India’s first Neobank for teenagers, FamPay has launched India’s first numberless card, “FamCard”. Teenagers can now use FamCard like a debit card to make payments independently, without asking parents for physical cash or their debit/credit card.
- FamCard is a numberless card, all the card details are saved on the FamPay app and there is no need to refer to the physical card to fill in details during online transactions. If in any case card gets stolen, there’s no fear as the card can be paused, blocked, and managed at fingertips on the app.
- The numberless card will give cashless convenience to millions of teens and their parents. Minors can also pay online/offline by using FamCard as it doesn’t require any bank account.
- Every transaction is protected with device locks like a fingerprint, Face ID, pattern lock, or PIN.
- The numberless card can be ordered once the account is set up on the app, after both the parent and teen complete their KYC online. FamPay app is available for both Android and iOS on the Google Play Store and Apple Store respectively.
- The FamCard is an innovative consumer solution for India’s Gen-next population.
- ‘FamPay is India’s first payment app for teenagers and their families. With FamPay, minors can do UPI, P2P and card payments without the need to set up a bank account.
- FamPay allows parents to send money to their kids below the age of 18, which they can spend securely any time, anywhere, under parent’s supervision. FamPay aims at making payments smooth and fun for children.’
- FamPay worked with National Payments Corporation of India (NPCI) to make this ‘first in India’ numberless card and it has been launched in partnership with IDFC Bank and is accepted across the RuPay payment network of merchants.
Important takeaways for all competitive exams:
- FamPay Headquarters: Bengaluru, Karnataka.
- FamPay Founders: Kush Taneja & Sambhav Jain.