India’s first neo-bank or payment app, FamPay is offering a cashless facility, to the teenagers. It has launched FamCard, the first numberless card.
What is FamPay?
FamPay has its headquarters in Bangalore, India. Two IIT Roorkee graduates, Kush Taneja and Sambhav Jain founded the application in 2019 that is available for Android as well as iOS devices via Google Play Store and App Store respectively.
The application comes with an help center available 24*7.
What is FamCard?
FamPay along with National Payments Corporation of India (NPCI) has developed this card. The card has been launched in partnership with IDFC Bank.
A FamCard is a debit card designed for minors that can be used to make online UPI (Unified Payment Interface) and P2P (Peer to Peer) and offline payment without having a bank account. The card has no number and all the details are saved on the application. The card is acknowledged across all Rupay payment network of merchants. The application comes with a social feed where friends and family can share the updates of spent and react.
The card is chiefly developed for teenagers (11-17 years). The card can easily be acquired by setting up an account on FamPay application once the teen and the parent finish the KYC process. The teen also gets a unique UPI ID for access to the UPI Payments network. Every transaction is secured with device locks such as Face ID, fingerprint, pattern lock, or pin and in case of it getting lost or stolen one can pause or block the card through the application. In the case of offline transactions, Flash PIN is generated every time.
It allows creating a FamPool account that authorizes the family to track the payments made by providing a group account.
The card is designed to put an end to the dependence of teens on the parents at a time when most things are operated online and without impacting the financial security. The kids can receive money from the parents and the spent amount can be controlled by the parents, sort of an E-Wallet.
The accounts are Zero-Balance with no concealed sum on transactions.
The application raised almost 35 crores in March 2020 in a seed funding from Sequoia India, Y Combinator Venture Highway, and Global Founders Capital along with angel investors.