. As for teens, they get their own wallets.
Online and Offline payments
Minors can make online(UPI & Peer to Peer- P2P) & offline payments without even having to set up a bank account.
Card’s details saved on FamPay App
The details of the card are saved on the FamPay app. There is no need to refer the physical card to fill in details during online transactions
Flash PIN- For every transaction a ‘Flash PIN’ is generated. Teens can just flash this PIN to the cashier for offline payments without the need of entering the PIN by themselves on the POS machines.
Can maintain zero balance & no hidden cost– They can maintain a zero balance and there are no hidden charges or costs attached to any transactions.
Secure and safe
All the transactions are protected with device locks like fingerprint, Face ID, pattern lock or PIN. If the card info is stolen or lost, the card can be paused, blocked and managed at fingertips through the app.
The card can be ordered after the account is set up on the app, after both the parent and teen complete their Know Your Customer(KYC) online.
About FamPay app
The app was launched recently. It is available for Android on the Google Play Store and iOS on the Apple Store
Note– RuPay, the first-of-its-kind India’s domestic Debit and Credit payment network, was launched by NPCI.
Headquarters– Bengaluru, Karnataka
Founders– Kush Taneja & Sambhav Jain
Registered Office– Mumbai, Maharashtra
Non Executive Chairman– Biswamohan Mahapatra
MD & CEO– Dilip Asbe
Recent Related News:
i.Karur Vysya Bank has launched India’s 1st prepaid wallet card ‘Enkasu’ (My cash in Tamil) in Karur,Tamil Nadu (TN) under its Quit cash movement.
ii.Empays Payment Systems partners with Mastercard to launch “Cardless ATM powered by Mastercard” in India. With thisIndia becomes 2nd nation to have contact-free ATM cash withdrawals.