FamPay launches India’s 1st numberless payments card ; Making transactions Easier and Secure

Startup founded in 2019, FamPay launches India’s first numberless card-Famcard, specially designed for the teenagers.

This growing startup founded by IIT Roorkee graduates, Jain and Kush Taneja, is India’s first payment platform for teenagers.

More than 250+ million teenagers lie within the 12-18 age group and have to rely on cash for carrying out their expenses.

Co-founder at FamPay, Sambhav Jain said,

“Months into the pandemic, people have become more cautious with using cash. Digital payments have become the new normal.

None of these apps however, gives the pre-banked segment of minors access to digital payments, making them totally dependent on cash or their parents’ cards for the last mile of completing a transaction,”

But now carrying out digital payments and transferring money is no more restricted to adults because anyone above the age of 10 can sign up and utilize the services at FamPay, under supervision.

In today’s tough times, when the world is going digital due to COVID-19, this neo bank comes with an amazing alternative system for carrying out payments.

Making the transactions all the way easier and safer, FamPay has come with first of its kind- a numberless debit card, Famcard.

Launched in partnership with IDFC Bank and accepted across the RuPay payment network of merchants, and collaborated with NPCI FamPay has worked to turn this numberless card into a reality.

Also, Read New Hybrid: MG Hector Plus officially launched in India: From Rs. 13.49 lakhs

Features of FamPay’s numberless card:

Famcard is a debit card that allows juveniles to make online and offline payments without setting up a bank account.

It allows parents to send money to their kids on the app with control and helps them supervise the amount teens have and spend.

Apart from the card, the teens get to have their unique UPI ID, which will help them to maintain pace with the expanding UPI network.

In addition to making payment trouble-free for the youth, it has made the lives of the parents easier.

It solves the daily problem of parents funding their child with cash and provides transparency in the expenses carried out by the child, which was not possible in case of cash payments.

Offering an amazing blend of parental control and teen independence, this card does not have any restriction in maintaining zero balance and charges zero on any transaction.

Sporting a rich black colour, this card stays in the FamPay app and can be ordered for offline payments.

Vibing with the coolness of the Gen Z, this app comes equipped with countless social features.

It has a social feed where teenagers can share their recent spending with their friends and react to recent updates.

To make savings fun for them, they are rewarded with cashback on achieving a certain amount of savings.

Also read Hero XPulse 200 BS6 launched, starts at Rs 1.11 lakh

FamPay takes security to a whole new level:

Focussed, with its aim to ‘build a leading Gen Z brand ’ Famcard, takes security, to a whole new level.

Moreover, the numberless card makes all transactions secure. Since there are no numbers, there is no risk of card details being stolen. The card details are saved on the FamPay app, which makes referring to the physical card to fill in details during online transactions, not an obligation.

There is no more need to panic on losing cards because the card can be paused, blocked, and managed with fingertips on the FamPay app.

This aesthetically styled card has a special feature of Flash pin. The pin is generated on every transaction and can just be presented to the cashier with no need of entering the pin on the machine.

There is no limit on carrying out the transaction. Numerous payments can be carried out with extreme protection.

Adding more to the security, FamPay has the required licenses from RBI to operate the business, and have partnered with IDFC bank and RuPay.

The KYC check forbids frauds from using the app without verification.

The FamPay app, which can be easily installed from Google Play Store, and Apple Store for Android and iOS respectively, also permits you to create a shared account with your family-FamPool.

Any adult in the family can add money to the account with all the members using it to spend wherever they wish to.

Appreciating the FamPay for its one of a kind introduction to an alternative solution, the MD and CEO of National Payments Corporation, Dilip Asbe said,

“We are happy to be a part of the FamCard launch for India’s Gen-next population. With FamPay’s numberless card, the young entrepreneurs are thinking beyond traditional ways of banking and bringing true innovation in payments.

The power of RuPay and UPI coming together to offer an innovative consumer solution. This thoughtful initiative will ensure that the habit of going cash-light is being inculcated at an early age.”

FamPay aims to grow as its users grow.

Offering teens with a first step in making digital payments, FamPay is providing a platform for them to manage their finances and understand money management skills.

Moving forward with its mission of raising a new, financially aware generation of India, FamPay is encouraging cashless payment and taking the definition of digital payment to a whole new level.

Come on, there is no time to lose, Say hello to India’s first numberless card here.