FamPay, India’s first Neobank for teenagers, proclaimed the launch of India’s first numberless card called “FamCard”. The card is similar to a debit card using which the teenagers can perform cashless transactions both online (UPI & P2P) and offline without having a bank account.
FamPay says that they aim to relieve parents from the trouble of giving physical cash or debit or credit cards to their children. Each payment using the numberless card will be safeguarded using device locks like Face ID, fingerprint, pattern lock, or PIN.
Since FamCard contains no numbers, all the details of the user will be saved on the FamPay app and there is no need to refer the physical card to fill in details while doing online transactions. Also, the consumer can conveniently manage, pause, or block the card at fingertips on the app. Therefore in case the card gets stolen or lost, there’s no fear of card information being disclosed.
FamPay App is available both on Google Play store and IOS Apps store. Once the account is set up on the app and both the teen and parent complete their KYC online, the numberless card can be ordered.
Sambhav Jain, co-founder, FamPay says that 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 fully dependent on cash or their parents’ cards for the last mile of completing a transaction. This is the key problem that the company tried to address by making the teenagers part of the economic system for the first time. In addition to the card, FamPay give teens their own unique UPI ID with which they get first-hand access to the growing UPI Payments network.
FamCard generates a code in case of each transaction called ‘Flash PIN’. 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.
FamPay in association with National Payments Corporation of India (NPCI) made this ‘first in India’s numberless card a reality. This card has been accepted across the RuPay payment network of merchants and is launched in partnership with IDFC Bank.
With FamPay, you get access to your Card, in just 2 mins without the need for a bank account. The Card you can use for payments matches your vibe and style and you can get it personalized too! You can transfer money instantly and track your expenses at their fingertips!