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FamPay launched India’s 1st numberless card, Famcard 

FamPay-launches-India’s-first-numberless-payments-cardFamPay, 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.

Order 

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.

About FamPay:
Headquarters– Bengaluru, Karnataka
Founders– Kush Taneja & Sambhav Jain

About NPCI:
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.